The missed business opportunity of Ageism
Scott Benedict
Top Retail Expert | Retail Merchant | Omnichannel Consultant | Educator | Author | Mentor | Speaker | Podcaster | Advisory Board Member | eCommerce Executive
This article appeared in the December 18th print edition of the Northwest Arkansas Business Journal.
A recent news article I read asked the question, “You've heard of the Great Resignation, but what about the Great Retirement?”? The article, titled “The US has too many retirees”, was authored by Emma Thorne of LinkedIn News, and goes on to say that the US has 2 million more retirees currently than what was expected and projected by the Federal Reserve.? Ageism is one of the factors sighted by the author as a contributor to this phenomenon.
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Now if you’re not familiar with the term, Ageism is defined as discrimination against someone based solely on their age.? Most frequently the term is a reference to hiring or promotion practices that intentionally exclude candidates over the age of 45, in favor of younger and less costly (based on salary, etc.) professionals.
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For those of us of a certain age who may have experienced Ageism in our own careers, it might be difficult to separate your personal experience from this topic and seek to look at it from a more “objective” perspective.? I would argue…objectively of course…that Ageism is a missed business opportunity, in addition to being against the law and just plain wrong.
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Logically, it would seem that the business community would embrace a candidate who has more knowledge, more experience, and more seasoned judgment for any role or promotion within their organization.? A track record of actual success and awesome results in a given business would seem like a natural “safe bet” when hiring or promotional decisions are being considered.? Logic unfortunately has gone the way of “common sense” these days, in that both are less common than they used to be.
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What’s missed in these scenarios, in my view, is an opportunity to gain a business benefit from experience that can cost any business not only revenue on the bottom line but strategically when longer-term decisions are being made about the direction of the business.? In the consulting world, we reference terms like “institutional knowledge” to reference the need for businesses to capture key learnings into the DNA of an organization so that future performance benefits from past experiences, both positive and negative.? Remaking past mistakes can be costly and can be avoided when the organization benefits from experienced leaders at every level who can guide the business with the knowledge and wisdom gained from time within a given business or industry.
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As a former retail buyer, my long career included a number of great decisions on the products I selected for my assigned category.? It also included a few items that performed…well, poorly.? It happens to any buyer, in any category, at any retailer to be sure.? The unfortunate thing for me was seeing subsequent buyers in my former role re-buy the same bad items a few years later, with the same miserable outcome.? Institution Knowledge was not harnessed in this business example to prevent the same mistake from happening again and again.? That, in my view, is just one example of the missed business opportunity stemming from Ageism.? The fact is, there are far more examples out there every day, in any business segment.?
And they could have been avoided.
Accomplished Fund Development Professional. Initiative driven with exemplary communication, listening, time management, and problem solving skills.
4 个月My question is, how do you prove ageism? I have been passed over several times even though I have the skills and experience that fit the job perfectly. People who are older than 40 have emotional intelligence, patience, empathy, life experience, job experience, the ability to see past little things, the knowledge to speak up when appropriate and the ability to pick their battles wisely. At 40, 45, 50, 55 and above, people still have a lot of drive and ambition! We still want to be a meaningful contributor to society and the workplace. We have so much to give and people with these qualities also are very loyal. Businesses don't seem to consider that when they pass over a more mature candidate and end up scratching their heads when the younger ones move on after a year.
Entrepreneurial CEO & Tech Innovator | Empowering 40+ Professionals to Conquer the Job Market | Digital Marketing Consultant | LinkedIn Marketing Expert | Connecting Businesses with Consultants
7 个月It's eye-opening to see discussions like this unfolding. I've just completed a comprehensive survey with over 2,000 professionals aged 40 and above, and the findings are shocking: 76% faced age-based discrimination in the workplace. You can read the full report and discover actionable strategies in my latest LinkedIn article here:?https://www.dhirubhai.net/posts/mubasherhassan_ageism-agebaseddescrimination-agedescrimination-activity-7166469878693011456-ePMj?utm_source=share&utm_medium=member_desktop ?Let's work together to turn the tide on ageism.
1:1 Midlife Guidance & Aligned Business Growth Coach | Passionate Midlife Disruptor | Serial Entrepreneur | Homeless to Retired Multi-Millionaire | Bestselling Author | Podcast Host
7 个月Midlife and aging has such a bed rep - like no other age bracket - it needs to change!! Our experiences are worth more than gold or any education you could ever receive.
Inventory Control- Chaparral Boats
8 个月See this happen all to often. Of course the up side is now those younger inexperienced people will also gain the knowledge already learned from the older employees. Experience outweights degrees every time. Nice article.