As the global workforce continues to age, corporations are presented with a unique opportunity to tap into the wealth of knowledge and experience that older employees bring to the table, writes ILC Strategic Advisory Board member Yvonne Sonsino.

The findings from the Mercer Global Workforce Longevity Practices Survey 2024 shed a light on the strategies and practices that can help corporations create an inclusive and supportive environment for employees of all ages.

The survey examined strategies to support employees over the age of 50 and captured 160 submissions from global companies. Topics covered various aspects of employer practices and policies, including career development, multigenerational work teams, data analytics, employee financial resilience, employee wellbeing, employee benefits, DEI and flexible work.

In this article, we take a deep dive into what disruptor companies are doing differently, and explore key findings from the survey, providing actionable insights to effectively manage and leverage an aging workforce. 

Embrace age diversity for enhanced innovation:

The survey reveals that embracing age diversity can lead to enhanced innovation and productivity within corporations. By creating multigenerational teams, corporations can harness varied perspectives and talents, fostering generational knowledge transfer.

This can be achieved through mentorship programs that pair experienced employees with younger ones, enabling the exchange of skills and insights. Embracing age diversity not only promotes a culture of learning but also enhances creativity and problem-solving capabilities. 

The survey found that HR professionals should review their HR processes, systems, and practices to increase age inclusivity. This includes developing age-friendly recruitment programs, designing jobs that optimize the working environment for all life stages, and establishing employee resource groups for older workers. 

Foster a culture of lifelong learning:

To engage and retain older employees, corporations should prioritise lifelong learning opportunities. Providing access to new learning and meaningful skill development opportunities that align with the goals of older employees is crucial. This can be achieved through professional development programmes, workshops, and mentorship initiatives.

By investing in the continuous growth and development of their ageing workforce, corporations can unlock the full potential of their employees and drive innovation. 

The survey results reveal that HR professionals can create an interactive internal career page where older employees can find new opportunities that align with their goals. Additionally, offering learning, upskilling, reskilling, and rotational opportunities for all ages, including senior internships and mature grad programs, can help older employees stay engaged and contribute meaningfully. 

Offer flexible work arrangements:

Flexible work arrangements are highly valued by older employees. These arrangements allow older employees to continue contributing their expertise while providing them with the flexibility to balance work and personal commitments. By offering flexible work arrangements, corporations can retain valuable talent and promote work-life balance, leading to increased job satisfaction and productivity. 

Key preferred items coming through in the survey results showed that beyond hybrid and remote work, HR professionals should consider implementing phased retirement programmes that enable a gradual shift from full-time work to full-time retirement. Other options include flextime, compressed work schedules, part-time or job-sharing roles. It is also important to reconfigure jobs to ensure the workload or physical requirements are optimal for older employees. 

Ensure inclusive benefit offerings:

Corporations should review their benefit offerings to ensure they are inclusive of employees of all ages. This includes removing age limits on insured benefits and promoting relevant benefits that cater to the varying needs of older employees.

Providing retirement planning resources, health and wellness programmes, and caregiver support can contribute to the overall well-being of older employees. By prioritising the well-being of their ageing workforce, corporations can create a supportive and inclusive environment. 

The survey found that offering an all-in-one, digital-first benefits platform can provide instant and personalised access to benefits. Retirement and wider benefit education, support, and resources should be provided at suitable points to ensure employees are prepared for retirement or life events. 

Prioritise health and well-being including financial well-being:

Health and well-being should be a top priority for corporations when it comes to supporting their ageing workforce. Offering age-specific health screenings, mental health support, and resources for managing age-related conditions can help older employees maintain their well-being.

Additionally, providing resources and support for managing the challenges of menopause can contribute to a more inclusive and supportive environment.

By prioritising the health and well-being of their employees, corporations can foster a positive work culture and enhance employee engagement. 

Organisations should also offer support and resources to help employees meet short-, medium- and long-term financial shocks. Retirement programmes should be accessible to all employees, including part-time employees, with suitable investment options. Providing financial tools and education to help employees understand the financial implications of retirement is crucial.

Additionally, offering retirement and savings programmes that produce adequate income replacement ratios and enabling employees to draw down income while still working can further support financial resilience. 

 Recognise and reward experience:

Organisations should recognise and reward the experience and expertise that older employees bring. Implementing performance evaluation systems that take into account the contributions of older employees and provide opportunities for career advancement can motivate and retain valuable talent.

By valuing experience, corporations can create a culture that encourages continuous growth and development, leading to increased employee satisfaction and loyalty. Offering dependent care support and caregiver leave can attract and retain experienced older employees who have caring responsibilities. 

The survey shows that most success can be achieved if HR professionals regularly audit pay and performance rewards practices to check for fairness and potential age discrimination.  

Summary

By providing career development, health and wellbeing support, flexible work practices, leveraging data to prevent age discrimination and offering financial education and planning tools, companies can hire and retain experienced workers to improve the chances that everyone can thrive after 50. While companies recognise the importance of age diversity and some implement supportive practices, there are also many areas where further action could more fully address the needs of an ageing workforce.

By filling these gaps and building on areas of opportunity, organisations can position themselves as leaders in supporting employees throughout their careers and create a more inclusive and supportive environment for employees of all ages.

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