Approximately 150 million jobs worldwide will shift to workers aged 55 or more years by 2030, according to a study from Bain & Co., released Thursday.
Adults aged more than 65 years collectively are the only age group in America projected to increase their share of the workforce, from 8.9% in 2020 to 11.7% in 2030, according to Moneywise.
Bain predicts that those experienced workers will comprise a fourth of the workforce by the end of the decade — almost 10 percentage points higher than in 2011. Research, however, shows that older workers are offered training less often than their younger counterparts, and multigenerational workforce programs, such as reverse mentoring and re-entry programs, are rare.
“With the right tool kit, aging workers can help employers get ahead of their talent gaps and create high-quality jobs that turn older workers’ skills and experience into a competitive advantage,” Andrew Schwedel, a partner at Bain and co-chair of Bain Futures, said in a statement. “Companies that invest in recruiting, retaining, reskilling and respecting the strengths of this group will set themselves up for success as the demographics of the workforce continue to shift.”
Employers should not confuse a desire for part-time work with a lack of commitment as workers age. Bain’s research shows that older workers feel more loyal to their companies and are more satisfied in work and life in general.
“However, few firms are recognizing these changing needs of experienced workers,” Bain noted.
Employers should make a more concerted effort to retain and recruit older workers, according to Bain. The first step is to learn what motivates them.
“Before age 60, the average worker in developed markets is primarily motivated by good compensation. Around 60, there’s a tipping point,” Bain noted. “Interesting work becomes the top job attribute, and both autonomy and flexibility significantly increase in importance.”
Additionally, employers should ensure that older workers have the skills they need to continue to work in a technologically advanced world.
“Twenty-two percent of workers aged 55 to 64 say they need more tech skills. For older workers to take advantage of training programs, companies need to design programs that appeal to their pursuit of interesting work and encourage supervisors to motivate participation across all age groups,” Bain said.
Lastly, Bain said, employers should “respect their strengths and allow them to do what they do best by giving space to older workers to mentor and help others master their crafts. Bringing older workers’ unique benefits to the workplace can strengthen workplace culture for everyone.”
