Strategies for Utilizing the Talent of 50+ Workers

ICAA 50+ workforce strategies ageism

The aging of the US population as a whole and the accompanying aging of the workforce is impacting businesses in two ways: 1) People 60+ are leaving the workforce. 2) People 60+ are staying in the workforce.

A number strategies support the shift to a multigenerational workforce that can provide critical skills for the business community (see white paper, page 11 for details).

Companies large and small that push aside stereotypes are winning the talent war by taking advantage of the skills and attitudes of people who are 50 years and older. For example, PKF O’Connor Davies, an accounting firm, hires partners over 50 who are forced to retire from other firms, bringing experience and new contacts to the firm.

Human resource professionals reported that among the main advantages of workers ages 55 and older compared with other workers are more experience, knowledge and skills (77%), a stronger work ethic (70%), the ability to serve as mentors to younger workers (63%) and lower turnover (52%). The survey, conducted by the Society for Human Resource Management, also noted that 55+ workers are reliable, engaged and loyal.

Attitudes and policies of senior leaders and human resources staff prevent companies from benefitting from the 50+ workforce.

Recommended Resource: Towards a Reskilling Revolution: A Future of Jobs for All report by the  World Economic Forum with Boston Consulting Group. Read report.

International Council on Active Aging

Read White Paper