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Business Leaders Share Their Top Tips To Unlock the Power of Age Diversity at Work
Key takeaways from the National Employer Summit on the Aging Workforce
On Sept. 10, 2024, the Health Action Alliance hosted the National Employer Summit on the Aging Workforce, presented by AARP, with additional support from Pfizer. During the live virtual event, business leaders and health experts shared practical ways that companies can meet the needs of employees of all ages.
Read on for highlights from the event, and watch the full recording below.
Keynote Conversation: Age-Inclusive Workplaces With AARP
Steven Levine, Co-Founder of the Health Action Alliance, hosted a discussion with Heather Tinsley-Fix, Senior Advisor, Employer Engagement at AARP, on the challenges and opportunities of supporting an aging workforce.
Key Insights
Older workers are a rapidly growing demographic in the workforce. One-third of the U.S. labor force is over age 50, and by 2031, workers aged 65 and older will represent a quarter of the global workforce.
Despite their loyalty and experience, older employees often face challenges such as age discrimination, financial stress around retirement, and lack of workplace support for age-related experiences, such as menopause.
Older workers bring a range of unique strengths that make them invaluable in today's market:
Soft skills and experience: Older workers possess valuable soft skills, often referred to as durable human skills, which are developed over time through on-the-job experience.
Context-rich thinking: Due to their experience, older workers are more able to anticipate errors and navigate challenges.
Rehirable talent: Rehiring older workers and transitioning them into new roles, especially in industries facing automation, helps fill talent gaps while leveraging their industry experience.
Intersectionality Across Ages
Age affects different groups uniquely, so it’s important to talk openly about our experiences. Employee resource groups (ERGs) are one good place for these conversations. Some specific factors to consider when discussing age include:
Women and ageism: Women often experience ageism earlier than men — a reality reflected in media, advertising, and societal expectations. While motherhood is widely celebrated and supported, women going through menopause receive far less visibility and societal acknowledgment, making it a difficult topic to address in the workplace.
LGBTQ+ community: For older LGBTQ+ people, identity can feel more rigid due to the struggles they faced in asserting themselves in earlier, more dangerous times. In contrast, younger LGBTQ+ people often experience a more fluid sense of identity, benefiting from the progress made by older generations. Understanding these generational differences requires creating space for open dialogue.
Insight Spotlight
"All ages matter and bring something to the workforce. While we talk about the value of older workers, it's age diversity that's the real secret sauce. When you have an inclusive environment, organizations can really leverage that." –Heather Tinsley-Fix, Senior Advisor, Employer Engagement, AARP
Take-Away Tactics
Dispel stereotypes about age: Research consistently disproves the assumptions that aging is associated with decline, slowness, or disinterest. Talk about the value older workers bring, and challenge age-related biases in decision-making, hiring, and team dynamics.
Offer opportunities for growth: People over 50 are eager to learn new things and reskill; encourage a growth mindset and provide opportunities for continuous learning.
Provide flexible work options: Workplace flexibility, in both time and location, benefits everyone, not just older workers. Create a culture that values caregiving and supports employees in balancing work and personal responsibilities.
Don’t pigeonhole older workers in mentorship roles: Encourage older workers to mentor others, but make sure they aren’t confined to these roles. Invite them to pursue new challenges, learn from colleagues, and contribute in diverse ways.
Introduce returnship programs: Use structured returnship programs to welcome employees back to the workforce after time off for caregiving or further education through. These initiatives provide a clear path for re-entering the workforce and support the transition back to full-time.
Provide flexible retirement options: Offer flexible retirement plans, such as phased retirement, or creative options like seasonal work or reduced hours, allowing older workers to stay engaged while maintaining key benefits.
Conversation: Supporting Caregivers in the Modern Workplace
Heather Tinsley-Fix, Senior Advisor, Employer Engagement at AARP, hosted a discussion with Lena Davydov, Senior Director of Benefits at Hilton, on how employers can support caregivers in the workforce.
Key Insights
More than one in five Americans are working caregivers, often balancing the demands of caring for both children and for older family members, all while managing work responsibilities.
Widespread impact of caregiving: Caregiving affects everyone — whether as a current caregiver, a past caregiver, or someone who will need care. It's a reality that touches the lives of employees in their prime working years, and many are forced to take leave or quit due to caregiving responsibilities.
Caregiving’s effect on work performance: In August 2024 alone, nearly 70,000 employees missed work, and 150,000 had to reduce their hours to part-time due to childcare issues, according to the latest Bureau of Labor Statistics report.
Impact of caregiving on women: 60% of caregivers are women, with one in three considering downshifting their career or leaving the workforce altogether.
Financial and emotional toll: Caregiving is a significant time and financial burden; caregivers devote an average of 20 to 40 hours per week to caregiving, for an average of four years. They spend approximately $7,000 per year out of pocket. This responsibility often leads to increased stress, making caregivers twice as likely to suffer from depression and anxiety.
Hilton’s ‘Care for All’ Initiative
Hilton shared details about several initiatives to support their caregiving employees:
Inclusive caregiving programs: Hilton’s "Care for All" initiative supports a wide range of caregiving needs, from self-care to caring for children, older family members, and even pets. Recognizing that caregiving extends beyond just parents, this holistic approach provides practical solutions that address the diverse needs of employees.
Caregiving concierge service: Hilton rolled out a personalized caregiving concierge service that helps with tasks such as finding care providers, contesting medical bills, and navigating Medicare, making it easier for employees to manage caregiving while working.
Insight Spotlight
"There are those who are caregivers, those who have been caregivers, those who will be caregivers, and those who will need care. Caregiving impacts all of us, and there's just no getting around that. ... Employers cannot ignore this challenge — it’s the reality of everyday life for employees." –Lena Davydov, Senior Director of Benefits, Hilton
Take-Away Tactics
Recognize the wide-reaching impact of caregiving: Caregiving is a reality for a large percentage of your workforce. Acknowledge that employees at all levels likely face caregiving responsibilities that impact their performance.
Invest in holistic support: Offer resources that support all forms of caregiving, from caring for children to older relatives, friends, and pets. A comprehensive approach ensures all employees feel valued and supported.
Offer personalized support: Providing access to personalized, empathetic support can improve caregivers’ overall well-being and performance at work.
Empower managers: Educate managers on supporting caregivers. Managers play a crucial role in the mental health of their teams and should be trained to offer empathy and understand the resources available to help their employees.
Use storytelling to create culture change: Sharing personal caregiving stories within the organization humanizes the caregiving experience and encourages empathy and support across all levels of the organization.
Panel: Supportive Practices for Menopause-Friendly Workplaces
Morra Aarons-Mele, author and host of The Anxious Achiever podcast, hosted a discussion on practices that help create menopause-friendly workplaces. Panelists included:
Maura Cawley, Senior Partner, Employee Health & Benefits at Mercer
Sonja Kellen, General Manager, Global Health & Wellbeing at Microsoft
Dan Simons, Co-Owner of Farmers Restaurant Group
Key Insights
Significant knowledge gap: Only 20% of OB-GYN residency programs include training on menopause, and just under 60% of practicing OB-GYNs are current on their knowledge of hormone replacement therapy (HRT), highlighting a critical lack of medical expertise in menopause care.
Reduce the stigma: Normalizing conversations about menopause fosters a supportive workplace culture, reducing stigma and promoting inclusivity.
Role men can play: Male leaders play an important role in bringing menopause into leadership discussions, promoting awareness and understanding.
Insight Spotlight
“Menopause is a leadership topic—full stop. Men should be talking about menopause. Leaders, regardless of gender, should be talking about it. ... Normalize it. And little companies can do that. It doesn't cost anything. It takes a bit of courage until you realize it doesn't actually take any courage at all. It's just a leadership topic." –Dan Simons, Co-Owner of Farmers Restaurant Group
"It's our responsibility to make sure we're creating an environment where people can do their best work, and a key component of this is supporting our employees with benefits that matter most to them." –Sonja Kellen, General Manager, Global Health & Wellbeing at Microsoft
"When an employer has a variety of programs, benefits, and policies that meet diverse workforce needs, employees tend to be more loyal to the employer and more engaged at work." –Maura Cawley, Senior Partner, Employee Health & Benefits at Mercer
Take-Away Tactics
Include menopause specialists in provider directories: Ensure that healthcare provider listings specifically indicate specialists trained in menopause care, not just general OB-GYNs.
Offer access to specialized care: Provide access to specialized menopause providers, potentially through telehealth solutions, to fill the gap in traditional medical training.
Cover treatments and therapies: Ensure coverage for hormone replacement therapy (HRT) and other menopause-related treatments within employee health plans.
Provide education and mental health support: Provide educational modules and counseling services specifically geared toward people going through menopause.
Foster cultural support: Educate managers and create anti-stigma campaigns to normalize menopause conversations in the workplace.
Adjust workplace policies: Implement small changes like easing dress code policies and providing amenities such as portable fans to create a more comfortable work environment.
Leverage employee resource groups: Utilize these groups to facilitate conversations, offer peer support, and reduce stigma around menopause.
Consider holistic health time off: Offer flexible schedules and paid time off, not just for physical illness but also for mental, emotional, and overall well-being.
Panel: A Roadmap to Empowering Workforce Financial Resilience
Natasha Bowman, workplace and mental health strategist, author, and attorney, moderated a discussion on retirement readiness and financial resilience in the workforce. Panelists included:
Financial resilience is a leadership responsibility: Employers play a pivotal role in supporting their workforce’s financial well-being. These initiatives not only improve individual employee outcomes but also enhance retention, productivity, and morale.
Holistic support drives loyalty and engagement: Retirement is a gradual process requiring early planning and continuous support. A comprehensive approach that includes mental health resources, retirement planning tools, and culturally sensitive guidance helps build financial resilience, leading to a more engaged, creative, and satisfied workforce.
Mental health and financial health are interconnected: Financial stress can lead to distractions at work, reducing productivity. Offering financial wellness tools that help employees make informed decisions about their health and finances addresses this challenge, helping workers to be healthier and more focused.
Destigmatizing financial stress is essential: Nearly 42% of workers report that financial stress negatively impacts their mental health. Creating a transparent environment where financial challenges can be openly discussed allows employees to access the necessary resources and make better financial decisions.
Racial inequality impacts financial resilience and retirement: Structural barriers — including wage gaps, limited access to retirement plans, and lower financial literacy rates — disproportionately affect people of color, contributing to significant disparities in retirement readiness.
Insight Spotlight
"If I’m just here because I can't afford to retire, I'm not bringing my best self to work. I'm distracted by what my retirement looks like." –Natasha Bowman, Workplace & Mental Health Strategist, Author, and Attorney
Take-Away Tactics
Provide holistic financial wellness programs that address debt management, emergency savings, and retirement transitions.
Engage employees early and continuously in financial wellness initiatives, incorporating mental health resources and culturally sensitive guidance.
Offer tools such as debt calculators, retirement planning calculators, budgeting apps, investment guidance platforms, and student loan repayment assistance programs.
Normalizes discussions around financial stress and create an environment that encourages employees to access available resources and mental health support.
Address racial disparities in financial wellness and provide tailored support, including mentorship, financial coaching, and equity-focused initiatives to help bridge the gap and foster greater financial resilience and retirement readiness for communities of color.
Resource Roundup
Resources From HAA
Age Inclusivity: Four Week Challenge: A motivating and insightful activity to help business leaders like you create more age-inclusive workplaces. Each week for four weeks, you’ll receive bite-sized challenges to help you:
Support working caregivers
Create a menopause-friendly workplace
Improve financial resilience and retirement-readiness
Foster intergenerational friendships at work
Recommended Resources From Our Panelists
AARP Employer Resource Center A comprehensive platform designed to help organizations create age-inclusive workplaces. It offers resources on building multigenerational teams, supporting family caregivers, promoting digital literacy among older workers, and fostering age-friendly company cultures. Employers can also take the AARP Employer Pledge, post jobs to reach experienced workers, and access webinars, guides, and actionable strategies for supporting workers of all ages.
TIAA Retirement Bill of Rights A framework designed to help ensure every American worker has access to a secure retirement. It emphasizes expanding access to retirement plans, encouraging participation in savings programs, improving financial literacy, and promoting diversity, equity, and inclusion in the workplace. The initiative supports both public and private sectors in creating solutions that provide lifetime income and financial stability for all workers.
Retire Inequality A campaign dedicated to addressing the gender and racial disparities in retirement security. It highlights the systemic barriers women and people of color face in saving for retirement and advocates for policy changes to create a more equitable financial future. The platform provides resources for individuals and organizations to take action, share stories, and support initiatives that promote financial security for all, regardless of gender or race.
Maven A comprehensive healthcare platform that provides inclusive, high-quality care across life stages, from fertility to menopause, with 24/7 access to virtual providers, personalized support, and cost-saving solutions for members and unions.
The Case for Supporting Working Parents A report co-authored by panelist Emily Watson, Senior Director of Benefits at TIAA. The report explores the financial considerations and stresses faced by many young families — and how this affects their long-term financial security. The report also sheds light on the outsized impact of caregiving on women’s career advancement, earnings, and retirement security.
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