People have the potential to live longer than ever before, which is prompting workers to rethink their time in the workforce relative to retirement. Many workers — whether by choice or by necessity — now seek to extend their working lives beyond the traditional retirement age. An individual’s working years can now span six or more decades. The U.S. Bureau of Labor Statistics estimates that almost one in four workers will be age 55 or older by 2031 and that age 65-plus workers represent the fastest-growing segment of the workforce. These societal shifts have given rise to the multigenerational workforce. Now and in the future, we will have four to five generations in the workforce at any given time. How can employers align themselves with these new realities and unleash the potential of the multigenerational workforce? This article covers five best practices that are intended to be a source of inspiration for catalyzing age-friendliness, engaging the multigenerational workforce, and activating age-inclusive cultures.
Employers are grappling with a myriad of workforce-related issues ranging from productivity to attracting and retaining talent, but many may be overlooking some seismic shifts that are reshaping the future of work: longevity, population aging, and the multigenerational workforce.