Strategies for Balancing Generational Workforces

Workers over 55 make up more than 20% of today’s global workforce. By 2031, 150 million MORE people over 55 will be working. But only 4% of global companies have #multigenerational workforce programs that integrate older workers.  Kudos to the #Bain report, “Better with Age: The Rising Importance of Older Workers,” for calling out this gap. The report’s authors don’t mince words, noting that “Too few firms recognize the changing needs and priorities of older workers or invest in integrating older workers into their talent system.”  They urge executives to face up to the demographic and social realities of the 21st century; longevity trends in tandem with longer work lives, coupled with lower birthrates have already shifted the global workforce younger to older workers in the Group of Seven countries. These trends mean that investing in older workers is a business imperative to maintain future growth and productivity.   Better With Age recommends three steps for companies that commit to supporting and empowering their older workers as a growing component of a #multigenerationalworkforce: • Reflect an understanding of what motivates older workers in retention and recruitment policies • Commit to including older workers in reskilling programs for future capability needs • Recognize and respect the strengths of older workers and allow them to do what they do best Refreshingly, the Bain report also discusses the challenges involved in changing organizational culture and integrating the contributions of older workers in ways that reflect their motivations at work and the realities of life after 55.   What will it take to convince the majority of global organizations that are NOT currently investing in programs to integrate older workers? One data point that might penetrate if we repeat it often enough: that additional 150 million people over 55 who will be working by 2031 is just 10 million fewer workers than the TOTAL US workforce today. Companies that don’t invest in the expanding pool of talent and productivity represented by workers over 55 may be out of business sooner than they expect. With thanks to the authors of Better with Age, #JamesRoot #AndrewSchwedel #MikeHaslett and #NicoleBitler And to Mike Mansfield Tim Driver Janine Vanderburg Lucy Standing CPsychol, AFBPS, CPBP, MSc, BSc Ingun Bol 🌍 Doug Dickson Lawrence Kosick Dr. Joe Coughlin Danielle Duplin and so many others who advocate for  #activeaging and #agefriendlyempoyers

A New Age in the Workforce: Top 5 Insights from Bain & Company's Latest Research - it's a wake-up call for all of us. Here's what we need to know: 1️⃣ Evolving Motivations: As workers age, their motivations shift. Around age 60, attributes like exciting work and autonomy become paramount. We must recognize and adapt to these changing needs. 2️⃣ Investment in Older Workers: Sadly, too few companies are investing in integrating older workers into their talent system. Leading companies focus on recruiting, retaining, reskilling, and respecting this vital group. 3️⃣ Business Imperative: Creating roles that benefit older workers and the company is not just ethical; it's a business necessity. With 150 million more older workers by 2030, we can't afford to ignore this talent pool. 4️⃣ Age Diversity & Competitive Advantage: Age-diverse firms are found to be lower in turnover and higher in productivity. Embracing age diversity is not just the right thing to do; it's a source of competitive advantage. 5️⃣ Three Steps to Empower Older Workers: The report outlines a straightforward approach focusing on retaining and recruiting, reskilling, and respecting the strengths of older workers. These steps are essential for future success. I've seen the landscape of the workforce change dramatically. This report is a timely reminder that our approach to talent must evolve too. Let's stop the giggles about aging workforces and start taking action. The future of our businesses depends on it. Thanks, Michele Evans from NxtWaves for sharing. #AgeDiversity #WorkforceDevelopment #Leadership #FutureOfWork

Bain & Co.'s recent report reveals an impending shift: by the next decade, around 25% of the US workforce could be 55 or older, a notable 10% increase from 2011. As the global workforce sees nearly 150 million jobs transitioning to older professionals, the impact of this demographic evolution is undeniable. Companies poised for success will recognize and adapt to this change. Here are strategies outlined by the report: 👉 Recognizing older workers' motivations is paramount. They value meaningful tasks, autonomy, flexibility, and fair pay. Aligning workplace culture with these interests can foster a more engaged senior workforce. 👉 Reskilling is non-negotiable. By updating the skills of older workers, companies can leverage their extensive experience, ensuring an adaptable team that meets future demands. 👉 Respect and recognition of older employees' vast experience and insights will not only enrich the company's knowledge base but also foster a culture of inclusivity and respect. Anticipating these shifts and proactively integrating these strategies will benefit businesses immensely. At The Swan Group, we're advocates for harnessing the strengths of an age-diverse workforce for a more inclusive, innovative, and prosperous future.

Strategies to adapt to and for multi-generational workforces 👵🏼👴👩🏽👧 🧓🏿 According to the Stanford Center on Longevity, advances in healthcare and biotechnology, among others, a 100+ year life-span will be common for those born today. Longer lifespans demand strategies to support multi-generational employees that span not three generations, but four, five, or even six! The dynamics related to these shifts in the global workforce are one of the most exciting to explore in the space of the future of work, and one of the more challenging for organizations and society at large. As Paylocity's Futurist-in-Residence, I offer some suggestions to help structure the opportunities available in this changing landscape: 🔵 Update management mindsets to foster collaboration and inclusion. Multiple and diverse points of view make strategy and decision-making more robust. Experience combined with innovation unlocks new opportunities for growth and improves the ability to mitigate risk. Team-building and project-resourcing upgrade to include multiple perspectives, skills, and experience levels. 🔵 Rethink career paths. Old-school career design was based on the linear, ladder model. One track, one area of focus, limited flexibility, until you retire. A reshaping of career strategy should look more like a mosaic career™️ – a flexibly, dynamic career model rooted in interests, values, and capabilities that can flex and adapt over time with changes in the marketplace. 🔵 Enable continuous reskilling. Gone are the days of “diploma and done.” The pace of technological change, combined with shifts in the marketplace demand life-long learning. Multi-generational classrooms with open, experiential learning opportunities will help prepare individuals and organizations to thrive. My programs teach leading and managing unprecedented change, communicating with empathy, and envisioning strategic workforce plans. Let’s connect to discuss how your organization can get ahead of the curve in preparing for our 100-year life future. With vision, longer careers and generations working together can propel, not hold back, your success. The workforce of the future awaits us. #futureofwork #strategy #leadership

Spring (RE)Training? In a groundbreaking shift ahead of the 2018 season, renowned baseball teams such as the Phillies, Mets, Red Sox, Yankees, and Nationals opted for a bold strategy replacing seasoned managers with youthful skippers. The age gap was staggering, ranging from 8 to 26 years younger, with some lacking major league managing experience. Tom Verducci of Sports Illustrated highlighted that "the ability to connect with young players and a comfort with analytics rose above experience." These visionary managers excelled in bridging the gap with the latest generation of players, exemplified by 42-year-old Alex Cora leading the Boston Red Sox to a World Series triumph in his inaugural year at the helm. This transformative move from traditionally conservative baseball owners serves as a poignant wake-up call for leaders in all domains. 🌐 Navigating the Five Generations at Work 🌐 With the dawn of Gen Z in the workforce, we now witness an unprecedented convergence of five distinct generations. Millennials represent the largest cohort, followed by Generation X, Baby Boomers, and Matures. It's commonplace for today's leaders to oversee teams spanning a staggering 60-year age range, as exemplified by my father-in-law, Fred Wills, who remained an active contributor until the age of 89. Effectively relating and connecting across these generational divides is paramount. Each cohort brings forth unique expectations and requirements. Echoing the wisdom of former MLB manager Joe Maddon, who underscores that effective leadership and culture emanate from relationships. He believes building bonds across the generations fosters trust and paves the way for an open exchange of ideas. Navigating this multigenerational landscape presents uncharted territory for today's leaders. As Carol Hymowitz elucidates in The Wall Street Journal, "That means they must create opportunities for young employees to advance (or risk losing them) while also making sure veterans, whose skills they need in today’s tight labor market, don’t feel overlooked. And to maintain productivity and innovation, they must persuade employees of disparate ages to collaborate." It's an imperative task—mastering the art of managing the gray. That's where the Generational Matrix (see below) comes in. Created by Brian Doyle and myself in the book, "Gray Goldfish - Navigating the Gray Areas to Successfully Lead Every Generation." HOW TO USE IT: Find your generation as a leader across the top row. Then scan down the column to find guidance on how to recruit, train, manage, and inspire across each of the five generations. #generations #leadership #graygoldfish

Colleen Paulson shared data from Bain & Company that in 2001, 13.6% of US workers were over 55. By 2021, 23.4% were over 55. Bain predicted that by 2031 25% of workers will be 55+. Learning this, you'd think ageism is dead. 2️⃣ 0️⃣ 0️⃣ 1️⃣ The dot-com bust flooded the job market with “younger” workers, creating insecurity for established professionals. An applicant’s stage of life became a reason to overlook “older” people for jobs requiring 12-hour work days. Stock options gained favor over salaries. The 60 to 80 hour work week became cool. Process, structure, and the people who thrived under them, went out of style. 2️⃣ 0️⃣ 2️⃣ 1️⃣ Social media, hackathons, and GenZ blurred workforce age gaps. And nearly 25% of people in the workforce are 55+. 2️⃣ 0️⃣ 2️⃣ 4️⃣ Some managers perceive a new threat: People with more age and professional experience than their hiring managers. Given this about-face from 23 years ago, it's time to end ageism. Some starting points: 1 — On any given team, Baby Boomers, GenZ, Millennials, and GenZ share space. That’s four generations, 25% of whom are 55+. Instead of viewing “older” workers as people needing legal protection, let’s address and embrace these dynamics meaningfully.    2 — 💲 Age and experience add value not threats💲 Hiring managers: People with more age and experience are not a threat to your job security. Their well-honed professional skills and resilience fill critical performance gaps. Teams will perform better. Managers will look better. 3 — Imagine merging 4 nations and not doing anything to address the culture differences? Let’s treat multi-generational workforces like all the other ingredients of the multicultural workplace. 🔲  Show hiring managers that experienced workers add value, not threats 🔲  Train on the value of incorporating more perspectives 🔲  Mentor upward and downward on the reporting hierarchy  🔲  Address and learn from differences Let’s train leaders and managers how to entice and retain GenX or Baby Boomers with the same fervor as Millennials and GenZ. #endageism #ageless #ageism #stageoflifeism #BabyBoomers #GenX #Millennials #GenZ #hiringmanagers #traininmanagers @AgelessCareers #ageisavirtue #ageandexperience