While short-term goals are important, it’s becoming increasingly evident that employers need to pivot to a longevity mindset
CREDIT: This is an edited version of an article that originally appeared on Forbes
The projected global count of individuals aged 100 or above was 451,000 in 2015. Presently, both the United States and Japan each boast nearly 100,000 centenarians. Looking ahead to 2050, the worldwide estimate for centenarians is projected to reach 3.7 million. As people’s lifespans extend, the desire and necessity to continue working also grow.
Despite some employers hesitating to embrace the hiring, development, and retention of older employees, here are three compelling reasons why adopting a longevity-oriented perspective is indispensable for the future of work and business triumph.
Retirement Paradigm Shift
The influence of longevity reaches far and wide. A report titled “The New Map for Life” by the Stanford Center on Longevity (SCL) outlines a comprehensive strategy for redefining the era of extended lifespans. This initiative begins by acknowledging that what was once customary has now become history.
As stated in the SCL report, “People can move beyond the obsolete three-stage life path of education, work, and retirement.” Instead, they can embrace shorter, more adaptable intervals dedicated to learning, working, caregiving, and leisure, interwoven as required throughout life’s journey.
When a career spans 60 years or more, flexibility in work arrangements becomes essential. The SCL contends that while the era of 100-year lifespans is upon us, we remain unprepared. Forward-thinking employers are only now beginning to recognise older workers as an indispensable facet of the talent pool.
Continuous Development
When employees witness only those under 40 being considered for job openings while more experienced talent is overlooked, they envision a similar future for themselves. Conversely, when they observe senior colleagues being recruited, nurtured, and promoted, they perceive a future of extended development and advancement within reach for everyone, regardless of age.
A longevity-focused mindset acknowledges that employees may not want to devote 60 years to the same role. Many employees embrace the idea of pivoting careers after mastering one field of work.
Imagine implementing two-year development cycles, akin to those offered to recent graduates – spending six months in four distinct areas of the business. Picture the heightened engagement within the work culture if all employees regularly had the opportunity to explore career rotations, thereby charting new paths. This engagement correlates with increased contentment and productivity, while also extending tenure and diminishing the costs associated with talent replacement.
Age as a Dimension of Diversity
As part of a mindful approach, the longevity mindset aligns with the objectives of Diversity, Equity, and Inclusion, aiming to eliminate age bias, stereotypes, and discrimination throughout the age spectrum. Embracing longevity demands a fresh approach to attracting, developing, and retaining employees.
Furthermore, the longevity perspective broadens the scope of necessary benefits that support individuals of all ages. Health and wellness programs foster active minds and bodies. Financial education empowers employees to craft savings and investment strategies conducive to a century-long life. Career mapping reshapes talent management processes, ensuring opportunities are evenly distributed over extended periods. This approach curtails mid-career stress and prevents work-life from becoming excessively taxing during peak family responsibilities, thus necessitating more time off.
Contemporary employees harbour higher expectations of their employers. Individuals across all age groups seek increased flexibility in terms of work hours and methods. When considering a 60-year work trajectory, flexibility might entail taking a gap year every five to ten years of employment. Crucially, it also involves the freedom to work without fearing the constraints of age.
In Conclusion
Cultural transformation demands considerable effort, yet the catalyst for change is often a necessity. The rapid shift to remote work amid the pandemic serves as a prime example. Organisations successfully adapted out of necessity.
As lifespans continue to elongate and global birth rates decline, talent is growing scarcer, thus creating an unequivocal requirement. Employers must reevaluate every facet of their talent management strategy to attract and retain pivotal talent. Adapting to the talent demand opens doors to opportunities – including prolonged employment versus involuntary redundancy – for workers aged 50 and above.
The SLC aptly notes, “We can invest in future centenarians by optimising each stage of life, allowing benefits to accumulate over decades while affording time for recovery from setbacks.”
Progressive companies and visionary leaders foster work environments where employees of all generations are motivated to stay. To stay ahead of the game, leaders must contemplate the future of work and remain committed to reshaping organisational principles continually. This entails transcending antiquated norms and embracing a new paradigm – the longevity mindset.
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