A Call for Age Diversity in the C-Suite: Uncovering the Untapped Potential

In our recent C-Series Series we explored the importance of diversity, with the focus being on gender; quick reminder only 93% of fortune 500 companies have men at the helm. Have a read of that article (here).

This week.. the prickly subject of Age.

Lets be clear, this is not a deep dive into discrimination and why some young or older people might not get jobs, or the legislation that tries to combat the identifying of these protected characteristics. (That is another topic entirely) This is all about that value that a diverse workforce brings to the table. While it is true that gender and ethnic diversity have been at the forefront, age diversity, especially at the C-Suite level, is an aspect that deserves a spotlight.

I am going to assume everyone reading this is, at least open minded about having an AGE diverse leadership team, or to put it more simply everyone reading this should believe that whilst with age comes wisdom, there is also huge advantage to the ‘fresher mind’ of youth.

Lets explore:

Stage 1: The Problem:

According to the CIPD, a mere fifth of employers have a strategy agreed at board level to manage a more age diverse workforce, and just 18% of organisations focused on age diversity and inclusion in the past five years. These statistics underscore the need for a strategic approach towards age diversity, particularly at the C-Suite level.

Stage 2: Three of Many Benefits:

Innovation

A clear significant advantage of fostering a diverse leadership team is innovation. A spread of ages of leadership allows for a variety of perspectives which is essential to avoid groupthink (thinking and making decisions as a group unchallenged as they all think the same anyway – want to know more check out the great article written by Tina Bhardwaj of Grant Thornton just a couple of weeks ago) and drive innovation.

Employee Satisfaction / Retention:

In an age-diverse C-Suite, the variety of age groups and experiences represented can contribute significantly to increased employee satisfaction.

Employees often feel more valued and understood when they see that their organisation's leadership reflects a diverse age demographic. Want to see this working in principle, well its easy, just look at working form home (yes sorry!). Those companies who post pandemic have provided a balance (a hybrid) have seen some of the greatest retention numbers than those that have been 100% remote or 100% back in the office. (I concede any arguments its job lead in some instances). Why has this been the case? Largely you will find 100% back in the office to have largely an average higher age C-Suite than those with a lower average as those younger employees look to progressive and alternative ways conduct their business and engage with their staff. Put more eloquently the diverse age representation in the C-Suite can lead to policies and decisions that consider the needs and preferences of a broader employee demographic, further enhancing satisfaction levels.

One last thought on this. When employees clearly see that age is not a barrier to attaining senior-level positions, and that their organisation appreciates individuals regardless of age, they are more likely to feel a sense of loyalty and commitment. Makes sense right? Even more so in the new attitude to work sometimes exhibited by Gen X.

Customer Base

Of course, you look at any major brand and they will have on their advertisements the latest up and coming (usually young) pop star / actor /model or ‘influencer’ on their marketing campaigns. This is aimed at their key audience buying their products.

Well, coming to a board room near you in the future is this sense that a more age diverse C-Suite will result in a more profound understanding of various customer bases, allowing the brands to grow their profits by just simply selling to more people. This is simply the practical application of this logic, however it has also been suggested that with a changing mindset of population that in the future (perhaps not just yet) customers will actually look at the diversity (and environmental) credentials of a brand before choosing to buy from them. In order to stay relevant, it is not fantastical to suggest that C-Suite age diversity is going to be essential.

Stage 3 : Final Thoughts….

The call for age diversity in the C-Suite is not about merely filling a quota. It's about enriching the leadership team with a blend of young, excited minds and seasoned wisdom.

On review for us, it is about creating a culture that values the unique perspectives and experiences that individuals from different age brackets bring to the table. The synergy of age-diverse teams can pave the way for enhanced creativity, better decision-making.

I challenge you, however, do a linkin search for “Age Diversity”, and it’s hardly being talked about. Rightly or wrongly it is being ‘overshadowed’ by other equitable topics. The road here therefore does appear to be a challenging one, especially if you combine it with other metrics such as younger women so both gender and age.?

As the demographic of the workforce evolves, it's imperative that organisations adapt and embrace age diversity at all levels, including the C-Suite, to stay competitive, innovative, and relevant in today’s dynamic business landscape.

One Last Thought – and if you have read this far, we would love to hear what you think of this question?

Will AI replace / reduce entry level jobs meaning this issue of younger ages at the C-Suite level only get worse if they can’t get that early experience?

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