Managing an age-diverse workforce
| Published date | 12 August 2019 |
| Date | 12 August 2019 |
| DOI | https://doi.org/10.1108/SHR-08-2019-164 |
| Pages | 185-186 |
| Author | John Deacon |
| Subject Matter | Hr & organizational behaviour,Employee behaviour |
Strategic commentary
Managing an age-diverse workforce
John Deacon
The number of people working
past the age of 50 is on the
rise. According to the Office for
National Statistics, workersaged 50
and over made up nearly 80 per cent
of employment growth over the past
decade. Living longer, coupled with
inadequate pensions and savings,
means that for many older workers,
retirement is still years away from a
reality.
There are lots of benefits to employing
older staff, not least the experience,
skills and knowledge they bring to the
table. A melting pot of Baby boomers,
millennial professionalsand fresh-
faced graduates can be great for
businesses, with differentviewpoints,
ideas and ways of doing things
coming together in a single
environment.
But an ageing workforce also has its
challenges. Employers needto
ensure they strike the rightbalance to
keep this group engaged and
productive. They need to think about
employee churn and the knock-on
effect on the pool of talent coming into
the business –especially if older
workers are having to work past their
retirement age.
Impacts of an ageing workforce
Recent findings have shown that
millennials are by far the most likely to
look elsewhere if they’re unhappyor
unsatisfied in their job. In 2016, a fifth
of millennials admitted to changing
their job in the past year, comparedto
just 7 per cent of workers from other
generations[1].
However, with a growing number of
older employees on the payroll, it is
natural for junior staff to question the
likelihood of progression and future
opportunities in the business. If senior
staff stay the same, businessesrisk
missing out on new ideas and skills
that new promotions bring.
While the government has pushedfor
more training among younger people,
the same cannot be said for those
over the age of 55. According to the
CIPD, training opportunitiesfor older
workers remain limited, meaning
these employees will find it harder to
grow and develop with the business
in the same way that junior members
do.
As the idea of early retirement
becomes more uncommon,
businesses need to begin addressing
the growing presence of an older
workforce –however, the resultshave
been limited. A CIPD study[2]
revealed that just one in five
companies has some kind of strategy
in place. Most said they would deal
with it when it happens (31 per cent),
while 15 per cent admitted they have
not given the subject any thought at
all. From this, it is clear that
organisations need to increasetheir
considerations for managing older
workers.
The wellbeing challenge
While older employees who choose to
stay on at work post-retirement can
be a boon for the business, concerns
around finances are often the main
driver for this demographicstaying in
John Deacon is based at Head of
Employee Benefits, London, UK.
DOI 10.1108/SHR-08-2019-164 VOL. 18 NO. 4 2019, pp. 185-186, ©Emerald Publishing Limited, ISSN 1475-4398 jSTRATEGIC HR REVIEW jPAGE 185
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