The "silver generation" – a group rich in experience and wisdom – might sometimes find themselves cast aside, and their sterling insights undervalued in a world that prizes youth. Yet, like fine wine, these workers have aged well, offering a depth of knowledge that can enrich any organisation, if only given the chance to flourish.

Unfortunately, in many companies, senior workers are not provided with an environment that allows them to grow, develop, and fully exploit their professional potential. It comes as no surprise: the spectre of ageism looms large, rendering those over 50 nearly invisible and, as they age further, erasing them from the various spheres of life, including the workplace.

The reason? Prejudices paint older people as outdated, relics of a bygone era, with little ambition or capacity to contribute to modern business landscapes.

However, this increasingly large and representative group of workers – especially in developed nations – possesses the perfect blend of experience, commitment, and a hunger to continue contributing to business goals. And this is not just a pleasing turn of phrase; it's a reality borne out by hard numbers.

Read More: How to embrace age diversity for workplace success

The surge of the silver generation

A global study from Bain & Company reveals that by 2030, 150 million jobs will shift to workers over the age of 55, a figure nearly equivalent to the entire working population of the United States.

In G7 countries, seasoned professionals are predicted to make up a quarter of the workforce by the end of the decade, nearly 10 percentage points higher than in 2011.

This trend is particularly pronounced in high-income countries such as Japan, where workers aged 55 and older will approach 40% of the workforce by 2030. Similar shifts are occurring in Italy, Germany, China, and Brazil, reflecting a worldwide trend towards an ageing workforce.

Over the past two decades, the retirement age has been creeping upwards, reversing a long-standing trend towards earlier exits from the workforce. In the United States, 41% of workers now expect to work beyond age 65, compared to just 12% thirty years ago. The UK and Japan have also raised retirement ages, with Japan experiencing a particularly difficult adjustment period.

During the peak-COVID Great Resignation era, there was a temporary surge in retirements, but many of these workers are now re-entering the workforce, drawn back by necessity or a desire to stay engaged. Despite this shift, organisations rarely have programmes designed to fully integrate older workers into their talent systems, according to James Root, a partner at Bain & Company.

Read More: The two faces of ageism

Evolving priorities, missed opportunities

Despite the rising tide of experienced workers in the workforce, few companies are investing in training or upskilling them. This oversight can lead to missed opportunities to leverage the treasure trove of skills and knowledge that older employees bring to the table. Ensuring that these seasoned professionals have access to continuous learning and development opportunities is crucial for maintaining a competitive edge and a capable workforce.

Bain's research into worker motivation, which surveyed 40,000 workers across 19 countries, shows that as employees age, their priorities shift. Workers over 60 now prioritise interesting work, autonomy, and flexibility. Many focus on mastering their craft and making a positive social impact, rather than climbing the corporate ladder. Older workers are more likely to be part-time or self-employed and tend to feel a stronger sense of loyalty and satisfaction with their work.

Yet, few companies recognise these changing needs. Older workers in the US receive less training than their younger counterparts, and multigenerational workforce programmes are rare. Andrew Schwedel of Bain & Company suggests that companies willing to invest in recruiting, retaining, reskilling, and respecting older workers will gain a competitive advantage as workforce demographics continue to shift.

Read More: Tackling workplace ageism and ableism

Signs of prejudice against older workers

Prejudice against older workers in the workplace can manifest in various ways, often in subtle shades but sometimes in glaring neon lights. This bias can lead to discrimination and create a hostile environment for older employees. Here are some common forms of prejudice against the silver generation:

1. Hiring bias

Older candidates may face closed doors during the hiring process. Employers might mistakenly believe that younger candidates are more capable, adaptable, or cost-effective, leading to older applicants being overlooked for positions they are eminently qualified for.

2. Limited promotion and advancement

The corporate ladder may have fewer rungs for older employees. They may be passed over for promotions or professional development opportunities in favour of younger colleagues, driven by the assumption that younger employees have more long-term potential.

3. Lack of training and development

Companies might shy away from investing in training and upskilling older workers, assuming they are less likely to grasp new technologies or methodologies. This can hobble older employees, preventing them from staying current and competitive in their field.

4. Stereotyping

The brush of stereotype paints older workers as less innovative, slower, resistant to change, or technologically inept. These biases can influence how they are treated by managers and colleagues, often to their detriment.

5. Unreasonable job assignments

Older workers may find themselves sidelined with less challenging or less visible assignments, based on unfounded assumptions about their capabilities or energy levels. This can stymie their career progression and erode job satisfaction.

6. Wrong estimations of compensation and benefits

There may be a belief that older workers come with a higher price tag due to their salaries and benefits, leading to decisions to hire younger, less costly employees instead.

7. Exclusion in work environments

The workplace may subtly favour younger workers through social activities, communication styles, or office design that caters to a younger demographic, leaving older employees feeling out of place or excluded.

8. Retirement pressure

The ticking clock of retirement may start sounding too early for some, with older workers facing pressure to retire sooner than they’d like, either through direct suggestions or more covert means, such as exclusion from key projects or decision-making processes.

9. Microaggressions

The slings and arrows of microaggressions – subtle, often unintentional, discriminatory comments or actions – can contribute to a hostile work environment. Jokes about someone’s age or assumptions that they won’t understand new technology are just a few examples.

10. Health-related biases

Assumptions about the health and stamina of older workers can lead to unfair discrimination. Employers might wrongly believe that older employees will take more sick leave or be less capable of handling physically demanding tasks.

Adapting business practices for an ageing workforce

To truly embrace the silver generation, companies must adapt their business practices. Flexible working conditions, health and wellness programmes, and career development opportunities are key strategies for supporting an ageing workforce.

By recognising the value that older workers bring to the table and addressing biases head-on, organisations can unlock a wealth of untapped potential and create a more inclusive, dynamic workplace for all generations.