The Multi-Generational Edge: Boosting Productivity Through Age Diversity

Are you ready to revolutionise your workplace and tap into an overlooked goldmine of talent?

This article will challenge everything you thought you knew about age and work, revealing surprising insights about what different generations really want from their careers. You'll discover how embracing age diversity could boost your company's innovation, productivity, and bottom line. Whether you're an HR leader, a CEO, or someone contemplating your own career journey, you'll find actionable strategies to create a truly inclusive, multi-generational workforce. Get ready to join the "Inspire, Not Retire" movement and learn how to turn the challenges of an ageing workforce into your organisation's greatest strength.

??The Age of Wisdom: Embracing Generational Diversity at Work

Imagine a world where experience is treasured, innovation is celebrated, and the concept of 'retirement' is as fluid and dynamic as the careers it follows. This isn't a utopian dream – it's the world we can create if we embrace what I call the 'Age of Wisdom' in our workplaces.

Why do we start with 'why'? Because the 'why' behind this movement is powerful: it's about unleashing human potential, fostering economic prosperity, and creating a society that values contribution at every age. In a world facing unprecedented challenges – from climate change to economic instability – can we really afford to sideline any segment of our workforce?

??The Golden Circle of Generational Diversity

Let's start with the 'why': Why should we care about generational diversity? Because we're facing a perfect storm of challenges: an ageing population, severe labour shortages, and a looming economic crisis. But within these challenges lies an incredible opportunity. By embracing the skills, wisdom, and drive of workers across all generations, we can add an estimated ￡20 billion per year to the UK economy alone, according to the Centre for Ageing Better . More importantly, we can create workplaces where every individual, regardless of age, feels valued and empowered to contribute.

Now let's move to the 'how': How do we make the 'Age of Wisdom' a reality? By challenging our assumptions, reimagining our workplaces, and creating cultures that celebrate age diversity. It's about shifting from a mindset of 'retirement age' to one of 'contribution age'. It's about creating flexible work options, investing in lifelong learning, and recognising that innovation and creativity flourish with diverse perspectives and experiences.

Finally, the 'what': What does the 'Age of Wisdom' look like in practice? It's companies like Boots UK, where 27% of team members are over 50, and where age-inclusive policies are the norm, not the exception. It's individuals like Siobhan Daniels who at 65 is challenging ageist stereotypes and redefining what it means to age positively. It's a world where 56% of employees who want to work beyond 65 are not just allowed to, but are actively encouraged and supported to do so, as revealed in the 55/Redefined "Shut Out, Forced Out, Overlooked" report".

??The Generational Uprising

But here's the harsh truth: we're not there yet. The 55/Redefined Unretirement Uprising report shows that 65% of over-50s believe their age works against them when applying for jobs. 82% haven't been contacted by recruiters in a year, despite severe talent shortages. We're pushing out our most experienced talent just when we need it most, creating a brain drain that's eroding our organisational resilience and stunting our growth potential.

This isn't just a moral failing - it's an economic catastrophe in the making. But it's also an incredible opportunity for those leaders brave enough to challenge the status quo.

Imagine if we could flip this script. If we could harness this wealth of experience, wisdom, and drive. The OECD - OCDE estimates that increasing employment rates for over-55s could boost GDP by $3.5 trillion in the long run, according to PwC's Golden Age Index report. But it's not just about numbers on a balance sheet. It's about creating workplaces where talent of all ages thrives, where mentorship flows in all directions, and where innovation is fuelled by diverse perspectives.

??The Benefits of Generational Diversity

Let's delve deeper into why generational diversity is not just a nice-to-have, but a must-have for forward-thinking organisations:

1. Enhanced Innovation: When you bring together diverse age groups, you create a melting pot of ideas. Younger workers may bring fresh perspectives and technological savvy, while older workers contribute deep industry knowledge and problem-solving skills honed over decades. This combination can lead to breakthrough innovations that neither group might have achieved alone.
2. Improved Decision Making: Age-diverse teams make better decisions. They bring a wider range of experiences and viewpoints to the table, leading to more thorough analysis and well-rounded solutions. This diversity of thought can help organisations avoid "group think" and make more robust strategic choices.
3. Better Customer Understanding: As the population ages, having a workforce that reflects your customer base becomes increasingly important. Older workers can provide invaluable insights into the needs and preferences of older consumers, a demographic with significant purchasing power.
4. Knowledge Transfer: In an age-diverse workplace, knowledge flows both ways. Older workers can mentor younger colleagues, passing on institutional knowledge and industry expertise. Conversely, younger workers can help older colleagues stay up-to-date with new technologies and trends. This two-way exchange creates a learning organisation that's constantly evolving and improving.
5. Increased Resilience: Age-diverse teams are more resilient. They've collectively weathered various economic cycles, technological shifts, and industry changes. This breadth of experience makes the organisation more adaptable and better equipped to handle future challenges.

??Overcoming the Challenges

Of course, creating an age-diverse workplace isn't without its challenges. Different generations may have different communication styles, work preferences, and career motivations. But these challenges are far from insurmountable. In fact, they present opportunities for growth and learning.

Consider communication styles. While it's true that younger workers might prefer instant messaging while older workers favour face-to-face conversations, this diversity can lead to more comprehensive and effective communication strategies. By accommodating different preferences, organisations can ensure that information flows freely and that all voices are heard.

The key is to create an environment where these differences are recognised, respected, and leveraged for the benefit of the organisation.

??Practical Steps to Foster Age Diversity

So, how do we create this age-inclusive workplace? Here are some practical steps:

1. Rethink Recruitment: Start by examining your recruitment processes. Are your job descriptions age-neutral? Are you advertising in places that reach candidates of all ages? Consider implementing blind resume screening to focus on skills and experience rather than age.
2. Invest in Lifelong Learning: Create a culture of continuous learning. Offer training and development opportunities to all employees, regardless of age. This not only keeps skills up-to-date but also sends a clear message that you value and invest in all your employees.
3. Implement Flexible Work Arrangements: Flexibility is key to retaining older workers. Consider offering part-time roles, job sharing, or phased retirement options. This allows older workers to continue contributing while balancing other life priorities.
4. Create Mentorship Programmes: Establish both traditional and reverse mentoring programmes. This facilitates knowledge transfer and builds connections across generations.
5. Address Unconscious Bias: Provide training on age-related unconscious bias. Help managers and employees recognise and challenge their own biases about age and work.
6. Celebrate Age Diversity: Actively recognise the contributions of workers of all ages. Share success stories that highlight the value of age diversity in your organisation.
7. Review Your Benefits Package: Ensure your benefits appeal to workers of all ages. This might include care support, financial planning services, or sabbaticals for long-term employees.

??The Call to Action

As leaders, we have the power to drive this change. We can create workplaces where talent of all ages can thrive, contributing their skills and experience well into their 60s, 70s, 80s and beyond.

Here's how you can start:

1. Develop a clear strategy to address ageism in your workplace.
2. Prioritise age as much as any other diversity and inclusion characteristic in your recruitment process.
3. Have open conversations with your existing workforce about what changes they need to remain productive and engaged.
4. Review your benefits and rewards policies to ensure they appeal to all age groups.
5. Create flexible roles that appeal to a diverse talent pool.
6. Expand your recruitment channels to reach candidates of all ages.
7. Advocate for a culture of lifelong contribution within your organisation.

Go even further by:

• Offering apprenticeship schemes for in-demand skills that appeal to workers of all ages
• Creating technical training programs to enable career swappers/role changers internally and externally
• Developing returner programs to promote re-entry into the workforce
• Becoming an age-accredited company

The world of work is changing. The linear career path ending in retirement at 65 is outdated. It's time for the 'Age of Wisdom' to become not just a possibility, but a celebrated reality.

Are you ready to join this movement? Are you ready to tap into this rich reservoir of talent, wisdom, and potential? The future is waiting, and it's brimming with opportunities for those who dare to reimagine what work can be at any age.

The time to act is now. The "Age of IK" (Intergenerational Know-how) is here. Will you lead it, or will you be left behind? The choice is yours, but remember - the future of work, the strength of our economy, and the fulfilment of millions of individuals depend on the choices we make today. Let's choose shared knowledge and experience. Let's choose inclusion. Let's choose to value every individual, at every age. Together, we can create a world where work inspires, rather than expires, our potential.

If you want to understand more or discover how to future-proof your workforce, visit 55/Redefined or contact me, Simon Long

Remember: No Age Strategy = No Growth Strategy.

#AgeDiversity #InclusiveWorkplace #MultiGenerationalWorkforce #DiversityAndInclusion #HRLeadership #55Redefined

Useful sources:

1. 55/Redefined Shut Out, Forced Out, Overlooked Report: https://work-redefined.co/work/shut-out-forced-out-and-overlooked-ageism-report
2. 55/Redefined Unretirement Uprising Report 2022: https://work-redefined.co/resources/the-unretirement-uprising-report
3. PwC Golden Age Index report: https://www.pwc.co.uk/economic-services/golden-age/golden-age-index-2018-final-sanitised.pdf
4. Centre for Ageing Better report "A silver lining for the UK economy?": https://ageing-better.org.uk/publications/silver-lining-uk-economy
5. MIT Sloan School of Management research: https://mitsloan.mit.edu/ideas-made-to-matter/20-year-study-shows-successful-entrepreneurs-are-middle-aged
6. HR Data Hub research: https://www.hrdatahub.com/
7. Boots UK press release: https://www.boots-uk.com/newsroom/
8. Dentsu UK press release: https://www.dentsu.com/uk/en/news-releases/