The world is getting grayer, and that is showing up in the workplace.
Currently, 1 in 4 workers is over the age of 55, and 20% of Americans over the age of 65 have jobs. Globally, the number of people over the age of 65 who are working is expected to double to 16.7% by 2050.
How can businesses prepare for this increase in the share of older workers? Yiduo Shao, assistant professor of management and entrepreneurship in the Tippie College of Business, studies older workers and says organizations need to build a culture that thinks positively about age differences and encourages expression of different ideas.
“It’s not that older workers don’t want to contribute, it’s that their voices are not heard or their strengths and skills are not appreciated by their employers,” Shao said.
She said research suggests a few strategies that can be effective:
- Start mentorship and cross-training programs that allow older workers to pass on their experience while learning new skills themselves while feeling emotionally fulfilled that they’re helping their organizations.
- Develop flexible work arrangements or redesign jobs that allow older workers to reduce their workload. For instance, she said many hospitals have policies so that nurses over a certain age don’t have to work overnight shifts.
- Make ergonomic adjustments to reduce the likelihood of older workers injuring themselves with poorly designed office furniture or a hazardous office layout.
- Develop a phased retirement program or a part-time employment program for retired employees so they can continue to contribute to the organization.