AARP International

How and Why Modern Employers Should Embrace Longevity

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  • About LLEL

    Join AARP, the World Economic Forum, OECD and  50 employers in a learning collaborative to identify and share multigenerational, inclusive workforce practices.

    Trends and Opportunities
    As people live longer, healthier lives, many will want or need to work longer. Longevity thus presents an opportunity and responsibility for governments, employers, and people of all ages to reimagine what it means to earn and learn over a lifetime. This initiative seeks to engage 50 employers in a learning collaborative to identify and share multigenerational, inclusive workforce practices.


    Action to be Taken
    Although governments can and should support the development of multigenerational, inclusive workforces, employers are best positioned to lead the charge.

    Success will benefit the economy, businesses and employee growth and satisfaction. To do so, it is essential that employers:
    Ensure individuals remain employable throughout their lives with continued education and training,
    Enforce policies that prevent age discrimination, and adopt age-inclusive policies, and
    Provide opportunities for workers to remain and grow on the job.

    Project Objectives
    The World Economic Forum, AARP, and partner organizations agree to share existing resources and, where knowledge gaps exist, collaborate on new research to help employers build, support and sustain multigenerational workforces.

     


    Three dimensions have been identified by which to examine inclusive employment:

    Create: How does corporate culture and climate affect the quality of employment for all generations? Be it through access to meaningful work, a culture of respect, inclusion, and equity, or employment security and predictability.

    Invest: What are the standards, policies, and practices to support a well-functioning multigenerational workforce? Important areas include recruitment, assessment and retention
    practices, compensation and benefits, lifelong learning, health and wellness benefits, caregiving services, physicality of the workspace and options for phased retirement.

    Prosper
    :
    How can employers and employees translate a more age-friendly environment into business and personal growth? Employers who can retain market-valued intellectual capital, raise stability and engagement of highly skilled employees and deliver products and services designed by a representative workforce stand to benefit. Employees with access to resources revitalizing skills can lead to greater personal financial security and self-fulfillment.

     

    Timeline

    This initiative will be conducted in three phases:
    I.) Launch and Partnerships;
    II.) Study and Consensus; and
    III.) Release and Promote. In addition to conducting extensive desk research, a series of regional workshops between summer 2019 and fall 2019 will convene a diverse set of international thought leaders to engage in dialogue, share existing resources, highlight meaningful case studies, and consider business rationales and incentives for employers to support a multi-generational, inclusive workforce.

    This work will culminate in a digital learning platform, to be launched at the 2021 World Economic Forum Annual Meeting in Davos, Switzerland. This interactive will serve as a guide for employers on the policies, practices, and business cases for supporting an age-diverse workforce.

    Calendar of Events
    July 30, 2019 (North America – New York City)
    Regional Executive Workforce Roundtable

    September 17, 2019 (Asia – Singapore)
    Regional Executive Workforce Roundtable

    October 4, 2019 (Europe – Paris)
    Regional Executive Workforce Roundtable

    Read Insights from the three roundtables

    Partnering Organizations
    Aegon
    AIG
    Allianz
    Amgen
    AmeriTrade
    Aviva
    Bank of America
    BlackRock
    Burning Glass Technologies
    Freddie Mac
    Generali
    Guardian Life
    HSBC
    Home Instead
    Invesco
    Investec
    Manulife
    Mercer
    Natixis
    Old Mutual
    PZU
    Randstad
    SmartBridge Health
    Standard & Poor’s Global
    The Hartford 
    Uneva Health
    UnitedHealth

    Knowledge Partners
    Aging Studies Institute (Maxwell School of Citizenship and Public Affairs at Syracuse University)
    Canadian Association of Retired Persons (CARP)
    Center for the Future of Aging, Milken Institute
    Centre for Ageing Better (UK) 
    Global Financial Literacy Excellence Center (George Washington University School of Business)
    Mailman School of Public Health (Columbia University)
    MIT AgeLab
    National Academy of Social Insurance
    Sau Po Centre on Ageing (The University of Hong Kong)
    Stanford Center on Longevity (Stanford University)
    Wise at Work (Hong Kong) 

  • Webinar Series

    Webinar Series: Building Multigenerational Teams Across the Workplace
    In this webinar, Martha Deevy, Associate Director and Senior Research Scholar from the Stanford Center on Longevity and Haig Nalbantian, Senior Partner, Workforce Sciences Institute at Mercer will share research data and discuss the importance of “Building Multigenerational Teams Across the Workplace

    Webinar Series: Creating an Age-Inclusive Workplace Culture
    In this webinar, you will hear from Future-of-Work Strategist Heather McGowan and Jisella Dolan, from Home Instead Senior Care, who are thinking deeply about the benefits of implementing an age-inclusive workplace culture

    Webinar Series: Why a Multigenerational Workforce is Becoming a Business Priority
    In the first webinar of the Living, Learning and Earning Longer Collaborative series, OECD Labor Economist Shruti Singh and Bank of America executive Aubrey Long discuss the research on changing global demographic trends and why a multigenerational workforce is good for business.

  • Newsletter

    Read Today's Newsletter:
    Living, Learning, Earning Longer Collaborative Newsletter – March 23, 2020

    Today's Newsletter
    1. Executive Update
    2. Upcoming Events
    3. Data Point of the Day
    4. AARP Insights
    5. Featured Promising Practice
    6. Multigenerational Workforce News
    7. Relevant Resources & Reports
    8. Stepping into the Future
    9. Join Us!
    10. Demonstrate Your Commitment to Experienced Workers 
    11. Archives 
    Dear Executives - 

    The coronavirus outbreak is having an impact in almost every corner of the globe and we are seeing the social, health, and economic impact in real-time. 
     
    It is important that we all work together to ensure the safety and wellbeing of our workforce as we navigate the days and weeks to come. During these difficult days, AARP is actively engaged in the response to the COVID-19 outbreak, and we are working hard to help our members, their families and broader community. You can learn more about our efforts directly from our CEO, Jo Ann Jenkins, in her open letter
     
    Here are a just a couple of resources you might find helpful:
    • We are publishing, in both English and Spanish, information and tips daily on our website at aarp.org/coronavirus.
    • We are hosting weekly tele-townhalls with the nation’s top coronavirus experts so that you can ask questions and hear the latest on the health and lifestyle recommendations that are continually being released.
    • We are also sharing vital information and guidance with our global partners - AARP Recommendations in World Economic Forum.
     
    The Centers for Disease Control and Prevention (CDC) has a range of information and guidance to help employers. The “Guidance for Businesses and Employers”, for example, offers prevention and preparation strategies for businesses and employers such as ensuring that sick leave policies are flexible and consistent with public health guidance.
     
    Employers are also advised to follow CDC guidance regarding social distancing to minimize exposure among their workforce and between the general public.  In addition to the CDC guidance, we encourage all employers around the world to stay up to date with the most current World Health Organization’s (WHO) Situation Reports and review WHO's Getting Your Workplace Ready for COVID-19 to manage workplaces in the midst of this outbreak.
     
    We are resilient and will get through this together. We want to hear from you. Are these uncertain times demonstrating a need for more workplace flexibility? What are some of the innovative practices you are implementing to weather the storm? Are you testing new policies and practices to provide your workers of all ages and life-stages the opportunity to continue to contribute despite social distancing guidelines? Send your thoughts and insights to thoughtleadership@aarp.org.  We will highlight some of these ideas and practices in our next column.

    Best,

    Jean Accius
    Senior Vice President of Global Thought Leadership, AARP
    LinkedIn | @JeanAccius | Jean Accius’ Bio
    • March 25, 2020, at 11:00 AM (EDT): Join us to hear from Dr. Vivian Lou with Hong Kong University and Edward Moncrieffe, CEO of HSBC Life International. During the webinar, top executives will present on Investing in Your #1 Resource: Your WorkersLearn more and register.
    • April 22, 2020 at 11:00 AM (EDT): Monthly Peer Learning Conference Call Exclusively for Members of the Collaborative
    • May 20, 2020, at 11:00 AM (EDT): Webinar: Retraining and Upskilling Workers, featuring the Centre for Ageing Better in the UK. Registration coming soon.
    • July 22, 2020, at 11:00 AM (EDT): Webinar: Implications of Learning & Earning Longer, featuring Mike North from Stern School of Business at New York University and Mike Mansfield from Aegon. Registration coming soon.
    • September 23, 2020, at 11:00 AM (EDT): Webinar: Including Age in Diversity & Inclusion (D&I) Strategies, Part 1. Registration coming soon.
    Insights from Global Companies on the Multigenerational Workforce, AARP Research, 2020
    Investing in Your #1 Resource: Your Workers
    By Ramsey Alwin, Director, Thought Leadership - Financial Resilience, AARP
    @ElderNomics
    Investing in workers adds to your bottom line and sustainability. Employees are your resources for innovation, connection to consumers, and implementation of quality products and services that build reputation and credibility.
     
    Greater diversity supports higher innovation revenue and profit margins. Companies with above-average diversity in age, gender, nationality, career path, industry background, and education on their management teams report innovation revenue that is 19 percentage points higher and profit margins that are 9 percentage points higher than companies with below-average diversity.
     
    Proper investment in balancing the work and life-stage needs of your employees helps them to help you by improving employee engagement and retention. Studies show 83 percent of global companies report improvement in employee productivity after adopting flexible work policies and 61 percent report a rise in profits. Training existing employees can increase their commitment to the organization, increasing retention and saving employers the cost of hiring anew. One in four (25 percent) U.S. workers age 50-plus report they would stay with their current employer longer than planned if their employer provided and paid for more work-related training, according to an AARP survey. This is important because mature workers around the world have social, cultural, and human knowledge that is essential to an organization’s institutional memory. The loss of institutional knowledge can lead to a lower capacity for innovation and growth, reduced efficiency, and the loss of competitive advantage, according to Oxford University.
     
    The flexibility, meaning, purpose, and lifelong learning that 50-plus workers desire and need also holds true for Generation X, Millennials, and new entries. Employees of all ages value when employers invest in skill building and learning, and offer inclusive family leave and caregiving policies. Employees want flexible and agile workplaces, purpose-driven and meaningful work, health and well-being support that includes physically ergonomic workspaces and healthcare benefits, fair and equitable compensation, and opportunity for promotion regardless of age. It is vital that employers create a culture of respect that welcomes and creates space for inclusion of all perspectives and experiences that builds community. When designing workplace policies, we recommend aspiring that they be universal in design so as to resonate with all employees regardless of age or life stage.
    The New Flexible Retirement” report from the Aegon Center for Longevity and Retirement offers a clear strategy for employers to allow for employees to retire in more adaptable ways. Promoting the new flexible retirement can create a win-win situation for workers, employers, and governments to address increases in longevity and mitigate the challenges created by population aging. Aegon sets forth the following recommendations in support of the new flexible retirement:
    • Employers should conduct a review to see how changing demographics will affect their workforce and assess the value of retaining older workers as a way to maintain institutional knowledge and address possible labor shortages in the future.
    • Governments and employers can increase workers' awareness of the opportunities for continuing to work past the traditional retirement age. Education through public service campaigns and workplace communications can help workers to make more informed personal and financial decisions that could lead to a better transition into retirement.
    • Employers can and should promote an age-friendly work environment and culture designed so that workers of all ages can thrive. Examples include offering part-time, flexible work schedules and enabling shifts to less demanding positions.
    • Governments and employers should identify and remove disincentives in workplace retirement plans to working past a fixed retirement age. Examples include the ability to start receiving retirement benefits at retirement age while continuing to work, the ability to continue to either contribute to or earn service credit in an employer plan past retirement age, and the opportunity to move into a less demanding role without impacting retirement benefits.
    • Employers can establish intergenerational employee resource groups and work teams to help breakdown stereotypes relating to age, young and old, as well as to take advantage of the different skills and perspectives each generation brings to a project. Such groups also help in transferring knowledge and skills within the workplace.
    • Employers can provide access to training for workers of all ages, including 50-plus employees, to help them keep their job skills up-to-date and relevant.
    • Embracing the New Age of Materiality: Harnessing the Pace of Change in ESG. World Economic Forum.
      The framework for action gives guidance to investors and helps businesses identify ESG factors for long-term resilience.
    • Strategies to Support Working Caregivers, Bank of America. As population aging transforms American society and the workforce, caregiving has emerged as one of the central, if least well understood or addressed, issues facing employers. Due to dramatic increases in life expectancy and declines in the birth rate, older Americans make up a larger share of the population than ever before—and this trend is accelerating. As a result, the need for elder care is reaching unprecedented levels, leading to rapid growth in the number of employees who also provide care.
    • Creating Quality Jobs: A Framework for the Multigenerational Workforce, AARP. Attracting and retaining the right mix of people, equipped with the right skills, high levels of productivity, and emotional IQ, can sometimes feel like a Herculean task. Though some might argue that organizational theory has been slow to arrive at this realization, companies are increasingly aware that people are the most important resource they have.
    • The unique retirement challenges of workers in physically demanding jobs, Aegon Retirement Readiness Survey 2018. Countries around the world are grappling with how to maintain sustainable retirement systems that enable people to retire and age with dignity. The goal of this report is to raise awareness of the retirement-related risks faced by physical workers and recommend actionable insights for individuals, employers and policymakers on how to mitigate these risks.
    • Supporting Working Caregivers: Case Studies of Promising Practices, AARP. In 2012, ReACT and the National Alliance for Caregiving published “Best Practices in Workplace Eldercare,” which summarized trends and innovations in policies and practices to support employees with caregiving responsibilities for older adults and profiled 18 organizations that were considered among the leaders in this regard. This new report examines what’s changed over the past five years and describes what “promising practices” look like today — based on in-depth interviews with 14 organizations, including six of the 18 participants profiled in the 2012 report.
    • The Aging Workforce: Leveraging the Talents of Mature Employees, SHRM Foundation. For the next 15 to 25 years, in most industrialized countries the large baby boomer generation will be reaching traditional retirement age and leaving the workforce. To respond to this exodus of talent, organizations must recognize the value of mature workers and develop strategies to retain and engage them. This is the 20th report in the SHRM Foundation’s Effective Practice Guidelines series. Created in 2004 for busy HR professionals, the series integrates research findings with expert opinion on how to conduct effective HR practice.
    The Living, Learning and Earning Longer Collaborative is working with global companies to refine the business case for age diversity and highlight best practices from around the world. With WEF and OECD, AARP is considering the complexity of the multigenerational workforce when evaluating an organization’s recruitment and retention practices, flexible work and caregiving benefits, lifelong learning and training, and assessment procedures. 
     
    Our findings will identify standards, policies, and practices that an age-diverse and inclusive workforce ecosystem. At the 2021 World Economic Forum Annual Meeting in Davos, Switzerland we will release our conclusions and recommendations in a digital learning platform.
     
    Join AARP, the World Economic Forum, the OECD, and at least 50 employers in a Living, Learning & Earning Longer Collaborative to identify and share multigenerational, inclusive workforce practices. To formally join the Learning Collaborative, contact Jeff Gullo at AARP or Andre Belelieu at the World Economic Forum.

    The AARP Employer Pledge Program is a nationwide group of employers that stand with AARP in affirming the value of experienced workers and are committed to developing diverse organizations.
    Employers who sign the Pledge agree that they:
    • Recognize the value of experienced workers
    • Have immediate hiring needs
    Demonstrate your organization’s commitment by signing the AARP Employer Pledge:
     
    “We believe in equal opportunity for all workers, regardless of age, and that 50+ workers should have a level playing field in their ability to compete for and obtain jobs. Recognizing the value of experienced workers, we pledge to recruit across diverse age groups and to consider all applicants on an equal basis as we hire for positions within our organization.”
    Sign the Pledge!
     We encourage you to share this newsletter widely with your colleagues and other stakeholders.

     

  • Research


Contact for more information

Jeffrey Gullo, AARP

jgullo@aarp.org 

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