Nearly 40% of the workforce in Europe, the UK and the US are over 50.
Today’s demographics mean a projected lifespan of well over 80 years. Depending upon when one “retires”, that sums up to 20-30 years of exciting, active life to prepare for!
Global aging requires us to re-think traditional “retirement” programs which focused only on finances.
It’s critical that we wake-up and shake up the mindset changing the conversation around aging for individuals and organizations.
Older workers represent a considerable untapped potential that could substantially cushion the impact of demographic change on the labor market.
The 5-Generation workplace is a reality, yet only 8% of companies include age in their Diversity and Inclusion Strategies.
Aging professionals want to feel empowered, productive, have purpose and contribute to society. According to a representative survey by Deloitte, 40% of all economically active 50–64-year-olds’ would like to work beyond retirement age and 30% of retirees say they would have continued to work if they had had the opportunity.
How Individuals need to grow up….
Some people see retirement as a world of opportunity; others approach it with concern. As individuals come closer to this life phase they need to think far beyond finances and consider their:
- Options around if – and when – to retire
- Health and wellbeing – physical, emotional, spiritual
- Personal values, passions, strengths, and purpose
- Specific financial situation
- Transition plan
- New life project!
How Organizations need to grow up….
Research shows that by 2030, most of the world’s largest economies will have more jobs than active employees to do them. This means for companies that they will not have enough skilled employees to deliver services and products to their customers. We already get to see this now in some industries in developed countries.
Organizations need to rethink “pre-retirement” planning to inspire a new mindset to shake-up company culture far beyond simple financial seminars. This “grown-up” mindset can allow employers to:
- Proactively plan and anticipate demographic trends to ensure a stronger talent pipeline.
- Set up pragmatic processes to facilitate knowledge transfer, mentoring programs, part-time work for retirees.
- Support employees from all generations to continuously unlearn and relearn in an agile way to keep up with the pace of change.
- Commit to supporting staff of all ages by including older generations in Diversity and Inclusion initiatives.
- Reinforce staff’s resilience to face business challenges and encourage creativity.
- Accompany older employees through the transition and into their next chapter to reduce absenteeism and low morale.
- Enhanced employer’s reputation by demonstrating genuine concern for your employees’ well-being and the 5-generation workforce.
- Tangibly support your organization’s values with concrete actions and measurable results.
Up-dated, proactive age management practices can contribute to staff morale and efficiency by reducing concerns or fears while inspiring new ideas, confidence, and innovation. Supporting health and wellbeing, combatting age barriers, motivating, and promoting age diversity allow both employees and organizations to thrive and deliver superior results!
Are you ready to grow up?
“Wake-Up, Shake-Up, Thrive!” (WUSUT) Workshops and Coaching are aimed at supporting organizations in accompanying their 50+ employees through transition and preparing for their next life phase. If you are looking to guide your age 50+ employees to their next challenge, inside or outside of your organization, a WUSUT Check-Up is a great place to start. Contact us to book your discovery session and find Full Descriptions Here!