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Age diverse work groups are more productive!

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Age diverse work groups are more productive!

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According to the Bureau of Labor Statistics (BLS), age-diverse teams demonstrate both deep business experience and a network of friends and colleagues built over 3-5 decades. They also found that workers over 55 are more loyal. In 2016, workers above the age of 55 had a median tenure of more than ten years with an employer vs. 2.8 years for Millennials. We’re not knocking Millennials, just making sure you are aware of why skill sets are not always the answer.
When recruited and managed purposefully, multi-generational work forces are more productive and have less turnover than those in companies without age diversity.

According to the Bureau of Labor Statistics (BLS), age-diverse teams demonstrate both deep business experience and a network of friends and colleagues built over 3-5 decades. They also found that workers over 55 are more loyal. In 2016, workers above the age of 55 had a median tenure of more than ten years with an employer vs. 2.8 years for Millennials. We’re not knocking Millennials, just making sure you are aware of why skill sets are not always the answer.
When recruited and managed purposefully, multi-generational work forces are more productive and have less turnover than those in companies without age diversity.

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Age diverse work groups are more productive!

  1. 1. Use them or lose them, but don’t hold them back! Age Diverse Work Groups, built upon the Silver Tsunami, are significantly and measurably more productive than homogenous work groups 2018 Joe Slade
  2. 2. The scope of ageism & work diversity challenges. • In 2017 the Equal Employment Opportunity Commission (EEOC) received 20,857 charges of age discrimination. • Few issues could be more mainstream or be relevant to more people. Statistics reveal that 10,000 people in the U.S. turn 65 every day. • This is a significant public health, public finance and corporate health issue.
  3. 3. Reverberations. • Stereotypes of people born from the early 1980s to 2000s make some companies reluctant to hire anyone under 40. • These attitudes include opinions that young workers are lazy, spoiled, unpredictable, unreliable and unprofessional. • According to the U.S. Bureau of Labor Statistics (BLS), employees 45–54 stayed on the job twice as long as those 25–34.
  4. 4. The sink hole: Habituation and Dependency. • A company can be blind to its own biases by prioritizing younger candidates because they are looking for traits often associated with youth. • Common concerns that lead to conscious and subconscious age discrimination include: • Energy and Stamina • Tech Savviness • Adaptability • Money
  5. 5. How willing are you to change? • Ageism is a weird prejudice. • It’s a bias held by younger people against a group to which they will eventually belong – if they are lucky! • The key to getting the best business results is about understanding the distinct merits of young and old. • Start thinking of old age as “a time of growth, learning, exploration, adventure”.
  6. 6. The data tells us what matters. • Sixty-five percent of employees age 55 and up are "engaged," vs. 58 to 60 percent of younger employees. • They also offer employers lower turnover rates and greater levels of experience and expertise. • Today approximately 50% of millennials are minorities and if you look at Texas, California and adjacent states is it much higher. Boomers are still 80+ % Caucasians. • By 2022 the workforce is expected to comprise 47% women and 40% minorities.
  7. 7. Let’s build on that. First get a positive mindset. • Attitudes, talent and skills are what matter. • To give your customers excellent service, hire older people. • If you can afford to replace them frequently, hire young people. • Let’s not be trapped by the pointless argument about which is better.
  8. 8. What happens to performance? • So, how do you develop a diversity strategy that gets results? • Link diversity to the bottom line. • Diverse teams find ways to increase corporate profits, looking to new markets or to partnering with your clients more strategically. • Consider how a diverse workforce will enable your company to meet those goals. • How can your diverse employees help you reach new markets? • Diverse groups produce better products than young male technology employees. “When given clear responsibility and authority, people will be highly engaged, will take care of each other, will figure out ingenious solutions, and will deliver exceptional results.” McKinsey & Company Insights 2018
  9. 9. Leverage and sustainability become possible. • High turnover (churn) consumes dollars, time, and energy. • Getting new people on board translates to less time and fewer assets to fully execute your plan. • If you recruit a bundle of skills, that person will likely leave you holding an empty bag 24–27 months from now. • Change always happen. • Continuity, scalability, remarkability, and sustainability emerge from your drive to be a winner and to get and keep winners on your team.
  10. 10. There are details, but no devils. • While many large companies prefer hiring skill sets compared to training employees, this needs to change; • Provide practical training using relevant success examples for diversity in small groups. • Training needs to emphasize the importance of diverse ideas too. • Train leaders to move beyond their own cultural frame of reference to recognize and take full advantage of the productivity potential inherent in a diverse work population.
  11. 11. Failure matters! It means you’re learning. • An alarming number of companies deal with newly minted leaders failing at the jobs for which they have been groomed and these mismatches are common across industries, geographies and roles in almost all organizations. • As the number of challenges increases, the more likely it becomes that leaders will fall short of their objectives. • Frequent leadership changes, a culture of low support or collaboration, high uncertainty and a high-conflict work culture have the strongest negative impact on a leader’s performance. • Match the right leader to the right challenge. • Adapt. Align. Learn. Do. Fail. Learn. Do. Rinse and repeat. Leaders can learn.
  12. 12. Visualize, create, search and acquire. • Employ a diverse set of interviewers. • Reconsider how you define diversity. This is huge. • Learn how to value the journey. We often over value indicators of past success, such as elite schools or work experience. • We are less skilled at recognizing unique talent, or those whose journey is possibly longer and less traditional. Look for winners. .
  13. 13. Get happy. Get better. • Everyone feels good about winning. Emotions soar. • A positive culture affords employees respect while expecting quality work daily. • A positive leader is emotionally intelligent and gets comfortable with change—listening, allowing, and giving frequent positive reinforcement.
  14. 14. Use technology intelligently. Tools, not rules. • If you follow the latest hiring trends, you may have noticed that many recruiters are turning to artificial intelligence (AI) tools to tackle discrimination in hiring―and with high expectations for success. • The successful use of AI in hiring depends on whether the tool is built to generate fair, balanced and useful results. • Machine learning and analytics promote what worked in the past. • A study from McKinsey and Company found that companies that have a diverse workforce financially outperform companies that don't.
  15. 15. Find winners. Visualize them on your team or teams. They drive ROI. • The danger of too much homogeneity is that your teams aren’t as creative in their problem solving. • Encourage your hiring managers to consider their own biases. • Remind your hiring managers that their job is to identify the best person for the job, not a person who fits their preconceived notions of who should have the job.
  16. 16. Recruit talent. Skills are learned and come from practice. • A candidate with great skills will require less on-the-job training. A candidate with great cultural fit possesses something that is often untrainable – the embodiment of your organization’s values and the ability to mesh with the team. • Just remember – each employee is an investment in your company. With a little time and training, an employee who initially lacked certain abilities, but fit in perfectly with the organization, can flourish into a skilled team member.
  17. 17. Authenticity, responsibility and accountability. • One company that has realized the value of older workers is BMW. A decade ago, the German car manufacturer realized that the average age of their employees was increasing. Rather than ignore that, they took action. • The 70 management tweaks that BMW made–from introducing part-time work to providing workers with shoes designed to reduce the pains of standing brought about a 7% increase in productivity. • Diversity in the workforce is now widely acknowledged to be a benefit as well as a necessity for companies that want to stay relevant. Make a difference.
  18. 18. Document the process. Tweak it. Rinse and repeat. • Think about the company you want to build—not just the one to two spots that are open. • What matters in the long run? • We often get caught in the short- term need to add someone with a functional skill/skills. • Remove subconscious biases from the hiring process. Write a job spec and test it out to make sure it doesn’t only appeal to one group of people, such as Anglo men.
  19. 19. Ripple out and share your victories. • It’s vital to move beyond attempting to reduce bias and toward putting inclusion into action. It’s a winning approach and the data supports it. • Winning enlarges your circle of backers, including influencers and your best new customers. • When your top performers are striving to exceed objectives, they also create new processes that strengthen your corporate fiber. • Share your struggles & successes.
  20. 20. Document the results with your own case studies. • Measure your results. • Keep doing what is working and stop doing what is not working. • Create internal and market- related case studies: • Problem. Methods we used. Results.
  21. 21. https://www.dropbox.com/s/bi66sx1vaeea33x/Age%20Diverse%20Slide%20Deck%2012.22.18.pptx?dl=0 All content is the intellectual property of Joe Slade and The Slade Group except cited sources. You may use this content with permission and citation of Joe Slade as your source. Please respect intellectual property and its owners.

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