Why Leaders Need to Value Their Retirement-Age Workforce

HBR IdeaCast

Harvard Business Review

Leadership, Entrepreneurship, Communication, Marketing, Business, Business/management, Management, Business/marketing, Business/entrepreneurship, Innovation, Hbr, Strategy, Economics, Finance, Teams, Harvard

4.4 • 1.9K Ratings

🗓️ 19 March 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

A growing number of workers are reaching retirement age around the globe. At the same time, many countries face a worker shortage, especially in critical areas like health care. Ken Dychtwald, cofounder and CEO of Age Wave, says it’s time for companies to stop overlooking this valuable labor pool, because AI alone won't alleviate the tight supply. He explains why many late-career people want to work longer. And he shares creative and often simple ways that companies can keep older workers engaged, including phased retirements, non-ageist recruiting, mentorship programs, and grandparental leave. Dychtwald is a coauthor of the HBR article "Redesigning Retirement."

Transcript

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0:57.0	Take a quick guess which age group is the fastest growing segment of the labor force in the United States.
1:09.0	If you said millennials or Gen Z or maybe parents returning to the workforce after a pandemic break,
1:17.1	you'd be wrong.
1:18.1	By far, it's people who are 65 and older.
1:21.9	In the US alone, around 10,000 people reach this age group each day, and it's not just an American phenomenon.
1:28.8	In Germany, Italy and Japan, already more than a quarter of the workforce is over the age of 55.
1:35.0	Today's guest warns that if companies don't watch out,
1:38.0	these workers will walk away sooner than they'd like,
1:41.0	taking their experience, skills, and social acumen with them.
1:45.2	And he argues that organizations should make some bold changes to how they value these
1:50.0	workers and create opportunities for them. Ken Dykewald is the founder and
	...

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