Back in 1987, just 2% of the workforce was older adults. That number is now 7%. The silver worker has become a major player in today’s workplaces.
Workers 55 and older are projected to make up more than 25% of the workforce by 2031. And according to the Pew Research Center, the average silver worker now works longer hours and gets paid more than ever.
Around 11 million older workers are now employed in the US. Over 42% of these are in management, professional, and related occupations, according to the Bureau of Labor Statistics. Which shows how their knowledge and experience remains relevant to the workforce.
Some of this increase is because we’re living longer. Some is because we’re in a cost of living crisis where extra money can go a long way (or not). And retirement age in many countries continues to increase.
In the 1990s the average age of retirement was 60. It’s 66 today, and 41% of US workers expect to continue working in some way beyond 65.
So what can you do to support your silver worker population? Here are some tips:
Provide training to help them adjust to the evolving technical landscape
The world is changing faster than ever. Offering your silver worker cohort support through different training initiatives shows that you still value their contributions. And you want to help them adjust to what’s new.
It also shows that you’re not going to write them off because they’re over a certain age.
Training could come in the form of books, webinars, coaching, mentoring, audiobooks—the list is almost endless.
Offer them opportunities to mentor
Your older employees have plenty of experiences and skills that they can share with your younger recruits. That’s true whether they’re new to your business or have been there a while. The average Boomer employee stays in a role for 8 years. So why not give these silver worker team members the chance to mentor?
In addition to benefitting your younger employees, mentoring helps your older employees grow their leadership skills. It also provides more purpose at work, which can help with employee engagement.
Help them connect in an ERG
You can create an ERG for just about any population or demographic, so why not start a silver worker group?
It allows people to discuss what’s on their minds, share memories, ask questions, and talk to people who understand where they’re coming from.
Workrowd can help you get more from your employee groups. You can keep everything in one place, so it’s easier for team members to find whatever they need, and enables them to connect with their colleagues. Book your free demo today to find out more.
Ensure you don’t have an ageism problem
It’s a sad fact that ageism still exists. I’ve spoken to many people over a certain age who won’t apply for new roles—and instead stay in jobs that make them unhappy—because they believe when they’re over the age of 50 (sometimes even 40!) that no one will want to hire them anymore. Even if they have decades of experience in their industry.
Given that the average age of CEOs in the FTSE100 is 55, this is pretty mind-boggling. But ageism does still exist. It’s why celebrities who age naturally get told they look “old” and precisely why most celebrities opt not to. It could ruin their careers.
There are subtle signs this is changing (mostly outside of Hollywood) with Boomers now being the fastest-growing demographic in the workplace. But it still requires people to keep their attitudes in check.
To show that you value the wisdom that comes with age, you could create a silver worker showcase on your organization’s social media.
Or if they’re comfortable, consider helping them grow their own personal brands.
The more you can show that employees of a certain age are still valued parts of your workforce, the more likely you are to attract the silver worker demographic to your business and retain the ones who already work for you.
Update your pension plan
Census data found that almost half of adults aged between 55 and 66 have no personal retirement savings. The global average pension is also considerably below the 65-80% of earnings experts recommend to maintain someone’s living standards when they retire.
Saving for retirement is often one of those things that people put off because they think they can worry about it at a later date. Then a later date hits and they’re left with very little. If you don’t already have a 401(k) option for your employees, consider creating one with auto-enrollment. Similarly, if you do already have one, make sure it’s effective and up-to-date.
In the event auto-enrollment isn’t an option, periodically remind employees that they can opt in if they want to. Or consider having a company policy of auto-enrollment, especially for employees approaching silver worker status.
Provide flexible working options
Over a third of companies offer part-time, flexible, or phased retirement options, according to Mercer.
For the silver worker who finds full-time work too much but isn’t yet ready to give it up entirely, this can be a really beneficial option for both the employee and your business. They get to stay in the workforce longer, giving them a sense of purpose and keeping them mentally agile. And you get the benefits of their years of experience in the workforce.
Conclusion
Your silver workers are treasure troves of knowledge and experience. Their presence in the workplace is going to continue to grow, too, as people live longer, retirement ages go up, and the cost of living crisis continues.
Providing support for your silver workers ensures that you retain all their great experience while balancing it with their changing needs.
If you’d like to really help your silver worker demographic, why not connect them in an ERG? Workrowd makes it simple for you to set up and manage your employee groups. Plus, you’ll get real-time analytics you can segment to see what really matters to a silver worker within your organization. Get in touch to find out more.
