Page 26 - Multigenerational Workforce

2017 Thought Leaders Solutions Forum
• We believe employer rules. Even though age discrimi- nation in the workplace is illegal, people still believe that long-held myths are true, including that older workers cost companies more in insurance costs or that they are not as tech-savvy as younger workers.
Ms. Sartain shared her own experience with insurance costs when she ran benefit plans. The most costly insurance claims came not from older workers due to illness or disability, but from parental claims for premature births.
Many common myths around aging workers’ productivi- ty and skills are false.
Ageism in the workplace is supported by several common but false myths that focus on productivity, comfort with technology, and desire to learn.
Three Common Myths about Older Workers
Older workers are more engaged and motivated than their co-workers.
By 2024, workers age 55 and older will be the largest age demographic in the workforce, comprising about 25% of total employees, compared to just under 12% in 1994. Companies will benefit from hiring and retaining these employees, as older workers are engaged, motivated, rich in applied skills and experience, and at a lower risk of turnover.
An AARP study found that older employees are 7% more en- gaged and 4% more motivated than those under 55. Younger workers under 50 also had a higher unexpected turnover rate (49%) compared to employees 50 and over (29%).
Older workers also bring with them applied or baseline skills, which in a 2016 SHRM survey, many businesses said were lacking in applicants. The top three applied skills older work- ers bring are professionalism and work ethic, critical thinking and problem solving, and lifelong learning and self-direction.
Companies benefit from a multigenerational workforce that includes older workers.
Organizations that leverage the multigenerational workforce and include older workers will benefit from the diversity in ages and experience. Strategies that companies can imple- ment to take advantage of these benefits:
• Include age in your D&I (diversity & inclusion) strategy. Only 8% of companies include age categories in their D&I strategies. Adding this metric enables companies to be more proactive in hiring and retaining older employees.
Myth
Fact
Older workers are slow and can’t keep up with their younger counterparts.
Older workers are uncomfortable with technology and unable to learn new technologies.
Older workers are coasting toward retirement and are not interested in learning new skills.
Productivity actually increases with age, even in an environment requiring substantial physical activity.
On average, computer program- mers in their 50s had higher reputation scores in online forums than younger users.
More than 8 in 10 workers ages 45 to 65 say that the opportunity to learn something new is an essential element in their job.
“People who are older have more experience and spot problems quicker. They don’t run into problems they haven’t seen before, so they’re faster.”
—Libby Sartain
© 2017 SHRM Foundation. Created for the SHRM Foundation by BullsEye Resources, www.bullseyeresources.com.
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