Ageism is a complex issue rooted in stereotypes and biases affecting various workplace aspects. It’s vital to recognise that ageism in the workplace can target employees of all ages, though older workers are often the most affected. To flip the lid on ageism, we must delve deeper into its consequences and strategies for mitigation.
Loss of Experience: Older workers bring decades of experience to their roles, offering a wealth of institutional knowledge and problem-solving skills. Ageism can result in losing this invaluable resource, hindering the organisation’s ability to adapt and thrive.
Decreased Productivity: Ageism can create exclusion and dissatisfaction among older employees, reducing productivity. Disengaged workers may not contribute their best efforts, negatively impacting team performance.
Financial Implications: Discriminating against older workers can result in costly legal consequences. Australia has strict anti-discrimination laws, making it crucial for businesses to address ageism proactively.
Succession planning is a critical component of any organisation’s strategy, and it should include provisions for older employees considering retirement. Here are some steps to incorporate into a comprehensive succession plan:
Mentorship for Retirement Transition: Implement mentorship programs to support older workers as they transition into retirement. Pair them with younger employees who can learn from their experience while providing guidance and support.
Phased Retirement Options: Offer phased retirement programs that allow older employees to reduce their working hours gradually. This approach eases the transition into retirement while retaining valuable expertise within the organisation.
Knowledge Transfer: Encourage older workers to document and share their knowledge with colleagues. A positive way of acknowledging more senior workers’ expertise can be to encourage them to share their understanding through written guides, training sessions, or collaborative projects to pass on critical skills and insights.
Flexible Retirement Timing: Recognise that retirement doesn’t have to be an all-or-nothing decision. Some older workers may want to continue working part-time or on specific projects after reaching the traditional retirement age. Allow for this flexibility in your retirement policies.
Talent banking is a strategy that gives businesses the edge. Our Australian workforce is aging, and with that, we run the risk of inadvertently losing competitive advantage by focusing on a holistic approach to retention, organisation education, cross-training, and focus on appreciating and retaining value in skill and knowledge and transferring that information and skill through engaging and retaining older employees. Organisations can harness the full potential of a diverse and multigenerational workforce by valuing the contributions of employees of all ages, including both Youthful Hires and Older Workers, implementing inclusive policies, and supporting older workers in their transition to retirement. Such efforts create a fair and equitable workplace, driving innovation and business success.
Your friends or family will thank you later.