"Is talent a perishable asset, or can it be renewed indefinitely?"

The workforce is evolving, and one of the most significant changes is the increasing number of older workers. With the number of employees aged 65 and above nearly doubling since the millennium and projected to make up 8.6% of the labour force by 2032, it’s high time we acknowledge their invaluable contributions. Unfortunately, many organisations fail to fully appreciate these individuals' wealth of experience and knowledge, often losing diverse perspectives and insights crucial for innovation and growth.

What can organisations do to support their workforce?

Flexibility is Key: As employees age, their needs and priorities often shift. Offering flexible work arrangements, such as part-time hours or remote work options, can attract and retain older workers. This flexibility acknowledges their expertise while accommodating their personal circumstances. Research indicates that flexible work options are crucial for retaining older workers and leveraging their experience.

Invest in Health Support: Older workers may face unique health challenges. By providing health and wellness programs tailored to their needs, companies can enhance productivity and well-being across all stages of an employee’s career. Studies show that today's older workers tend to be healthier and more educated than previous generations, enabling them to continue contributing effectively.

Encourage Lifelong Learning: It’s a mistake to assume that older workers aren’t interested in upskilling. Offering enhanced individual learning accounts and encouraging ongoing education helps keep their skills relevant and sharp, benefiting both the employees and the organisation. Continuous education and skill development ensure that older workers remain competitive and valuable to organisations.

Design Age-Friendly Roles: Creating both fulfilling and physically accommodating roles can reduce strain and improve job satisfaction for older workers. This not only helps them to continue contributing effectively but also enhances overall workplace morale. Companies like Home Depot and Mitsubishi Corp. have successfully implemented programs to recruit and train older workers, demonstrating the effectiveness of tailored roles and training.

In my years as an executive coach, I’ve seen firsthand the transformative impact that older workers can have on an organisation. Their insights and steady leadership often serve as an anchor during times of change, providing balance and perspective that younger teams might lack. 

The data is clear: with the number of older workers set to increase significantly, companies that fail to adapt risk missing out on a valuable segment of the workforce. Their experience isn’t just an asset—it’s a necessity in today’s competitive environment. For instance, closing the employment age gap for older workers in the UK could generate £9 billion annually, highlighting the economic value of integrating older workers more fully into the labour market.

To harness the talents of our older workforce, consider the following strategies:

• Implement flexible working arrangements tailored to the needs of older employees.
• Invest in comprehensive health and wellness programs that cater to all ages.
• Encourage and facilitate lifelong learning and upskilling opportunities.
• Design age-friendly roles, reducing physical strain and enhancing job satisfaction. 

By embracing these strategies, organisations can create an inclusive workplace that values the experience and insights of older employees. This approach benefits the employees and enriches the organisation with diverse talents and perspectives. Let’s celebrate the diverse talents that all age groups bring to our workplaces.

How does your company support and value older workers?

Share your experiences and strategies below—let’s continue the conversation on creating a more inclusive and diverse workplace.