Mercer urges organizations to get their workforce ‘age-ready’ to drive near- and long-term growth
24 9월 2019 - 10:08PM
Business Wire
Organizations that actively leverage their older, experienced
workforce* will be best positioned for the future of work,
according to Mercer’s recently published report, “Next Stage: Are
You Age-Ready?”. The importance of being “age-ready” is underscored
for both businesses and economies by the impact of the twin forces
of a rapidly-aging labor force coupled with an uncertain economic
growth rate1.
“With labor force size, participation rate and productivity so
closely tied to business and economic growth, the experienced
workforce is a source of talent and competitive advantage that
employers need to embrace now,” said Pat Milligan, Senior Partner
and Global Leader of Mercer’s Multinational Client Group. “To be
‘age-ready’, however, requires a thoughtful and careful analysis of
this workforce segment as well as a change in mindset as to how
experienced workers truly add value to organizations.”
Through its work with clients around the world, Mercer has
identified a number of ways experienced workers contribute value,
often well beyond the traditional measures of individual
performance tracked by most employers.
Mercer finds experienced workers are particularly valuable to
employers in that they often:
- Lower costs because they are less likely to leave
- As supervisors, tend to retain, develop and engage more junior
employees and decrease voluntary leave on the teams they
manage
- Increase productivity of those around them through knowledge
sharing
- Strengthen group cohesion, collaboration and resiliency
- Enable innovation and strengthen customer connection
Yet for many employers, experienced workers are largely ignored
or misperceived in their strategic workforce plans. According to
the World Economic Forum’s 2016 Future of Jobs report, only 4% of
respondents said they planned on investing in experienced workers
as part of their workforce strategy 2.
This urgency for employers to address their experienced worker
strategy is heightened by global demographic trends: by 2040 the
average life expectancy is predicted to be 80 years, up from 56 in
1966 and 72 in 2016 3. As a result, many people are working longer
for a variety of reasons, including financial necessity, purpose,
and social/intellectual engagement.
“For employers, managing a rapidly growing older workforce is a
challenge without precedent,” said Rick Guzzo, Partner and
co-Founder of Mercer’s Workforce Sciences Institute. “In the US
rates of working among older individuals have been rising and will
continue to rise, with the highest growth rates among those aged
70-74 and 75-79. Given this reality, organizations that are more
‘age-ready’ than their competitors will likely have a significant
strategic advantage.”
To assist organizations in becoming ‘age-ready’, Mercer has
developed a list of 10 ways to optimize an experienced workforce
(Exhibit 1). This list is intended as a starting point to begin the
organizational dialogue about the future of work as it relates to
tapping this important and growing talent pool.
To download a complimentary copy of Mercer’s “Next Stage: Are
You Age-Ready?” report or to contact a member of Mercer’s
Experienced Workforce Team, please visit
https://www.mercer.com/our-thinking/next-stage-are-you-age-ready.html.
*Mercer defines experienced workers as those age 50 years and
older.
Exhibit 1: Mercer’s List of 10 Ways to Optimize an
Experienced Workforce
- Collect and analyze your age-profile data to explore
demographic and skills pinch points.
- Develop and implement people and careers strategies that
embrace the experienced workforce.
- Understand what impact your organization’s retirement plan
design has on the trajectory of retirement readiness and labor
flow.
- Initiate conversations with experienced employees about how
they might work differently.
- Examine and tackle how ageism might manifest in your
organization — analyzing pay, bonuses, performance, promotion and
recruitment statistics through a lens focused on aging.
- Develop a lifelong learning attitude that positions people to
embrace jobs of the future.
- Measure productivity levels across different age and position
cohorts in your organization.
- Implement an effective flexible-working strategy.
- Develop and implement a program offering support for those who
have caregiver responsibilities.
- Create and sustain an inclusive culture that supports and
enables your experienced-worker strategy.
1 – OECD, Composite leading indicator (CLI), 2019 available at
https://data.oecd.org/leadind/composite-leading-indicator-cli.htm
2 – World Economic Forum. The Future of Jobs Report, 2016,
available at http://reports.weforum.org/future-of-jobs-2016/.
3 – The World Bank, “Life Expectancy at Birth, Total (Years),”
available at
https://data.worldbank.org/indicator/SP.DYN.LE00.IN.
About Mercer
Mercer delivers advice and technology-driven solutions that help
organizations meet the health, wealth and career needs of a
changing workforce. Mercer’s more than 25,000 employees are based
in 44 countries and the firm operates in over 130 countries. Mercer
is a business of Marsh & McLennan Companies (NYSE: MMC), the
world’s leading professional services firm in the areas of risk,
strategy and people with 76,000 colleagues and annualized revenue
approaching $17 billion. Through its market-leading businesses
including Marsh, Guy Carpenter and Oliver Wyman, Marsh &
McLennan helps clients navigate an increasingly dynamic and complex
environment. For more information, visit www.mercer.com. Follow
Mercer on Twitter @Mercer.
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