Although millennials are the largest demographic group, their growth in the workplace is outpaced by those ages 65-plus. And that has its advantages, according to a Dec. 7 article by Deloitte, a professional services network based in London.
First the stats: The U.S. labor market is projected to grow at an average rate of 0.6% a year between 2016 and 2026, the article said. However, the 65 to 74 age group is expected to grow by 4.2% each year, and the 75-plus group is projected to grow by 6.7% each year.
Eighty-five percent of baby boomers plan to continue working into their 70s or 80s, whether by choice or need, the article said.
“This trend is tilting overall workforce demographics toward the high end of the age spectrum, and the impacts of the aging workforce can already be seen at the individual, organizational and societal level,” according to Deloitte.
For managers, having an older workforce comes with some advantages. Deloitte listed some benefits mature workers bring to the workplace:
- Engagement and grit levels increase with age.
- Work quality improves with age.
- Mature workers tend to display stronger relationship and organizational skills.
- Experienced workers can help fill the talent gap.