The future of work is not the young, but the old
The retirement wave has already arrived and it is affecting countries all over the world. In the US, an estimated 10,000 people are retiring every day creating a serious labor shortage. In South Korea, 600,000 people are retiring every year contributing to the same problem. In the EU, nearly 20% of the population is already over the age 65 — over 100 million people.
Older people but newer challenges
Every country is getting older but some countries will be affected by this trend more than others. For example, by 2030, 44% of Austrians will be over the age 50, but in India, only 24% of Indians will be over the age of 50. In Japan, this number will be 52%. For high-income countries, the total amounts to over 500 million people.
Aging brings many challenges not only for society as a whole but for each individual. A troubling development is that depression among citizens aged 60 and over is increasing. Almost one third of citizens over the age of 60 report symptoms of anxiety and/or depression. Another growing trend which may contribute to this problem is the failure of relationships in the later stages of life. This results in a large number of retirees living alone. For example, in Germany, around one-third of people over the age of 65 live alone. If they live alone and are retired, they are segregated from their main social circle resulting in social isolation. This has been shown to be a major cause of depression.
With work comes purpose
No matter where or who you ask about the subject of work, it is clear that work gives many people a sense of community, identity, and purpose. When a person retires, these vital qualities of life are missing. Even those who are impoverished, such as the cardboard grannies of Hong Kong who make a little over 4 euros a day attempting to sell cardboard boxes to recycling plants, enjoy the sense of value and independence their work brings. While the circumstances of these women must be improved with better jobs and a livable wage, it is important to acknowledge the sense of purpose they get from their work. When people stop working, their lives lose meaning and they lose a main source of relationships. Due to this lack of societal and self appreciation, people are more liable to become depressed and ill.
According to a study done by the Japan Institute for Labour Policy and Training (JILPT), the number one motivation to work past retirement age is not money, but a sense of community. Being a part of a community keeps pensioners healthier and makes them happier — it gives them purpose and the feeling they are contributing to society.
Healthier than any generation to date
Those who retire today are healthier than any prior generation and the increase in life expectancy does not seem to be stopping any time soon. Therefore, there is a growing number of people who want to work during retirement. Their reasons for doing so may vary from financial need to self-actualization but few want to sit at home and do nothing.
Meanwhile, companies need these very same people who are now idle and sitting at home. While it seems that the obvious solution would be to bring retirees back into the workforce, age discrimination in recruiting prevents society from taking advantage of this opportunity. For example, in the UK, approximately 1 million workers between the ages of 50–64 have been forced out of their jobs due to issues associated with age.
The older generation are not as old as young people perceive them to be. Here are some common misconceptions of Silver Agers:
- Burden on society
- Slow and unwilling to learn
- Bad with technology
- Frequently ill
- Not adaptable
These opinions are not true and are dangerous if they are internalized. It can lead to withdrawal, low self-confidence, and depression. In reality, Silver Agers are open-minded, easy-going, have a strong work ethic, are optimistic, curious, social, and motivated. Many want to keep working not because they have to, but because they want to. They are lifelong learners who want to continue to contribute to society because they derive a lot of meaning from it. It is incredibly short-sighted to dismiss the potential of retirees and pensioners when we as a society need them now more than ever.
Old and young need to work together
The growing importance of digital skills in our economy creates another challenge for society. Power is cascading faster to the younger people who have these skills. Without the proper time and wisdom, we expect them to miraculously have leadership qualities, a trait which requires years of experience to develop. This is an ideal position for a Silver Ager, a mentor, and as we continue to ignore this opportunity, we ignore the depth of wisdom and helpful experience senior experts can bring to the workplace.
But, the modern retiree must also be able to learn and evolve, and to adapt to the current paradigm so he or she can steer younger leaders to make better decisions while also learning the skills needed for today’s labor force. Silver Agers must be both mentor and intern, teacher and learner, sage and student. As a society, it is important that we continually learn from each other across demographics because each side has plenty to offer. We need to rethink what has worked until now because it will not work going forward.
If we come to embrace this trend and see retirees as an opportunity, it is a chance to bring two different demographics together. Pensioners will share some of their emotional intelligence for the younger generation’s digital intelligence. Personal development does not stop after a certain age. It is an ongoing process that continues ever forward. Silver Agers want to be a part of this and we, as a society, should let them.
