Older Adults in the Workforce: What's in Store for 2024

Nearly one in four workers are age 55+, and a recent survey by Pew Research Center found that nearly one in five people age 65+ in the U.S. were in the workforce last year.

In my own work at Changing the Narrative, a leading anti-ageism initiative , I've found increasing number of employers—public, private and nonprofit—asking for presentations and workshops on the business case for older workers and intergenerational teams. Does this signify a trend? In December, I asked influencers who work with and write about older adults in the workforce what their predictions were for 2024. Here is what they said:

1. Older adults will continue to work longer, and pivot.

Workers over 65 with higher levels of education will continue to remain on the job in larger numbers, spurred by an increase in flexible work arrangements that emerged in full-force during the pandemic such as a surge in midlife entrepreneurship, contract positions and remote work opportunities. Kerry Hannon , career and retirement strategist, author of In Control at 50+ .

Pivoting. In 2024, I think we will see more Gen X and Baby Boomer workers pivot to adjust to this job market. I recently did a LinkedIn survey and 82% of respondents said that they plan to work into their 60s and beyond. In order to make this happen, these workers may need to shift industry or role to adapt to a changing job market. They may also decide to look into fractional work. The great thing about being experienced is that we have adjusted before - we know how to do this and we can do it again! Colleen Paulson, career consultant and founder of Ageless Careers

2. Employers will see the demographic writing on the wall.

Headwinds for older workers will ease. Admittedly, it’s not an easy skate for all older workers, but the headwinds older job seekers experienced in the past will continue to ease to some degree as employers grapple with a need for experienced workers and come to terms with the demographic changes underway right now.

Companies in industries that rely on knowledge and expertise will find ways to recruit and retain older. They must. I’m not saying age discrimination and hiring managers sussing out someone’s expiration date as a way of not hiring or promoting someone is disappearing, but I am optimistic that the workplace ethos is shifting in ways we have never seen due to sheer necessity to keep the trains running so to speak. Kerry Hannon

Demand for older workers will increase. 2024 will be a tale of contrasts. Labor force participation remain will remain around 37% and the long-term unemployed rate for 55 plus jobseekers will linger around 25%. However, the demand for skilled and experienced workers, driven in part by year-over-year decline in skilled immigrant workers, will provide opportunities for older adults to re-enter the workforce. Gary A. Officer , President & CEO, Center for Workforce Inclusion and CWI Labs .

Openness to non-traditional candidates. Manpower's recently released Future of Work report reveals that “employers are increasingly open to non-traditional candidates who have gaps in employment that have impacted their careers. This will create more opportunities for (older adults) with invaluable work and life experience.” Laurel McDowell , project coordinator, Manpower

Hiring older workers is just smart business. In 2024, the longer term employment of mature workers will move into greater light not as a social impact imperative, but as an economic one. Retention of institutional knowledge and mechanisms to share it internally are tremendous business assets that can propel forward thinking companies to the head of their respective packs, and no smart company can afford to ignore this impact to their bottom line. Kim Anderson, NDCCDE, CDR , CEO and President, GreySource

3. Smart employers will deliberately adopt age-inclusive practices.

Age-diverse initiatives. There will be an uptick in the number of companies that begin to consider, if not add, age-diverse initiatives to their recruitment and retention efforts in 2024. Some will embrace it, others will be made examples of, and some will be held more accountable. Regardless, change is brewing. Guadalupe Hirt , pro-aging advocate, social impact leader

Finding common cause among older and younger workers. 2024 is the year that older workers and younger workers find common cause in age-inclusive policies and practices. When people of all ages recognize that more flexible work arrangements, better job design, fairer hiring practices and a more welcoming culture benefit everyone, then we expose the myth of generational warfare and shift the focus from WIIFM to WIIFUS (what's in it for US). There are some signs we're reaching that tipping point and when we do, faster change is possible. Doug Dickson , The Encore Network leadership council and co-chair of Over 50+ Employment Affinity Group

Flexible retirement options. Employers’ commitment to the multigenerational workforce, adoption of age-friendly best practices, and focus on attracting and retaining older workers will gain tremendous momentum. In 2024, when 12,000 Baby Boomers will turn age 65 everyday, employers will increasingly adopt flexible retirement options to facilitate smoother transitions for themselves and their retiring employees. Catherine Collinson , CEO and President, Transamerica Institute

Multigenerational, shared leadership. I hope that 2024 brings a proliferation of new models for leadership and power-sharing that are more suited to our increasingly multigenerational world. We need more shared leadership models rooted by design in diversity, creativity and collaboration across the generations. We’re seeing the payoff at CoGenerate, where we’re finishing our first year with co-CEOs whose diverse but complementary perspectives, experiences and skills bring some real magic to a new way of partnering. We call it cogenerational co-leadership and I’m betting we’ll see a lot more of it as many workplaces grapple with sustainability, succession-planning and how to be relevant to people of different generations. Marci Alboher , Vice-President CoGenerate and author of The Encore Career Handbook

An employee management benefit. Age and aging in the workplace will become a separate employee management benefit under the umbrella of longevity. With global lifespans increasing and birthrates continuing to fall, early career entrees are looking at a 60+ year work life. Older employees need and want to have equitable access to employment opportunities. And employees of all ages want to continue to learn and grow in their career of choice or have the opportunity to retrain in another area altogether. Companies have no choice but to get smarter to attract and retain talent in a labor-tight market.

Helping employees of all ages navigate the ever-changing workplace with a focus on flourishing, on and off-boarding, training and retraining, and financial literacy and empowerment are just a few value-adds that companies can power through a longevity platform. Not only will it benefit all employees regardless of how they identify, but it will also increase business results. Sheila Callaham, executive director, Age Equity Alliance

4. Older adults will pursue alternatives to traditional employment.

Working post-retirement. 2024 will see growing numbers of older workers negotiating with their employers to allow them to work for them in retirement either part-time, as consultants, doing project and gig work or mentoring and that growing numbers of employers will agree to it. Richard Eisenberg, unretired freelance writer and editor

Flexible work. As larger companies incorporate more A.I. tools in pursuit of greater efficiencies and the need to stay competitive, they will become less human-centered. Work environments in larger organizations will be less pleasant places to work. In response, older workers are turning away from the lure of large corporate salaries in favor of local, privately-owned businesses that offer friendlier cultures and more flexible working conditions. Tim Lybarger , founder and executive director, Encore NEO

Entrepreneurship. 2024 will mark a significant increase in the number of new businesses started by founders over fifty. ? In addition to a long-term trend towards encore entrepreneurship, there has been a sharp rise in layoffs during 2023.? Job market competition is on the rise, and companies of all sizes are taking longer to fill positions. Such changes will have a negative impact on older adults wanting to switch jobs or reenter the workforce in 2024.? In this context, becoming a solo entrepreneur or starting a small business is an attractive and rewarding option. Mary J Cronin , social entrepreneur, management professor and author of Starting Up Smarter: Why Founders Over 50 Build Better Companies

5. Upskilling to address skills gaps will be essential.

Older workers. Older workers cannot step back and wait for someone to recognize how talented they are. If they want to be engaged in the workforce-networking, adding skills, and staying up-to-date on their industries is non-negotiable. Things are changing too fast. If you aren’t learning, you aren’t earning. Kerry Hannon

Employers. The number of older workers in the labor force is growing, but they are still being paid less than their younger counterparts. That’s often because they are being overlooked for jobs that require more up-to-date skills today’s jobs demand. Employers should – and the smart ones will – offer more opportunities to upskill older workers to take full advantage of this experienced but undervalued talent pool. Ramona Schindelheim , editor-in-chief, WorkingNation

6. Women will speak up.

This will be the year when we see many more older women making a lot more noise about the inequities, inequality, and pay gaps when trying to re-enter the workforce or starting up businesses. Their voices calling out age bias in the workforce will be louder than ever before, and will begin to resonate with businesses seeking employees. Helen Hirsh Spence , founder of Canada's Top Sixty Over Sixty.

7. Government and others will support these changes.

Older adults in 2024 will see a seismic change in how they're supported by government leaders, who realize age 50+ workers are hiding in plain sight as a vehicle for economic expansion. Tim Driver , founder and CEO, Age-Friendly Ventures

My hope is that 2024 will also see an expansion of the support system for older entrepreneurs.? As a business professor, I’m well aware of the challenges involved in starting and growing a new business.? Investing in the success of founders over fifty, and welcoming them into existing accelerator and educational programs, would be beneficial to the economy and to entrepreneurs of all ages. Mary J Cronin

8. While some are concerned about AI as a threat, it may be a leveler.

According to ManpowerGroup’s First Quarter 2024 Employment Outlook Survey , 75% of companies are still struggling to find skilled talent. Since AI competencies are quickly becoming increasingly more important in many roles, mature workers who are proactive to embrace learning this technology will position themselves in a great place to compete, while also demonstrating their capacity to stay relevant. Laurel McDowell

I think we will see a starker divide between older workers that are embracing the possibilities of AI tools and those who remain caught in suspicion and fear of these new innovations. Generative AI has the potential to be one of the greatest skill ‘levelers’ ever, as being adept at it is new to nearly everyone. There’s a huge opportunity for older workers to overcome stereotypes and showcase new skills and impact in ways that get them noticed. I hope more of them embrace the possibilities! Polly M Allen , founder of AI Career Boost

In summary

Maryland's Secretary of Aging, Carmel Roques , summed it up best:

I am making predictions based upon current trends. There will be more older people in the labor market both for financial reasons and purpose. Remote work will be a positive but the current digital divide will continue to be a barrier for some. Multiple generations in the workforce will be a competitive advantage that employers in some sectors will begin to pursue intentionally.

What are YOUR predictions for 2024? Leave them in the comments.