Age Is Now An Asset In The Future of Work: Do You Know How Your Age is an Asset?
How is this true for organisations and individuals? Have a look at these examples which could show that the obsession with youth cultural bias in recent times, may be changing….
1. FTSE Firms Find Older Bosses A Wise Investment; a front page article in The Times by Andrew Ellson 31st December 2018.
The statistic quoted was that ‘the number of FTSE 100 CEOs in their 60’s had doubled over the past 20 years (now 1/5 in 2018 vs. 1/10 in 2008). The reason cited, was that shareholders feel assured by the performance of ‘experienced heads’ after the financial crisis”. The average age of a CEO has increased to 55 years.
2. ‘No Time to Retire”: Redesigning Work for an Aging Workforce: an article published by The Deloitte Insight in December 2018.
This article documented that the fastest growing segment of workers in the USA between 2016-2026 will be the baby boomers: growing 4.2% for 65-74 year olds, and a staggering 6.7% for the 75 year old + group, as compared with an overall US growth rate of 0.6%.
The really interesting confidence boosting data (backed up from a 2016 Gallup Study) is that this group with the larger age asset, is in demand by organisations because of their outstanding development of key skills, through experience that improve with age and are also essential for the Future of Work such as: Engagement, Emotional Intelligence, Social Interaction, Wisdom and Judgement; IntegralCareer would also add Leadership, Dealing with Complexity, Commercial.
3. According to an FT article in December 2017, entitled The ‘unretired’: coming back to work in droves: ‘up to 25% (in the UK) are swapping pensions and hobbies for corporate life’.
This is hardly surprising: the 100 Year Life book, recently written by LBS Professors Lynda Gratton and Andrew Scott, asserts that increasing life span across the globe in OECD countries (made possible by the technical revolution) is a major driver giving people a need to continue learning, earning, as well as have a sense of purpose and fulfilment rather than just give it all up for leisure activities. Given all of this, according to the Deloitte Study cited above, 85% of baby boomers plan on working into their 70’s and even 80’s to make the most of their longer life span.
To understand how your age is an asset in the future of work, contact us.