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Today's Newsletter
  1. Executive Update
  2. Upcoming Events
  3. Data Point of the Day
  4. AARP Insights
  5. Featured Promising Practice
  6. Multigenerational Workforce News
  7. Relevant Resources & Reports
  8. Stepping into the Future
  9. Join Us!
  10. Demonstrate Your Commitment to Experienced Workers 
  11. Archives 
Dear Executives - 

We believe that global aging is the greatest opportunity of our lifetime. As people live longer, they also want to keep earning longer. As a result, the four- to five-generation workforce is an emerging reality. And, as more businesses seek to develop strategies for marketing their products and services to an older market, they are also beginning to recognize the value of a multigenerational workforce. Such a workforce has the power to transform markets and spark new ideas across every sector of our economy.
 
Companies are beginning to understand this. Released just last month at the annual World Economic Forum convening in Davos, an AARP survey found that 86% of the over 1,700 global companies surveyed believe a multigenerational workforce is valuable to their organization’s success and growth. They are looking for tools to help them build that kind of workforce and they are seeking solutions to break down barriers that prevent people from having the freedom to work longer.
 
Over 70% of companies surveyed shared that if provided with guidance and appropriate tools, they would be likely to implement:
  • unbiased recruiting processes (75% likely to implement),
  • training and lifelong learning opportunities (78% likely to implement),
  • purposefully designed mixed-age teams (72% likely to implement), and
  • mentoring or reverse mentoring programs (72% likely to implement).
According to AARP’s recently released Longevity Economy® Outlook, in the United States alone, people 50 and older contribute $8.3 trillion to the economy, and this is projected to triple to $28.2 trillion by 2050. If Americans aged 50-plus were a country, it would be the third largest economy in the world, behind only the U.S. and China. This Longevity Economy® Outlook is a wake-up call to businesses, entrepreneurs, policymakers, and other leaders to re-think their attitudes toward people aged 50-plus.
 
Our partners at the OECD have found that a multigenerational workforce benefits the global economy as well. According to the OECD, giving older workers the best opportunities to work would raise GDP per person across the OECD by 19% over the next 30 years.

In fact, governments across the globe are getting more involved in discussions about how the public sector can support investment in more age diverse labor markets in their respective countries. Last week, AARP and the United Nations Department of Economic and Social Affairs Programme on Ageing hosted its 13th Annual UN Briefing Luncheon on Global Aging. AARP’s CEO Jo Ann Jenkins and the President of the UN General Assembly, His Excellency Mr. Tijjani Muhammad-Band, keynoted this special occasion. 

The session covered a moderated discussion about the business case for multigenerational workforces from the perspectives of executives from three of our Living, Learning and Earning Longer Partner Organizations: BlackRock, S&P Global, and Mercer. Watch this stimulating conversation, which successfully engaged 225 leaders across industries and sectors, including 20 ambassadors and many delegates from across the globe.
 
Increased economic activity is good for business and good for society. Yet the benefits are not automatic; only an intentional approach to maximizing the multigenerational workforce will ensure that all prosper. I share these new data points to assist you in making the case for change within your enterprise. There is much work to do, but together we can amplify the issues to spur change and innovation.
Best,

Jean Accius
Senior Vice President of Thought Leadership & International Affairs
AARP
LinkedIn | @JeanAccius | Jean Accius’ Bio
  • March 25, 2020 at 11:00 AM (EST): Join us for the fourth webinar of the Learning Collaborative. During the webinar, top executives will present on Investing in Your #1 Resource: Your Workers. Learn more and register.
Source: Mentorship and Multigenerational Workforce Infographic, AARP Research, 2019.
Building Multigenerational Teams across the Workplace
By Ramsey Alwin, Director, Thought Leadership - Financial Resilience, AARP
@ElderNomics
Myths and stereotypes about various generations abound, both for older and younger workers. An adaption to workplace culture is necessary globally to address these myths and stereotypes. This will require bringing generations into contact with one another to build understanding and find commonalities in perspectives. For example, increased interaction reveals that both millennials and baby boomers highly value work-life balance and flexibility in the workplace.
 
Increased generational collaboration requires that companies diversify communication outlets that appeal to all, so that everyone has a way to provide input and receive information. Additionally, managers must understand the strengths that each generation brings to the table, yet at the same time, value each employee's individual interests, goals, and needs. They also should encourage team members of different generations to learn from one another through programs like reverse mentorships. This will allow for teams to benefit from the "spillover effect," – i.e., the increases in overall productivity generated from multigenerational collaboration.
 
Here is some of what we know about the age-diverse workplace of the future, based on research:
  • Work teams that comprise multiple generations perform better than those that do not.
  • The multigenerational workforce yields a stronger pipeline of talent. It also improves workforce continuity, stability, and retention of intellectual capital.
  • A growing number of organizations find that an age-diverse workforce boosts their bottom line, based on greater engagement and performance.
  • Seven out of 10 adults enjoy working with people from other generations, according to an AARP survey. Older workers said they appreciate the tech know-how and creativity of younger colleagues. And younger workers said they value older workers’ wisdom and experience.
Employers that embrace a multigenerational workforce will find that the "magic is in the mix" and that their efforts produce cohesive, well-rounded, productive teams that generate successful business outcomes. The bottom line is that greater diversity drives engagement and performance. An organization’s diversity practices contribute directly to greater employee engagement. For example, American business units in the top quartile of employee engagement realize 21% higher profitability than those in the bottom quartile. Getting intentional about age inclusivity can boost your bottom-line.
Mid-Life MOT Pilot Program
 
Aviva is a leading provider of savings and retirement products and has over 16,000 employees in the United Kingdom, including 5,000 in the 45-to-60 age group. This age range represents Aviva’s fastest growing cohort of employees, as well as its largest customer population.
 
To better understand these employees’ interest in engaging in additional counseling on finances, career, and other topics related to their well-being, Aviva launched its Mid-Life MOT, a pilot program in summer 2018 with a title that references the annual “MOT” motor vehicle safety check that British drivers must schedule. This pilot invited their 45-to-60 age group of employees to participate in a series of seminars focusing on their wealth, work, and well-being needs. These seminars promoted Aviva’s services and also encouraged employees to seek follow-up, one-on-one support with financial, health, and career advisors.
 
Employees were invited to provide feedback before, during, and after the pilot program. These assessments showed that their employees were eager to receive this additional support, as they are worried that age is a barrier to continued career success. After the program, participants’ confidence in their future, awareness of support, and satisfaction with Aviva as an employer had all increased. Results also offered insight into opportunities to improve retention through demand for programs, like flexible working opportunities, as they transition to full retirement. Aviva is now in the planning stages for scaling the pilot program up for all of its 5,000 employees over 45.
 
Listen to The Aviva Podcast to learn more about why the organization developed the Mid-Life MOT and how it is helping employees plan ahead for their work, wealth, and well-being.
  • The Economic Impact of Age Discrimination Report, AARP and the Economist Intelligence Unit. In 2018, American industries forfeited a boost of over 4% to GDP because of age discrimination in the workforce. This AARP study, conducted in partnership with the Economist Intelligence Unit, explores the economic growth that could be generated if employers address age discrimination through better hiring practices and workplace retention initiatives.
  • The Business Case for Older Workers, AARP The Journal. Mitsubishi Heavy Industries’ retired workers want to share their experience with the next generation of employees. Mitsubishi Heavy Industries, Ltd. President and CEO Shunichi Miyanaga shares how retired employees can put their skills to good use.
  • How Diverse Leadership Teams Boost Innovation, Boston Consulting Group. A recent BCG study suggests that increasing the diversity of leadership teams leads to more and better innovation and improved financial performance. In both developing and developed economies, companies with above-average diversity on their leadership teams report a greater payoff from innovation and higher margins.
The Living, Learning and Earning Longer Collaborative is working with global companies to refine the business case for age diversity and highlight best practices from around the world. With WEF and OECD, AARP is considering the complexity of the multigenerational workforce when evaluating an organization’s recruitment and retention practices, flexible work and caregiving benefits, lifelong learning and training, and assessment procedures. Our findings will identify standards, policies, and practices that an age-diverse and inclusive workforce ecosystem. Finally, at the 2021 World Economic Forum Annual Meeting in Davos, Switzerland we will release our conclusions and recommendations in a digital learning platform.
Join AARP, the World Economic Forum, the OECD, and 50 employers in a Living, Learning & Earning Longer Collaborative to identify and share multigenerational, inclusive workforce practices. To formally join the Learning Collaborative, contact Jeff Gullo at AARP or Andre Belelieu at the World Economic Forum.

The AARP Employer Pledge Program is a nationwide group of employers that stand with AARP in affirming the value of experienced workers and are committed to developing diverse organizations.
Employers who sign the Pledge agree that they:
  • Recognize the value of experienced workers
  • Have immediate hiring needs
Demonstrate your organization’s commitment by signing the AARP Employer Pledge:
 
“We believe in equal opportunity for all workers, regardless of age, and that 50+ workers should have a level playing field in their ability to compete for and obtain jobs. Recognizing the value of experienced workers, we pledge to recruit across diverse age groups and to consider all applicants on an equal basis as we hire for positions within our organization.”
Sign the Pledge!
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