We lionise some old people, but ignore the experience we could be hiring…

We should be more creative in how we tap into experience

 When asked why he was taking on the seemingly impossible task of fixing Thames Water at the age of 75, Sir Adrian Montague said his family had a motto for him: “Evil when bored”. This made me smile but it also made me think about the wider societal and business challenges around aging and work.

There is a tendency in our business culture to prioritize youth and innovation. However, in this quest for novelty, we often overlook the immeasurable value of experience and wisdom that older workers bring to the table. There are multiple colliding forces that mean this issue is going to become more, not less relevant.

Firstly, according to a recent report, the number of over-50s claiming unemployment benefits in the UK has risen by 139% since the start of the pandemic. It is now well understood that Covid impacted older workers disproportionately. Often initially prompted by health concerns, people chose not to return to work. In the US it is estimated that 5m over 55s left their jobs.

Secondly, a new Open University study on the workforce found 70% of businesses are still anxious about recruitment and retention. The report specifically suggested there are opportunities to be had by actively engaging with the often neglected older age group. In order to address the tightening of the Labour market, more creative solutions are necessary.

Finally, we are living longer. The idea that you will have three or four decades of life post retirement is not unlikely so the potential for ‘evil boredom’ is going to become rampant. We are going to have multiple careers and so ageism will not serve us well. 

So what works? How can you tap into this large potential employee base?

It was surprisingly hard to think of companies I have been involved with that could provide inspiration. In my own career, hiring someone over 40 at last minute.com felt as though we were targeting old aged pensioners. I wish I had known then the data we know now. Contrary to popular belief, entrepreneurs in their fifth decade are three times more likely to be successful.

In talking to businesses, the first nut to crack appears to be genuinely flexible working policies.  At a time when some of the flexibility of hybrid working is being questioned, it could be that you are losing attractiveness to some age groups. Inevitably, caregiving responsibilities and health issues both increase with age. This can mean that people need to work flexible hours, different shifts or from home more often. John Lewis has had a long commitment to older employees and this includes a range of benefits, including health insurance and retirement plans, alongside flexible working hours.

The Japanese company Nomura Securities, has implemented "Career Encore" to retain older workers. The program offers a range of working arrangements including job sharing. Nomura has found that older workers are often more loyal and committed to the company, which is beneficial in a very competitive industry.

Providing training and development opportunities is a common theme among companies intent on increasing and retaining older employees. At a time when, according to CMI data only 27% of companies are planning on investing in their employees, older workers are probably missing out. They may have a wealth of war stories and have seen multiple scenarios before, but they may also need training and development opportunities to keep their skills up to date. By investing, businesses can help older workers stay engaged and productive.

The last is commitment. B&Q, sets an inspiring example by actively tapping into the skills and experience of retirees. Realizing that retirement does not necessarily equate to the end of one's professional journey, B&Q has established a dedicated program known as the "Silver Workforce. This strategy seeks to recruit and train retirees to work in-store roles, drawing upon their wealth of knowledge and expertise in the home improvement sector.

By embracing the concept of a "silver workforce," B&Q created an environment where retirees can continue to contribute, feel valued, and maintain a sense of purpose. This initiative has proven to be very positive, as older employees bring a unique customer perspective, extensive product knowledge, and exceptional problem-solving abilities. Additionally, B&Q's approach positively impacts customer experience, as customers benefit from personalized advice and guidance provided by experienced individuals who genuinely understand their needs.

There are some startups aiming to help the older workforce, but not as many as you would imagine. There is plenty of innovation in home care and health solutions but less in work related challenges. If I was starting a business now, I would definitely focus on products for and employees from an older age group.

In some areas of working life, we relish the older generation, albeit not often women. Think of Presidential campaigns, touring aged rockers or even monarchs. In business, we still seem squeamish and biased. This is a shame. We have potential as a country to do more to support older people in remaining or returning to work. Lets unleash their power not hide it away.