The Age Time Bomb:Untapped Talent in an Aging Workforce
By: Anna Robinson
Myth #1: People get disillusioned as they get older and employers stop investing in them
Welcome to the first deep dive into our proprietary talent and workplace insights! At Ceresa, we are thrilled to share our unique data and deep perspectives on the challenges and opportunities facing the next generation of leaders. This will be the first of eight posts where we explore, validate or debunk the most commonly held talent myths.
Ceresa is a high-impact, tech-based solution for world-class mentoring and leadership development, at scale. Grounded in research and inclusive by design, Ceresa supports leading companies committed to nurturing early-career talent and addressing the broken rung, including Walmart, Amazon, and Blackstone.
Where Does Ceresa Data Come From?
From day one, Ceresa was grounded in research and data. We collect this data through surveys and tools throughout the mentoring and leadership programs we offer at Ceresa. We carefully assess workforce differences where there is significant sample size to inform our insights. We also compare and contrast these findings with other market perspectives. Our analysis focuses on comparing by industry, age, parenting status, and gender.
At Ceresa, we create a safe space where our participants can do the hard, vulnerable work of setting goals, working through challenges, and seeking frank conversation and help. To honor that, we never share any individual level information on their goals, feedback, assessments, or challenges. The very nature of what Ceresa supports is deeply personal and transformative. On aggregate, this provides unique insights into the workforce, which can shape how companies support their critical talent.
What Is the ‘Age Time Bomb’?
One of the critical challenges we face today is the "Age Time Bomb." This phenomenon occurs as employees grow older and often feel increasingly disillusioned with their career prospects. Many employers stop investing in their seasoned employees, which exacerbates feelings of underappreciation and stagnation.
However, the insight we’ve uncovered is clear: older generations of employees (aged over 50) still aspire to grow their skills as leaders. They are highly focused on developing professional skills, especially in leadership and strategic thinking, and are increasingly seeking purpose in their work. Unfortunately, they have lost confidence in progressing their careers and feel less supported by employers.
Key Insights on Older Employees
Our data reveals several significant insights about older employees:
Aspiration and Skill Focus: Participants aged over 50 are keenly focused on enhancing their professional skills, with an emphasis on leadership and strategic thinking. Despite their aspirations, their confidence in career progression has significantly declined.
Feedback and Support: The feedback older employees receive from their employers is primarily centered around communication skills. There is minimal feedback aimed at helping them find purpose or aligning their work with personal values, which is crucial at this stage of their careers.
Career Perspectives: With each decade, there is a noticeable decline in aspirations to senior leadership roles, confidence in career progression, and feelings of support from employers. Specifically, those over 50 feel 25% less supported than those under 30.
Implications for Employers
The implications of these insights are profound, especially in a world where talent shortages are becoming increasingly common. Employers who continue to invest in their older employees can unlock a significant opportunity. Here’s why:
Talent Shortages: In industries facing talent shortages, retaining experienced and skilled employees is more critical than ever. Companies that invest in the growth and support of older employees can benefit from their extensive experience and reduce turnover rates.
Lower Turnover Rates: Organizations with a higher proportion of older employees often see significantly lower turnover rates. This stability can enhance organizational knowledge retention and improve overall efficiency.
Engagement and Purpose: Providing opportunities for older employees to develop leadership and strategic skills, and engaging them in conversations about finding purpose in their work, can significantly boost their engagement and productivity. Should you need to hire a company to assist with leadership development, Ceresa offers leadership development scaled by technology but delivered by humans. Supporting them in finding purpose outside of work can also contribute to their overall well-being.
How to Leverage Untapped Talent
To harness the potential of older employees, organizations need to adopt specific strategies:
Invest in Professional Development: Provide targeted professional development programs for older employees. Focus on enhancing their strategic thinking and leadership capabilities. This investment not only boosts their confidence but also prepares them for higher roles within the organization. Ceresa, a professional development firm, is a great place to start.
Purpose-Driven Feedback: Shift the focus of feedback from solely communication skills to include guidance on finding purpose in their work. Help employees understand how their roles align with the organization’s mission and values, and support them in discovering personal fulfillment through their contributions.
Inclusive Mentoring Programs: Implement mentoring programs that support a broad spectrum of employees. This not only allows for the transfer of valuable knowledge and experience but also fosters a sense of purpose and engagement for both mentors and mentees. High-potential groups often focus on young, up-and-coming talent, but it's essential not to overlook older employees who are still eager for growth and development. Investing in these employees not only supports their professional aspirations but also enhances retention, ensuring that the investment is recouped through their continued contribution to the company.
Overcoming Challenges
While the benefits of investing in older employees are clear, organizations may face several challenges in implementing these strategies. Some common obstacles include:
Bias and Stereotypes: Age-related biases and stereotypes can hinder the effective integration of older employees into leadership roles. It is essential to address these biases through training and awareness programs.
Resource Allocation: Organizations may struggle with allocating resources to develop programs specifically for older employees. However, the long-term benefits of retaining experienced talent can outweigh the initial investment.
Cultural Shift: Shifting organizational culture to value and support older employees requires a concerted effort from leadership. This involves promoting a culture of inclusivity and respect for employees of all ages.
"The key is seeing our older population as an asset, not a burden." - Personal injury lawyer Matthew Clark for Newsweek
In Summary
The “Age Time Bomb” presents a significant challenge and an immense opportunity for organizations. By investing in the development and support of older employees, companies can tap into a wealth of experience and skills that are often overlooked. At Ceresa, we believe in the potential of every employee, regardless of age, to contribute to the success of their organization.
Ceresa's mission is to address the lack of representation in leadership. By leveraging our unique data and insights, we help companies support their critical talent and unlock the potential of older employees. Our research-driven programs are designed to foster growth, inclusivity, and purpose, ensuring that all employees, regardless of age, can achieve their full potential. As we continue to share our insights, we hope to inspire organizations to invest in their workforce, creating a more inclusive and dynamic leadership environment.
Join the Conversation
Stay tuned for seven more talent myths from Ceresa, as we continue to explore the challenges and opportunities in leadership development. Together, we can create a more inclusive and empowered workforce.
We'd love to talk more! Please reach out to us at team@ceresa.com to join the conversation and follow along on LinkedIn as we dive into each myth.
