Across the world, improvements in health care and living standards mean that people are living longer. By 2030 there will be 390 million more people aged over 65 years old in the world than there were in 2015. Faced with pension challenges and financial pressures, people are having to work for longer. At the same time, many people want to work well past 65. As a result, the Office for National Statistics anticipates that by 2030 people aged 65 and over will account for over half of employment growth.
It should come as no surprise that many companies have been looking at ways of retaining and attracting older people into their workforce. And this is good news for UK businesses; having a workforce that is made up of different ages will drive diversity of thought and means that businesses can continue to draw from decades of experience and knowledge.
While there are a lot of actions businesses should be taking to ensure they can attract and retain employees of all ages, here we celebrate three businesses that have taken particularly innovative measures.
BMW rethinks the workplace
Many companies have already recognised the benefits that an age diverse workforce can provide. Over ten years ago, BMW realised its workers were getting older and that it needed to do something to ensure they were supported into the future. The management team in Germany created one assembly line made up of workers with an average age of 47 – the age at which the average was projected to be in seven years’ time. It asked these workers to help make the production line better. So, when they said their feet hurt, the company created special shoes to help them and installed wooden floors. They created chairs that were specifically modified for the production line. A total of 70 changes were made and as a result, productivity grew 7% and absenteeism fell below the plant’s average. This experiment was so successful it has been rolled out across other factories across the globe.
BMW needed to do this to ensure it has the right set up to support people from any age and to retain them at work – particularly in an industry where there are notable skills shortages and talent can be hard to find.
Phizer takes on The Intern
Mentoring in business is a fairly standard tactic, whereby a more senior professional provides support to a more junior team member. But what’s often overlooked is the mutually beneficial role that mentoring can play.
Four years ago, international Pharmaceutical giant Phizer took inspiration from the film, ‘The Intern’, and invited Paul Critchlow, a 70-year-old retired communications professional and former head of communications for Merrill Lynch, in for a Summer internship placement in its corporate affairs team. Paul wanted to learn more from millennials, including social media and in turn, the other interns were able to learn about his career and experiences. As a result of the experiment, Paul was able to fine tune some of his skills, including presentation and training skills – and, according to Fast Company, he gained new confidence which helped him pursue his own consulting ambitions. Meanwhile the other interns gained access to his industry knowledge, and many of them gained a mentor for life.
What’s interesting here is that mentoring helped both parties equally – while the business benefitted, Paul Critchlow felt energised by the experience and it spurred him on to pursue his other retirement goals, including providing consulting support to other businesses.
Aviva offers best in class benefits
Last year Aviva was widely celebrated for launching a ‘mid-life MOT’ for over 45s to show how they value the skills and experience of all employees in mid-life and beyond. Following a successful trial in 2018, the company-wide programme aims to provide guidance to its workers covering their work, wealth and wellbeing. Within this, the MOT package includes best in class policies relating to healthcare, as well as a carers policy – offering a level of support that is currently given to carers of young children. It also promotes flexible working and provides apprenticeship opportunities for all – its oldest apprentice is currently 68.
Many businesses should be taking note of Aviva’s initiative and the benefits on offer are designed to help retain talented individuals long past the ‘traditional’ age of retirement – thereby providing the business with an experienced workforce, whilst offering the individual the support they need to continue with their career, if that’s what they want.
These are just a handful of some of the exciting and innovative ideas that businesses are adopting to drive diversity in their workplace. But what is clear through each example is that both the company and the individual have benefitted – or are benefitting – from the initiatives. Age diversity at work makes business sense, and it is also the right thing to do for employees and employers alike.
If you would like to discuss how to make your workplace future fit or are looking to recruit more diverse talent, then speak to a member of our team at Audeliss, who would be happy to help.