RETIREMENT OR A MULTIGENERATIONAL WORKFORCE NIRANJAN GIDWANI CONSULTANT DIRECTOR – TEXUB | MEMBER UAE SUPERBRANDS COUNCIL | CHARTER MEMBER TIE DUBAI | HBR ADVISORY COUNCIL.

 

Let us look at the traditional meaning of the word Retire. It was originally used in the military sense. That is “to withdraw to a place of safety or seclusion.” It was taken into English from the French language - 're' (back) and 'tirer' (to draw).

In the good old days, there was a time when youngsters would get into the organized workforce in their early to mid-twenties, and exit the workforce in their late fifties, or at best, early sixties. This would cover a work span of approximately 30 plus years.

Several interesting things are now happening at the same time. 

At the startup stage, kids even in their late teens are getting into the workforce. As parts of the world move towards better affluence and development, men and women are choosing to stay single, or get married late, or have very few or no children based on the lifestyles they wish to pursue. The world continues to undergo a massive demographic transformation. Because of advances in the world of medicine, average lifespans are increasing, and globally, the number of people aged 60 and over is projected to double to more than 2 billion in another 2 decades. That will be approximately 25 percent of the global population.  And those 60 and over will outnumber children under the age of 5.

Populations around the world are going to look very different in the next few decades.

While leadership and mentoring coaches train the world to look at solutions within the problem, this is one area where not much thought has gone in to convert a perceived problem into an opportunity area. Soon the workforce is likely to include people from as many as five to six generations. Whether it is the area of development of products and services, how innovation is unlocked, how office spaces are designed, or whether it is talent recruitment. 

For some reason, the message is completely ignored. We are clearly able to see that there are hardly any global decision makers who are young in governments. It is these very same elderly people who create 20-30-40 year vision plans for countries. And some of them do a terrific job. And yet, the same decision makers and corporate leaders have probably not realized the unprecedented ways that aging is going to change the rules of the game.

Strangely, all articles across the world talk about this as a looming crisis. Not as an opportunity area. 

Yet, if one were to look around, whether it is in the world of corporate or government, these so-called elderly provide emotional stability, complex problem-solving skills, nuanced thinking, and institutional know-how. Their talents complement those of younger workers, and their guidance and support enhance performance and intergenerational collaboration.

While some older adults most certainly do suffer from disabling physical and cognitive conditions or are otherwise unable to maintain an active lifestyle, while many others chase the dream of an early retirement to just sit back and live what is their idea of enjoyment, far more are able and inclined to stay in the game longer, disproving assumptions about their prospects for work and productivity. In fact, women who are in their late fifties and beyond have probably met most of their family obligations by that age.

These men and women are by and large of a generation who are motivated, knowledgeable, adept at resolving social dilemmas, and care more about meaningful contributions and less about self-advancement. There are many who wish to leave a different kind of legacy. They are more likely than their younger counterparts to build social cohesion, to share information and organizational values. And surely less likely to keep changing jobs for the sake of small increments.

Today it is considered as socially unacceptable to ignore, ridicule, or stereotype anyone based on their gender, race, or sexual orientation. Strangely, it seems to be still acceptable to do this to people based on their age.

Young workers can most certainly benefit from the mentorship of older colleagues, and a strong team always combines the energy and speed of youth with the wisdom and experience of age. Most such intergenerational organizations have better survived the ups and downs of business and geo-political cycles.

Ignoring the realities of the demographic shift which is happening globally is no longer an option. Pro-active governments, and senior leaders will need to put the issue front and center. This will take guts and persistence. This transformative movement to realize the potential of the 21st century’s changing demography will be the next big test for government, corporate and HR leadership.

Government-public sector-private sector partnerships would require a lot of close collaboration and expertise and experience of those who have witnessed several upturns and downturns. 

It is becoming more apparent that just leaving material wealth as a legacy is proving inadequate. 70 percent of global SMEs create almost 70 percent of corporate employment. It is here that a better legacy can be left behind to sustain better employment.

With the combined issues of geo-political turmoil, mutating business models, rapid shift to online, likelihood of more frequent pandemics, and de-globalisation, all happening at the same time, Multigenerational teams would stand a better chance of corporate, country and employment success.