The truth is ageism can lead to lazy [and costly] decision making
Almost all workers over the age of 40 have said they’re self-conscious about their age and have often felt a need to minimise their experience as a result. More than three-quarters feel they weren’t hired because of their date of birth, and 69% are afraid of losing their job. The adage ‘age is just a number’ clearly doesn’t apply to the working world of today.
With nine out of 10 people aged 40+ feeling pressure to hide their age or downplay their experience to fit into today’s workplace, it’s abundantly clear there is a growing issue and an underlying bias around age. Given growing skill gaps and an ongoing war for talent, are employers missing a trick?
The true impact of ageism
The average life expectancy in the UK is 81.77 and, for many people, early retirement is not an option. In fact, by 2050 four in 10 workers will be over 50 in the most developed economies. That represents a large group of people who, as it stands now, are finding the working world a challenging place because of their age, whether it’s combating bias in their current role or finding a new one.
In a recent survey, 77% have said they weren’t hired for a job because of their age. 69% are afraid they’ll lose their job because of their age.
A CMI study found only four in 10 hiring managers were “open to a large extent” to hiring people aged 50-64, demonstrating there are some underlying biases towards older workers.
Missing a trick
We’re in a war for talent. The professional services market is skills short and job rich, particularly in marketing and BD. There’s high demand for talent across all levels. It’s not unusual for vacancies to remain unfilled for many months, proving costly for firms. We’re also experiencing skills gaps particularly around softer skills which is a key competency for success in a professional services firm.
The trick firms often miss is expanding the candidate pool by looking at those who are at the more senior end of their career. There’s often scepticism around workers who are happy to drop down to a more junior level, work on a part time basis or who are approaching retirement age. There can be a perception people need to be on the upward trajectory of their career.
Instead of marginalising this group, it’s worth considering how these people could be integrated as part of a multigenerational team. Utilising that talent to fill some of the gaps in the industry and within your teams but also to support the new generation coming through, particularly around soft skills, could be a win-win solution.
“The professional services market is skills short and job rich, particularly in marketing and BD. There is high demand for talent across all levels and it’s not unusual for vacancies to remain unfilled for many months, proving costly for firms. The trick firms often missis expanding the candidate pool by looking at those who are at the more senior end of their career.”
The overlooked strand of EDI
The truth is ageism can lead to lazy decision making. Instead of taking the time to understand the individual and why they might want to return to the workplace or be interested in a role, decisions are often made for them based on preconceived ideas or bias. For firms, that means they could be missing out on some amazing talent that could really elevate their teams.
This fixed mindset is limiting firms. It’s time to think more laterally about the set-up of our teams. Companies with multigenerational teams are 288% more likely to exceed financial targets. We need to be assembling our talent so w’re looking at their diversity in every term – segments of society, gender, experience, and age. When we do that, the sky’s the limit for a firm’s success.