There is a lot to do about diversity and inclusion: Organizations are focusing more and more on creating a work environment that is welcoming people from different gender, cultural background, skin color, sexual orientation, people with physical or mental challenges and so much more. There is one group, that is growing fast, but is still often left out of the equation: the 50plus or as we love to call it, the Wize Generation. A generation that is a substantial part of our total population and is growing fast. A generation that has a longer life expectancy, is healthier, more active, and better educated than ever.
In this article we would like to make you aware why it is so important that organizations realize the importance of transforming the workplace into a place where younger AND older employees feel welcome, valued, challenged, and fulfilled: a multi-generational workforce that is of value to the organization’s success and growth, but also for the economy as a whole.
The world is facing a rapidly growing older population. Where people used to live another 10 years after their retirement at age 65, now predictions are that this 50plus generation may live well into their 90’s thanks to technology, education, higher incomes, healthcare system, etc. This longer living population is healthier, more active, and better educated than ever.
A well of knowledge, experience and wisdom for organizations, the economy and society. But the talent of this generation often remains underutilised and overlooked at the workplace.
This generation leaving the workforce too soon, might lead to a knowledge drain and a skills crisis for organizations, especially because in numbers, this generation cannot be replaced by the much smaller group of the younger generation just entering the workplace. On top of it, fertility rates are falling. This is a global issue!
Did you know?
That by 2050, there will be one person aged 65 and over, for every two persons aged 20-64 (i.e. the old-age dependency ratio) in OECD economies compared to one for every three today, and the share of the population aged 50 and older will increase from 37% in 2020 to 45%. This will mean greater numbers of older workers in the workforce in the future.1
Did you know?
That corporate executives increasingly understand and value age diversity: 83% of corporate executives are aware that a multi-generational workplace is of value for their organization’s success and growth, but that fewer than 5% of employers have put concrete policies in place such as unbiased recruiting processes, phased retirement, or return-to-work programmes to recruit and retain an age-diverse workforce.1
Why retain this Wize Generation for your organization?
“Older workers can boost firm productivity, not only through their own experience and know-how but also by enhancing team performance via age and skill complementarities between younger and older workers”.1
This Wize Generation can offer stability and continuity, they are more loyal, they know the business, the history and tend to stay longer. The older generation has already experienced a lot over the years, therefor many of them can objectively reflect on challenging situations and they have proven their adaptability to change over the years. Many of them are still eager to learn, but also to share their knowledge, act as mentors and bring their worldview to the organization.
On top of that this Wize Generation is likely to have developed over the years, some of the top 10 skills defined by the World Economic Forum as much needed by 2025, like critical thinking and problem solving, analytical thinking and innovation, but also for example resilience, stress tolerance, positive thinking, and reasoning.2
Did you know?
That globally one in three workers feel that their employer is not doing anything to facilitate a multi-generational workplace.1
A lot to speak for this generation, but of course many of us have also experienced the grumpy, complaining employees who hate their job and are just waiting for their retirement.
Could it be that they are denied career or training opportunities, are experiencing ageism, and stereotyping in the workspace or are not offered flexible solutions like phased retirement or redefinition of their role?
Did you know?
It is estimated that building multigenerational workforces and giving older employees greater opportunities to work, could raise GDP per capita by 19% over the next three decades.1
So, let’s talk about the future of your organization and your employees!
Move in2 the Future launches on November 11 Wize Moves @theWorkPlace, a program developed by an international team of very experienced HR leaders, consultants, trainers, mentors, and coaches. People from all over the world who know how to guide organizations to create that work environment where people of all age groups and backgrounds feel welcome, valued, challenged, and fulfilled.
Are you interested to join us on November 11, please register now for this global launch:
After registering, you will receive a confirmation email containing information needed to join the global launch of Wize Moves @theWorkPlace
1 Source: OECD report 2020: promoting an age-inclusive workforce “Living, Learning and Earning Longer” OECD, AARP and World Economic Forum
2 Source: World Economic Forum, report 2020, “The Future of Jobs”