In an era characterised by advancements in healthcare and lifestyle, the global population is experiencing a significant increase in longevity. By 2050, the global estimate for people aged 100 or older is 3.7 million. This upward trend in life expectancy is not only reshaping societal demographics but is also sparking a notable shift in the dynamics of the workforce. One striking phenomenon emerging from this extended lifespan is the growing number of senior professionals wanting to work past traditional retirement ages or seeking to re-enter the workforce post-retirement, eager to contribute their wealth of experience and expertise.
This evolving landscape creates a cause for reflection on the strategies organisations employ to build diversity, equity, and inclusion (DEI). While diversity and inclusion initiatives have gained traction in recent years, there is a need to expand the scope of these policies to encompass generational diversity. The pressing question is: How can organisations ensure their DEI strategies are not only reflective of age, but also embrace the wealth of knowledge and skills that senior professionals bring? Recognising the value of a multigenerational workforce is not merely a matter of compliance; it is a strategic imperative for companies to thrive in an environment marked by demographic diversity.
The Inclusion Angle
Organisations worldwide are undergoing a transformative shift in their approach to diversity and inclusion, recognising the significance of generational diversity as a key component. In the pursuit of creating truly inclusive workplaces, the focus has expanded beyond traditional dimensions to embrace age, facilitating a multigenerational workforce.
The evolution of diversity and inclusion policies to incorporate generational diversity is grounded in the understanding that each age group brings unique perspectives, skills, and experiences to the table. This diversity not only enriches the organisational culture but also enhances problem-solving and creativity. Companies are increasingly realising that harnessing the collective wisdom of Baby Boomers, the innovation of Gen X, the technical know-how of Millennials, and the fresh perspectives of Gen Z leads to a more dynamic and resilient workforce.
Age diversity and inclusion also manifest in the need for seniors returning to the workforce. Organisations are gradually recognising the untapped potential of experienced professionals who, post-retirement, seek meaningful engagement. These seasoned individuals not only contribute to the transfer of knowledge but also promote mentorship, creating a collaborative environment that benefits all age groups.
Why Are Retirees Returning to the Workforce?
Seniors are breaking age-old stereotypes by redefining retirement and returning to the workforce. This shift from traditional retirement is due to seniors’ desire to stay mentally active and seek intellectual stimulation. Engaging in work that challenges their skills and knowledge can be personally fulfilling. The increase in life expectancy and a changing workforce dynamic encourages seniors to have enriching experiences and remain contributing members of society. Financial considerations also play a role, as retirees may return to work out of necessity to address rising living costs and unexpected expenses.
Moreover, the valuable skills, knowledge, and experience that seniors bring make them sought-after assets for organisations. Recognising the benefits of a diverse workforce, many companies actively seek to tap into this experienced talent pool. The availability of flexible work arrangements further facilitates retirees’ seamless integration into the workforce, allowing them to balance their professional contributions with other aspects of their lives. Retirees returning to work reflect economic, social, and personal motivations, shaping a modern view on ageing work and meaningful engagement.
The Importance of Generational Diversity for Organisations
With more retired professionals keen on ‘unretiring’, generational diversity is a vital aspect of inclusion policies, yet often overlooked in our modern workplace. By embracing generational diversity, organisations can create a balanced environment that bridges the gap between innovation and tradition and encouraging creativity.
In today’s dynamic landscape, adaptability is key to organisational success. Prioritising generational diversity in inclusion efforts is a strategic move that enables organisations to tap into the full spectrum of skills, knowledge, and perspectives, creating a workplace culture that thrives on collaboration and continuous growth. A few ways companies can build and promote generational diversity include –
- Prioritising age-diverse teams – encourage different age groups to work together on projects. This will promote collaboration with diverse perspectives and skillsets.
- Diversifying communication styles – Recognize diverse communication preferences across generations. Train employees on adapting communication styles for effective inter-generational communication.
- Curating flexible/specific benefit plans – with a range of benefits that appeal to employees of all stages in life. For example, younger employees might value student loans while senior employees may require retirement planning support.
- Developing inclusive retention practices – by encouraging teamwork and implementing mentorship programs for all age groups.
As life expectancy rises, organisations must recognise the multifaceted motivations driving retirees, from personal fulfilment to economic considerations. This demographic shift necessitates an adaptive approach to DEI, acknowledging the unique perspectives and strengths that each generation brings. To thrive in a dynamic landscape, organisations should adapt their DEI strategies to celebrate and leverage generational differences in pursuit of a transformative, thriving, and resilient workplace.
Neeraj Sagar, Founder of WisdomCircle