Room for all
You never know what your cubicle mate is thinking, but recent research identified a source of workplace friction more serious than Jim from accounting’s use of the office microwave to heat up leftover fish: Younger workers wonder why older workers are hanging onto their jobs for so long. Time for those older folks to retire already!
A recent poll by The Associated Press and NORC Center for Public Affairs Research found that 4 in 10 respondents ages 18 to 49 consider the aging workforce to be a bad thing for American workers. Just 14 percent of those age 60 and older said the same. A survey by consulting firm Willis Towers Watson seemed to put its finger on the problem: 37 percent of employers worry that older workers will block the promotion pipeline for younger workers.
The potential for tension is real because members of the massive baby boomer generation continue to occupy workspaces with younger generations who are advancing up the ladder. An aging population, high health care costs and financial setbacks from the Great Recession are likely contributing to a
graying workforce.
This is an issue with a sensible solution everyone in the workforce should want: continued robust economic expansion. When existing companies grow and innovation spurs the creation of new firms, employers will need to hire and promote.
Stoking this healthy cycle allows strivers of all ages room to excel. Meanwhile, older workers can benefit from growth in their 401(k) accounts, so those who are ready to retire can feel confident walking away from a paycheck.
To make this point another way, consider the inverse: Unemployment is now at a 50-year low. What would be the impact on hiring and advancement if the economy tanked?
This would be a shame. Older workers provide wisdom and experience. Millennials bring urgency and a bakedin understanding of the digital world. Competition for promotions is a necessary aspect of business, and we don’t want to take sides in any generational tug of war.
We’d rather root for everyone to have as much opportunity as possible. That happens when the American economy is growing at a strong clip.