With ageing populations across the globe, and a shift in workforce demographics, employees today and in the future can expect to have longer working lives.
As there will be a greater proportion of older workers in employment, businesses need to find engaging ways to retain this talent, or suffer a loss of knowledge due to lack of career fulfilment. Prioritising upskilling and reskilling initiatives will be imperative for businesses, to create a dynamic and engaging employee experience for an ageing workforce.
Fostering a culture of inclusivity and appreciating diverse perspectives will ensure older workers feel respected and valued within the workplace, while also recognising the valuable expertise older employees bring to the workforce, too.
Leveraging the knowledge and experience of older employees also offers strategic advantages to businesses too, enabling businesses to pull on the ideas of both older and younger employees to remain competitive within the market.
Diverse teams increase productivity and knowledge transfer, encourage innovative ideas and strategies and also find new approaches to problem-solving.
To ensure your organisation creates an inclusive environment and engages older workers, here are 4 ways to enhance the employee experience for an ageing workforce.
1. Remove age bias
Whether a conscious or unconscious bias, ageism in the workforce has the potential to block talented older workers from the workforce.
Workplace culture needs to be age-inclusive to attract and retain older workers. To do this effectively, businesses should refer to age in policies and procedures, while also taking action to improve the recruitment, retention and development of workers over 50.
2. Foster a culture of continuous learning
Regardless of age, lifelong - or continuous - learning is essential to ensure long-term employability for all employees.
Transgenerational workforces are increasingly becoming the norm, with both old and young employees having a lot to learn from one another.
Facilitating knowledge exchange, while also fostering mutual respect and intergenerational collaboration across the organisation will be key.
How can this be achieved?
Reverse mentoring programmes offer younger employees the opportunity to mentor their older counterparts on emerging technologies, digital media or other emerging trends, filling knowledge gaps for senior leaders, while also bridging generational divides.
The experience and skills of older workers can also be transferred to younger team members through similar programmes, ensuring employees remain engaged while also keeping wisdom within the organisation.
Organisations that are committed to the professional development of employees create a dynamic and resilient workforce capable of navigating future challenges and opportunities.
3. Value experience and innovation equally
A fulfilled workforce needs to feel appreciated and seen, which is why it is important for organisations to recognise the value and contribution of both seasoned employees with years of experience and younger employees with innovative ideas and fresh perspectives.
Businesses that create a working environment where all contributions are valued and appreciated will maximise the potential of a multigenerational workforce.
4. Prioritise health and care policies
Did you know that 75% of workers over the age of 50 live with a chronic illness?
In the UK, the average annual healthcare costs per person are £1,000 for someone with no long-term conditions, £3,000 for someone with two conditions, £6,000 for three conditions and £7,700 for more than 3 conditions.
The older we get, the more likely we are to suffer from long-term health conditions, which is why it is important that workplace health and wellbeing policies can tailor support towards the specific needs of older workers, accommodate potential health problems and keep employees with chronic health conditions in the workforce.
Private medical insurance and specialised healthcare plans are becoming more sought after, with many employees seeking employers that can extend benefits to loved ones as well.
Organisations that offer comprehensive health coverage can support the health and wellbeing of older employees, contributing to overall job satisfaction and productivity.
The ageing workforce and population is here to stay. To tackle this challenge and opportunity head on, employers must engage older employees to ensure they retain this key demographic.