ROAR into a new world of work
Are you ready?
The workplace is about to go through a seismic force that will have a significant impact on future generations and how they think about work.
I’m not talking about new hybrid models of three days at home and two in the office, or all remote jobs or the recent discussions about the 4- day work week.
Nor am I talking about what motivates the Millenials or Gen Z to accommodate them in hiring, retention and employee satisfaction surveys.
While these are all relevant topics, there is a bigger one looming out there that will take some fundamental rethinking about work and careers for millions of people.
It’s the new movement that individuals will want to work well beyond what is considered the normal retirement age, many of them out of economic necessity, particularly as we all live longer. It’s true that the two pandemic years created a slight decrease in the U.S. life expectancy, but we can all expect that to recalibrate in the upcoming years, resulting in the continued growth of longevity.
The 100-year life
Stanford University has published a new study called “The New Map of Life”, acknowledging that the 100- year life is already becoming a reality and it will require a 60- year work life for those 5 year olds today who have a strong probability to reach 100. It will mean a reframing of corporate and governmental policies on employment that will include a rethink of wages, benefits and the social security system.
My prediction is to expect to see people push back on companies who have ingrained policies to move them out as they approach their middle sixties.
Many places like the big accounting and law firms require partners to leave in their early sixties. It’s built-in ageism in corporate America. In fact, according to a 2019 PWC study, only 8 percent of corporations include age in their Diversity, Equity and Inclusion policies. Get ready for the activist older employee who will begin to demand that they too be covered in this important policy that affects everyone regardless of gender, race, religion or sexual identity.
The world is aging
“Every day 10,000 people are turning 65 and by 2030, one in five Americans will be 65 or older (including the first Gen X’ers). ”
In the U.S. today, 34 percent of people are over 50. Every day 10,000 people are turning 65 and by 2030, one in five Americans will be 65 or older (including the first Gen X’ers). This generation is more engaged, tech savvy and interested in working beyond 65 than any group before them.
No longer interested in buying into the script that was developed in the 1930’s that people should check out and ride into the sunset, many of them plan to work well into their 70’s.
In my last year as a day -to- day Senior executive for a major media company, I was thrilled to be able to promote a 70- year- old woman who was as innovative and performance driven as colleagues twenty years younger. My comment to her was that I hoped that she would work as long as she wished.
New ways of work
The progressive companies of the future, the ones that will make what should be the new list of best employers to work for if you are over 50 will begin to recognize this new cohort of aging employees and begin to construct new ways in which people can work.
Some will want to continue in their existing roles but require more training. When I was the President and Publishing Director of Hearst Magazines, my goal was to make sure that all of the revenue producers, including the most senior employees were trained in how to sell digital advertising versus the skill of selling print. It extended into understanding video, data, e-commerce extensions and more. It gave the older employees the ability to work longer and stay up to date on changes in their role.
Some older employees will want to transition out of their current role yet take on new assignments, some full time and some part time. My own experience has been to take this on, as I continue to work as the Senior Media Advisor to the CEO of our company. It’s not full time,but it allows me to contribute, as well as expand into other projects that interest me in the nonprofit world. In my role, I also serve as mentor to all levels of employees from Senior executives to mid-career professionals. It’s an incredibly rewarding experience.
To tap into seasoned employees, companies should set up relevant task forces that include C-Suite executives, Chief People Officers and 50 plus employees to get a fuller understanding as to how they create approaches to keep older employees engaged in all sorts of new models. Appreciating that a best asset may be an older employee with much more to accomplish for a company’s business goals just may be the secret to that company’s success.
Michael Clinton is the former President and Publishing Director of Hearst Magazines and the author of ROAR into the second half of your life.
