A study released today suggests that more women will be working into their 70s, and those in their 60s will be as likely as men to be in paid work in 2020. The Innovation Imperative study, called suggests that better adoption of user friendly, collaborative software would help in bridging perceived generation gaps and could be a powerful way to address social end economic discrimination among employees.
Reasons for Working Longer
Commenting on the findings, Richard Shea, MD EMEA Search at Futurestep suggests:“A number of factors, both social and economic, have led to a prolonged working life for a large part of the population, and as a result the retirement age has become meaningless. But it is disappointing to see that age discrimination is still a problem in the workplace, with a recent survey showing that not only do 54 % of people believe their age negatively impacts their work, but that 42% of over 40s felt they would be passed over for promotion due to their age*.
He continues: “Instead of overlooking ageing talent, employers should be looking to engage these employees, taking advantage of years of invaluable experience and a strong work ethic, so that they become a powerful driving force in the success of their business. The onus here lies with the employer to make sure that they are retaining key, experienced talent whilst also maintaining growth and nurturing talent from within.
Older employees have the same expectations as everybody else
“Older employees have the same expectations as everybody else; to work for an employer that appreciates their value, puts their skills to the best possible use and keeps them engaged with the role. This remains to be something which many employers are struggling with.
The Innovation Imperative study surveyed 4,000 workers globally and revealed that over three quarters of employers expect employers to be innovative in the way they retain and engage staff, yet only 30% of us feel that our current employer has succeeded in being innovative in these fields. More worryingly for employers, two thirds of employees said they would leave a role if they were targeted with a job that offered more innovative benefits, while 55% would leave a role they are happy in if approached in a particularly innovative way.
With this in mind, it is important for employers to make sure they are rewarding loyalty and commitment from long-standing staff members, whilst keeping them motivated to perform through career development programs – which are vital to ensure that all workers are adequately supported to progress and flourish, regardless of age.
Adopting New HR Innovations and Technologies Helps Retain Employees of All Ages
By embracing technology and HR innovation companies can retain staff at all levels and in all age categories, empowering them to take control of their own career. In the case of older employees, implementing these practices will allow the business to develop a mature, talented team, who are able to progress through the company and pass on their knowledge to the next generation.”