May-June2020 Issue

Gregory is among a demographic that is increasingly capturing the attention of employers worldwide. Unlike previous generations, a lot of older citizens today are eschew- ing retirement to stay active in a workforce that is increas- ingly tight. Nationwide, the unemployment rate has been between three-and-a-half and four percent, which most economists consider full employment. That means compa- nies that aren’t looking for talent among older Americans are missing a great opportunity, studies have shown. AARP has released studies highlighting some of the trends surrounding seniors in the workplace. “With people living and working longer, more and more employers find themselves managing up to five gen- erations in the workplace on any given day,” AARP says in a news release related to an initiative called Living, Learning and Earning Longer that identifies and shares multigener- ational workforce practices. “To unlock future workforce potential, organizations must adopt a new approach.” AARP notes the following statistics: • By 2030, the number of people who are 65 and older will reach nearly one billion worldwide; • Globally, older age groups are growing four times faster than the overall population. That means people ages 60 and older will soon outnumber children ages five and younger; and • As a consequence in the United States in 2008, people ages 65 and older began outnumbering people 16 to 19 in the workforce for the first time since 1948. Older Workers continued from page 27 Agencies Seek Ways to Tap Older Workforce AARP will be working with the World Economic Forum, the Organisation for Economic Co-operation and Development, up to 50 employers and others to research workforce practices to help employers “build, support and sustain multigenerational workforces,” AARP International says on its website. The work will culminate with a digital learning platform to be launched at the 2021 World Economic Forum Annual Meeting in Davos, Switzerland. “Although governments can and should support the development of multigenerational, inclusive workforces, employers are best positioned to lead the charge,” AARP International says on its website. “Success will benefit the economy, businesses and employee growth and satisfaction.” AARP adds that employers can help ensure that workers “remain employable throughout their lives with continued education and training.” They also can enforce policies that prevent age discrimination. “Reviewing current policies through a lens of age inclusivity is possible through your current systems,” AARP says. “Minor refinements can often make a big difference.” It is bad for business to perpetuate stereotypes, such as, “He is too old to learn the new technology,” the organization explains. In addition, older workers often have the uniquely human skills called the “5C” skills— curiosity, creativity, critical thinking, collaboration and change management. “These ‘5C’ skills and capabilities appear in expe- rienced members of the labor market and take time to accrue,” AARP says. “However, organizations have yet to appropriate resources and generate policies to help work- ers of all ages and tenure strengthen their 5C muscles.” AARP says that apprenticeships and reverse- mentoring programs for all ages are tools that companies can use. 28 REVERSE MORTGAGE / MAY-JUNE 2020