Feature
According to the U.S. Bureau of Labor Statistics, those over age 65 will comprise about 8.6% of the U.S. labor force by 2032, up from 6.6% in 2022, accounting for nearly 60% of the overall growth of the labor force during this timeframe.
Yet, we often harbor negative sentiments towards these workers. It’s part of the lens in which we viewed the concerns over whether President Joe Biden was fit to run for office again. However, he is merely one high-profile example among many. An i4cp survey conducted in partnership with the Age-Friendly Institute of global workers over 50 found that 70% said they have experienced ageism in the workplace, and more than 40% said leadership has tolerated or ignored ageism.
The Benefits of a Multigenerational Workplace
Failing to accommodate the learning and work styles of employees in their 50s, 60s and even 70s can negatively impact your employment brand, your company's innovation potential and your business growth. People are increasingly choosing to work longer — if your company is hostile to age you lose the potential to harness this wisdom and experience.
Moreover, research we conducted at Deloitte found that generational diverse teams are more creative, open and high-performing. Younger workers benefit from having older or more tenured employees there to offer help, give perspective and provide reflective insights.
This means that generational diversity has to be part of your company culture. This may require more flexible working policies, disability policies and some adjustments such as larger fonts or additional seating time in retail or front-office roles for older workers.
Related Article: Looking for Dependable Employees? Go High
Decompress Issues Makes Good Business Sense
A significant issue at play here is that DEI (diversity, equity and inclusion) initiatives are struggling. How can we make workplace practices more aligned with the needs of this older cohort? Talking to CHROs, it’s clear to me that DEI initiatives are under attack. And when you look at companies doing layoffs, DEI roles are high on the list of jobs to be cut. Hiring for DEI positions in the U.S. has decreased by 48% year over year. Part of the problem is that DEI has become politicized. To maximize DEI's organizational and commercial benefits, we need to stop framing it as a social cause and realize it is a business initiative.
I think many companies over-positioned DEI following George Floyd’s death. Today, instead of looking at DEI solely as a compliance function, the emphasis should be on promoting these initiatives across the company and making sure leaders prioritize treating everyone with respect. We may not need a dedicated “head of DEI” if CEOs and other leaders understand and reinforce the need to include, respect and value every employee in a fair way.
Interestingly, in Europe, many companies have successfully folded diversity and inclusion into the wider perspective of ESG (environmental, social and governance) and sustainability. This approach makes a lot of sense. If your long-term sustainability strategy encompasses supply chain management, global warming and human rights, it is logical to include diversity and equity as part of that strategy.
If your company isn't inclusive, you risk being unable to operate in certain countries and communities, face high employee turnover, and miss out on key markets. Let's take a cue from Europe and reframe DEI from focusing solely on people diversity to emphasizing organizational people sustainability. This shift can move the DEI conversation away from the contentious sphere of politics and into the right place: the sphere of business.
Finally, I encourage you to remember that generational diversity is an organizational strength, not just an HR program. I am in my late 60s and I regularly meet senior professionals who wish to continue working into their 70s and beyond. Let’s not turn away or demotivate this valuable and highly experienced cohort, and instead think more carefully about how to accommodate their needs.
Related Podcast: How Allstate Moves the Needle on DEI
