The Rising Importance of Older Workers.
Somedays, I feel like an idiot. On other days, I feel like our MEA shaman, Saul, with his premonitions. For a decade now, I’ve been saying that the organizational world seems to be unprepared for the emergence of the “modern elder,” someone who is as curious as they are wise. Part of the reason we created MEA was to address the need to mint modern elders.
But, along the way, I’ve occasionally wondered whether a variety of other influences—ageism, employers’ preference for the more digitally savvy, and global economic conditions—might suppress the message conveyed in my book, “Wisdom@Work: The Making of a Modern Elder.”
So, you can imagine my glee when a new global study from Bain & Company, titled “The Rising Importance of Older Workers,” revealed that 150 million global jobs will shift to workers over the age of 55 by 2030. Older workers will make up more than one-quarter of the workforce by 2031. However, my excitement was tempered by the fact that, according to an AARP global employer survey, only 4% of companies are committed to programs that help integrate older workers or support a multigenerational workforce. Clearly, there is much work to be done.
What are older workers looking for? Compared to those younger than 60, older workers are most focused on doing “interesting work” in a job where they have autonomy and flexibility. They want to master their craft and share their wisdom while making a positive social impact. Additionally, they seek learning and development opportunities, especially in tech skills. What employer wouldn’t want an employee like this?!!
Deloitte, the consulting firm, has shown that when Millennials have a mentor within the organization, they are more than twice as likely to stay in the company as compared to Millennials who don’t have a mentor. Therefore, creating mentorship (including mutual mentorship where younger workers teach older workers) isn’t just great for knowledge and wisdom transfer; it’s also a phenomenal retention tactic.
