A whole wave of baby boomers is preparing to retire, and this exodus could leave a skills chasm that leads to a global labor shortage. For years, organizations have clung to outdated biases against older workers when recruiting. But now, necessity is kicking ageism to the curb, pushing businesses to reevaluate hiring strategies and perceptions regarding this essential part of modern workforces.
In this insights report, we explore how experienced workers present a practical and profitable solution to the impending labor shortage, and how HR leaders can effectively incorporate these workers into their talent strategies.
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If you’re picturing the over-55 crowd as out of touch and reluctant to learn new skills, think again. In the age of artificial intelligence and automation, the uniquely human “power skills” that experienced workers excel in are more valuable than ever. Their ability to lead, effectively communicate, and navigate the human side of work is becoming increasingly important.
So, let’s take a moment to bust the myths surrounding older workers and shine a spotlight on what they truly bring to the table. It’s time to explore how organizations can tap into their potential and foster a thriving, diverse, and powerful multigenerational workforce.
Common misconceptions: Setting the record straight on workers over 55
We’ve all heard the tired stereotypes about workers 55 and older: they’re set in their ways, can’t get their heads around new tech, and maybe they’re not as sharp as they used to be. Plus — the myth goes — they cost a fortune in health care and salaries, and they’re hogging roles that younger, “hungrier” folks could be filling.
Retirement is often painted as the finish line, with workers hitting their mid-50s supposedly counting down the days until they can hang up their hats. There’s this mistaken belief that once people reach a certain age, they’re more interested in polishing their golf clubs than their résumés or performance at work.
But let’s shed some light on these outdated ideas. Years of research from the Stanford Center on Longevity tell us that older workers are very reliable, ace stress management, and are every bit as productive as their younger colleagues. Their deep industry knowledge and
life experience make them pivotal players in decision-making and problem-solving. Plus, their commitment and low turnover can boost team morale and underpin a strong company culture.
But it doesn’t end there. Representing a significant part of the U.S. workforce at 23%, the government expects this part of the workforce (55+) to only grow. Older workers also report being happier in their roles. “They are among the most satisfied with their job overall and with various aspects of their job, such as their relationships with their co-workers and their manager,” Kim Parker, Pew Research Center’s director of social trends research, said in an interview with Yahoo Finance. “They’re more likely to find work enjoyable and fulfilling, and less likely to find it stressful or overwhelming, compared with younger workers.”
Tech-wise, while it’s true that older workers weren’t born with a smartphone in their hands, it’s way off the mark to tag them as tech laggards. Many are eager to learn and adopt new tech tools, often merging time-honored and modern methods to bring fresh and useful insights to their teams. In fact, many of today’s top leaders in technology fall into this key 55+ demographic themselves.
