Embracing Silver is good for business

Having silver employees is good for business. Countless research studies have confirmed that an age-inclusive organisation is more productive, innovative, and competitive than one lacking a generational continuum. Below we have listed some benefits organisations can realise from attracting and retaining older people based on research.

Older team members can enhance an organisation’s productivity as silver team members are more likely to remain with their organisation for longer¹ (reducing hiring and retention expenses) and are less likely to be absent from work than younger colleagues.

Recruiting older people is a great way to find the skills and expertise your organisation needs, something that has become acutely apparent during the Covid-19 pandemic. Silver team members respond as well as other age groups to training, are not technology-averse, and can bring knowledge and experience that contributes to the team dynamic.

How best to respond to the ageing customer? First, ensure your workforce reflects the ageing population to better design and deliver the products and services you offer.

Globally, people over 65 are projected to spend almost $15 trillion annually by 2030, up from $ 8.7 trillion in 2020

Organisations that welcome older employees have been found to react well to a crisis due to better decision-making and to anticipate shifts in consumer needs and consumption patterns. In addition, recruiting and retaining more senior team members can improve operational efficiencies and enhance innovation and competitive edge.

Flexible working conditions are the key to attracting and retaining nowadays! So whether someone is caring for a newborn or their elderly father, needing a ramp or quiet space, your strategies for inclusion for all life stages will illustrate your organisation’s values.

Research has also confirmed a positive relationship between productivity, multigenerational teams, and workforces. In a survey by the Living, Learning, and Earning Longer Collaborative Initiative, more than eight in 10 global leaders recognised that multigenerational workforces are crucial to growth². Working withpeople at various career and life stages of life is an enriching experience!

Is your organisation age-inclusive? Is your organisation proactively embracing your silver future through initiatives you would like to share? Please contact us at Silver Futures as we are interested in showcasing and learning from age-inclusive organisations.

ABS data on Labour Mobility has identified that workers aged 55 and over were 5 times more likely to remain with an employer than younger employees.
This learning collaborative involves a partnership between the AARP International, the World Economic Forum, OECD and more than 100 employers worldwide with the purpose of identifying and sharing multigenerational, inclusive workforce practices.

References

AARP International https://www.aarpinternational.org/initiatives/future-of-work/living-learning-and-earning-longer

Dixon-Fyle S, Dolan K, Hunt V & Prince S (2020) Diversity wins: how inclusion matters, McKinsey & Company https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-wins-how-inclusion-matters

Global Access Partners (2019) Productive ageing: leveraging the value of an age-diverse workforce for SMEs, Strategic Roundtable, Sydney, June 6th 2019

Hennelly DS & Schurman B (2023) Bridging Generational Divides in Your Workplace, Harvard Business Review, January 5, 2023.

Kostoulas J (2018) Technologies Are Critical for Inclusion in the Workplace, Gartner, August 30th 2018

OECD (2020) Promoting an Age-Inclusive Workforce: Living, Learning and Earning Longer, OECD Publishing, Paris.