A multi-generational workforce brings together fresh perspectives and a range of abilities. It boosts team creativity, problem solving, knowledge sharing and individual development. It’s therefore no surprise that progressive financial services and actuarial employers are increasingly focused on the benefits of an approach that leaves no place for ageism in the workplace.
Here, recruitment expert Sarah Schadek-Keane, Director of International Actuarial for Emerald Group, explores the benefits and challenges in detail.
At Emerald Group, we see the benefits to our clients of bringing together different generations. We help them create talent-fuelled teams that embrace the different skills, knowledge and experience offered by individuals spanning different age ranges.
Clients who don’t follow this lead are getting left behind: not only are they falling short in the global drive to embed diversity in the workplace, they are missing out on multiple benefits that could help their team stand out against competitors.
So, what are the benefits?
- Multiple perspectives bring a broad range of knowledge and abilities which in turn bring balance for businesses, particularly when problem solving or seeking creative solutions.
- Creative solutions to problems become more visible, as teams generate ideas on how to address challenges and conflicts.
- Learning and mentoring opportunities spread throughout teams. Those with more years of experience assist junior colleagues with career and skills development, sharing knowledge and experience. In turn, junior team members share insights into current trends, technology and alternative or evolving approaches with mature workers.
- Better relationships often result between co-workers. Various age differences often mirror family structure and can foster personal connections outside one’s own generation.
Is workplace ageism a risk?
Ageist remarks and comments have negative impacts on a person’s mental and physical health so it’s important to combat ageism at every level of a company. A diverse and inclusive company can work with teams to support multi-generational workforces and cultivate these advantages.
According to Women 2.0, a survey of 1000 participants over 40 provided these key findings:
- 28% of respondents said they’ve experienced ageism at work.
- Men report being more likely than women to have been asked their age when searching for a new job.
- Women are 1.8x more likely to colour their hair than men to appear younger for work while respondents who have experienced ageism are 3x more likely than those who have not experienced ageism.
- Respondents who have experienced ageism in the workplace are 3.6x more likely to fear being pushed out at work because of their age than respondents who haven’t experienced ageism.
- Despite most respondents wanting to retire after the age of 65, 53% believe that it will be difficult to keep their job or get a new one starting at age 50.
Our experience at Emerald Group is that companies who embrace age-related differences benefit from a sound talent pipeline that supports business sustainability. It’s essential to communicate openly, honestly and transparently to build an atmosphere where people feel included and respected. This provides a positive employee experience and enables individuals to fulfil their professional needs and personal potential.
Here’s how Emerald Group supports a multi-generational workforce
The age groups of our employees range from 19-55 years and over.
36% of our employees are aged 19 – 30 and 20% are 30 – 39 years, which are considered career development years. For our senior employees, 16% are 40 – 49 and 4.5% are 55+. All team members are treated equally regardless of age and we actively encourage this practice throughout the business, whether it is regarding one of our own staff members or the candidates we work with.
Data shared is reported from our annual D&I survey (2020)* https://www.emerald-group.com/our-company-statistics-2021/
Source: Women 2.0 https://women2.com/2019/09/12/ageism-in-the-workplace/
Emerald Group is committed to diversity in our own workforce and in our client teams. If you’d like some guidance in this area, please get in touch at sarah.schadek-keane@emerald-group.com.
Emerald Group recruit the best candidates into the best roles in today’s insurance markets, both nationally and internationally. We use our extensive market knowledge and recruitment skills to bring a quality service to everyone we work with.