Before our eyes, the world is undergoing a massive demographic transformation. Globally, the number of people age 60 and over is projected to double to more than 2 billion by 2050, and those 60 and over will outnumber children under the age of five.Some in the public and private sector are already taking note — and sounding the alarm. In his first term as chairman of the US Federal Reserve, with the Great Recession looming, Ben Bernanke remarked, “In the coming decades, many forces will shape our economy and our society, but in all likelihood no single factor will have as pervasive an effect as the aging of our population.” Back in 2010, Standard & Poor’s predicted that the biggest influence on “the future of national economic health, public finances, and policymaking” will be “the irreversible rate at which the world’s population is aging”.
“While some people are financially capable of retiring,not all are ready to retire,” says the article. “Many older people need to save longer for retirement so they don’t outlive their savings. Others just choose to work longer to continue to remain cognitively engaged and actively contributing to society.”
Unfortunately, misconceptions abound about them: older people will get sick and leave，they are a drain on company benefits，they have difficulty adapting to change and lack technology capabilities, they won’t work as hard as younger people and “are just coasting toward retirement”.
Because of this, they experience the highest rate of unemployment in the general workforce, and for longer periods of time — double that of younger generations. Surveys consistently show people 50-plus believe they experience age discrimination in the job market. Some refer to this age group as “the new unemployable” .
It is no secret that they offer considerable experience and skills, providing an opportunity for employers across all sectors, especially as the growth rate of the workforce slows or even shrinks in the future. And the companies lucky enough to hire them will reap the many benefits afforded to those who “strategically harness the power of generational diversity and build inclusive age-friendly, organizational cultures”.