According to a study by the Center for Creative Leadership, 65% of employees reported that their older colleagues were their most valuable sources of work-related knowledge (Hartman, 2019).
A senior working population offers several benefits to organizations. Here are a few ways companies can benefit from their experience and expertise. Senior employees possess a wealth of industry knowledge and skills acquired over their careers. They can share this expertise with younger colleagues, fostering a learning culture and enhancing overall productivity. As per a study published in Psychology and Aging, older adults tend to have higher emotional intelligence and better interpersonal skills than their younger counterparts, which can be instrumental in building effective mentor-mentee relationships.
Older employees can serve as mentors to younger team members, providing guidance, support, and valuable insights based on their years of experience. Senior aging workers can be excellent mentors to younger employees for a variety of reasons, and statistics support this claim. Older workers have accumulated a wealth of experience and knowledge in their field over the years.
Senior workers often bring a sense of stability and loyalty to the organization. Their commitment can lead to lower turnover rates, saving the company money and resources associated with hiring and training new employees. A survey by the Society for Human Resource Management (SHRM) found that 77% of HR professionals believed older workers had a stronger work ethic than younger employees, and 70% considered them more reliable (SHRM, 2017). These traits make them valuable role models for younger employees.
A multigenerational workforce promotes diversity and inclusivity, leading to a richer exchange of ideas, perspectives, and experiences that can drive innovation and success. According to a study in the Journal of Vocational Behavior, older workers are more likely to be patient and willing to teach, which can make them effective mentors (Finkelstein, 2015).
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To make the most of an aging workforce, companies can incorporate new aging diversity policies into their HR policies. Here are a few suggestions:
- Flexible Work Arrangements: Offer options such as remote work, part-time roles, or job sharing to accommodate the needs and preferences of older employees. This flexibility can help retain experienced workers and attract new talent.
- Age-Inclusive Recruitment Practices: Ensure that job advertisements, hiring processes, and promotional opportunities are free from age-related biases. Encourage age diversity in recruitment and selection by targeting experienced professionals and promoting age-neutral job postings.
- Continuous Learning and Development: Provide ongoing training and development opportunities for employees of all ages. Encourage senior workers to learn new skills, stay up-to-date with industry trends, and explore new career paths within the organization.
- Health and Wellness Programs: Implement health and wellness initiatives tailored to the needs of older employees, such as ergonomic assessments, stress management workshops, and preventive health screenings.
- Intergenerational Collaboration: Create opportunities for employees of different age groups to collaborate, share knowledge, and learn from one another. Establish mentorship programs, cross-generational project teams, or age-diverse committees to foster mutual understanding and respect.
By adopting these aging diversity policies, organizations can create a supportive and inclusive work environment that values the contributions of all employees, regardless of age, and harnesses the unique strengths of a multigenerational workforce.
References:
Grossmann, I., Na, J., Varnum, M. E. W., Park, D. C., Kitayama, S., & Nisbett, R. E. (2010). Reasoning about social conflicts improves into old age. Psychology and Aging, 25(2), 467-481. https://doi.org/10.1037/a0019370
https://www.un.org/en/development/desa/population/publications/pdf/ageing/WPA2017_Highlights.pdf
Hartman, R. (2019). The Benefits of Intergenerational Learning. Center for Creative Leadership. Retrieved from https://www.ccl.org/articles/leading-effectively-articles/benefits-intergenerational-learning/
Finkelstein, L. M. (2015). Older workers and generational issues in the contemporary workplace. Journal of Vocational Behavior, 91, 97-111. https://doi.org/10.1016/j.jvb.2015.10.004
Benefits of a senior working population
