Age Diversity in Tech
Individuals ranging from 55 to 73 are currently the second largest population in the workforce. It is critical we focus on having age diverse teams. We need to have a mixed generation in the workforce for knowledge share, opportunities to reverse mentor, keep critical industry knowledge documented, provide job opportunities for individuals who do not want to or cannot retire, and level up skills for all employees.
Why is this important?
Age diversity helps the company’s bottom line and our society. Let’s start with the company’s bottom line. The knowledge that comes with being in an industry for 25-35 plus years is vast and important to document. As companies are becoming more digital and technology is evolving quickly, it is important to utilize past industry knowledge, while thinking about the present and future.
Age Diversity on teams has shown time and time again that it increases creativity, productivity, ability to problem solve, and provides increased learning on teams. According to an article by the Society of Human Resources, the AARP states, “Workers 50+ may increase your revenue by 3% and reduce your turnover costs — all while bringing guidance, expertise and balance to your company.”
It also has a strong impact on company culture and other diversity initiatives.
Employees are concerned that their age impacts their professional opportunities. According to a Chicago at BuiltInChicago.com, “More than 40% of older tech workers are concerned their jobs are in jeopardy due to their age. In addition to just age, race also has a large impact on this, as the same article provides an example stating, “77% of workers who are black experience ageism.”
We all know that having a diverse workforce is extremely important and there has been a greater focus on it within Tech companies in the recent years. We need to ensure we have a company culture to include age diversity in all our diversity, equity, and inclusion initiatives, as it is a part of all of them. According to PWC Research, “64% of CEOs report having Diversity and Inclusion Initiatives in place, but only 8% include as a part of their efforts.”
The impact on our society. We are living longer than we ever have. If employees retire at the recommend age, many want to get back in the work force because they miss their work or do not have the financial means to not work. On the other hand, many people do not want to retire at all.
It is important that we speak about age and understand the benefits of age diversity and how it can benefit our society and the company’s bottom line. According to an article in the Harvard Business Review, “Despite the billions of dollars spent convincing us that our “golden years” should involve travel, golf, and sitting around the pool, research actually shows that people who stop working and retire often suffer from depression, heart attacks, and a general malaise of not having as much purpose in their lives.” Work gives people purpose and friendship. Many aren’t ready to stop working when they hit a certain age. Many of us will hit this dilemma, if we haven’t already. I love my work, and I don’t see myself retiring when I hit 65, and I know many others in the same boat.
What can a company do?
- Ensure to Include Age Diversity in company Diversity, Equity, and Inclusion Initiatives
- Conduct Age Diversity training
- Incorporate reverse mentorship into traditional mentorship programs and have multigenerational employee resource groups
- Review the data and information on the benefits of an age diverse team
- Ensure that the language on the job description is inclusive of all ages
- Have diverse pictures on the company website, including employees of all ages
- Offer flexible work to older adults to allow them to provide their industry expertise to the company with options such as phased retirement, part time work, and being a consultant/freelancer.
Having age diverse teams will have a positive impact for the business and continue to give purpose to older adults. It’s a WIN-WIN.
- If you are a company looking to diversify, we are growing our candidate pool and would be happy to connect! Email swati@meloassociates.com to connect.
- If you are an organization or someone looking to connect on the topic, please reach out swati@meloassociates.com and we’d be happy to chat!
Thank you!
Swati Garg
Managing Director, Melo Associates