Thoughts on an aging workforce

Posted by Georgie Ing on 9 December 2019

Quite simply put, our workforce is aging. With baby boomers beginning to reach retirement age and birth rates decreasing, employers must plan for an aging workforce. This includes attempting to instill the knowledge and skill sets from within the aging workforce into the next generation to follow.

What is also interesting is many workers linger in the workforce through retirement age. They enjoy the social interaction of being engaged, they appreciate the financial stability, and often live longer, healthier lives then they have in previous years.   Still, no matter what the reason is, our workforce is aging, and with this comes benefits; employee retention, experience, wisdom, a more diverse workplace and more.

So far, so good, so what’s the danger in this?  As employers we can easily get complacent, meaning we become dependent on our experienced workers being self-sufficient, we lose sight of training needs for the future and could miss out on a wealth of knowledge. That’s not all. We must also plan for the downturn in employment to come. As a company, we need to be able to move forward, develop and grow. However, we need to balance using the skill sets and experiences of older generations that we know bring value, and instill this into our younger generation – while appreciating the new and additional skills they also bring.   At the same time we must allow the company to prosper as we transition from one generation to the next while trying to retain the historical knowledge that has been built over the years.  

As businesses, succession planning is key. We want to increase the experience of capable employees and invest in them, so that as positions become available they can carry the role forward with minimum business interruption.  I have often been asked “Why do you teach others everything you know?”  Quite frankly, that anyone should ask this question was shocking to me, and my answer is always the same; “Why wouldn’t I? The more we invest in others, the more they grow, the more they grow, the more we can grow. The more we grow the more the company can grow.” 

If we are not teaching and developing our coworkers, we ourselves cannot develop to our maximum potential, it's that simple. We must lay the ground work for others and build on it. Companies don’t start at the top, it’s hard work and perseverance that gets them there. If you always start at the beginning how do you build?   I challenge everyone to absorb as much knowledge and experience around you from your coworkers and managers, to your friends and family.  Historical knowledge from long tenured coworkers is the foundation the company built upon.  Knowledge is powerful!  Don’t start at ground zero if ground zero has already been completed. Take the historical knowledge and build upon it!