On Nov. 19, 2024, the Health Action Alliance hosted The Business Case for Longevity, a National Employer Briefing held in partnership with AARP. This in-depth discussion brought together industry experts and business leaders to explore how supporting longevity and age inclusivity in the workplace can enhance workforce resilience and drive business success.

Read on for key highlights from the event, and watch the full recording below.

Opening Remarks: Why Longevity Matters

Amy Small, Managing Director of the Health Action Alliance, kicked off the event by addressing the vital role of older workers in today’s workforce.

Key Insights:

• Employees aged 50 and up, especially women, are set to become the fastest-growing part of the U.S. workforce.
• Older workers bring valuable experience, engagement, and strong interpersonal skills that help organizations stay steady and successful.
• Retaining experienced employees is more important than ever as the younger workforce shrinks and demographics shift.

Panel: The Business Case for Longevity

Karen Chong, Vice President of Audience Strategy and Age Inclusion at AARP and Ed Lehman, U.S. Health & Benefits Lead at Mercer, discussed how age-inclusive practices can unlock opportunities for organizations.

Key Insights

Aging Is a Global Phenomenon:

• By 2050, one in six people globally will be over 65. In regions like North America, Europe, and China, it will be one in four.
• The longevity economy is projected to grow from $45 trillion in 2020 to $118 trillion by 2050, a 162% increase.

Older Workers Bring Unique Value:

• Today's older workers are living healthier lives and can remain in the workforce longer.
• Retaining experienced employees reduces recruitment costs, enhances stability, and boosts innovation, primarily through multigenerational teams.
• Ageism remains a barrier, but tackling ageism isn’t just about fairness—it’s a chance for companies to build stronger brands and gain competitive advantages by creating inclusive workplaces.

Economic Imperatives:

• Without action, the aging population could strain global economies. S&P has warned that over half the world's economies could face credit downgrades by 2060 if aging costs aren't addressed.
• Employers play a crucial role in bridging health, skills, and financial gaps for their workforce.

Takeaway Tactics

• Help Employees Find Purpose: Create opportunities to connect their work to a larger mission, engage in meaningful projects, and mentor others. Purpose-driven work keeps employees of all ages motivated and fulfilled.
• Invest in Healthspan: Prioritize health initiatives like preventive care, wellness programs, and ergonomic improvements to keep workers healthier and productive longer.
• Extend Workspan: Offer flexible work options, phased retirement programs, and opportunities for older employees to mentor younger generations.
• Build Financial Resilience: Provide financial education to help employees bridge wealth gaps and prepare for retirement. 
• Leverage Multigenerational Teams: Foster collaboration between older and younger employees, combining institutional knowledge with fresh perspectives to drive innovation.
• Address Ageism: Promote inclusive policies and showcase diverse leadership to position your organization as an age-friendly employer.

Panel: Breaking the Age Barriers: Profiles in Corporate Leadership 

Carly Roszkowski, Vice President of Financial Resilience Programming at AARP, moderated a panel featuring Kat Gordon, Founder and CEO of the 3% Movement, and Melody McClain, Director of Benefits at Levi Strauss & Co., who shared examples of age-inclusive strategies driving innovation.

Key Insights

The Value of Age-Diverse Teams: Combining the expertise of seasoned employees with the fresh perspectives of younger workers sparks creativity and leads to innovative solutions.

• ‍Industry Insight: At Levi's, younger employees introduced advanced data visualization tools, while older team members contributed deep industry knowledge to ensure effective implementation.

Knowledge Sharing Across Generations: Knowledge-sharing is critical for maintaining operational excellence and preparing for workforce transitions.

• ‍Industry Insight: Levi’s actively cross-trains younger employees on legacy systems and institutional knowledge to bridge skill gaps as experienced workers approach retirement.

Challenging Age-Related Stereotypes: Initiatives like flipping traditional roles, such as having a younger emcee and a senior social media manager, challenge assumptions about what different generations can contribute. This can both increase age inclusivity and reshape perceptions while energizing workplaces.

Takeaway Tactics

• Foster Intergenerational Collaboration: Encourage cross-generational mentorship and teamwork to harness the strengths of all age groups.
• Invest in Inclusive Benefits: Offer benefits that address the full life cycle, such as eldercare support, menopause programs, and backup childcare. Promote access to voluntary benefits like legal services to support caregiving responsibilities.
• Combat Ageism with Bold Actions: Use “assumption audits” to challenge stereotypes about age-related roles and capabilities. Create programs and campaigns that flip traditional roles, showcasing the value of employees at all life stages.
• Leverage Leadership for Change: Secure leadership buy-in to prioritize diverse, inclusive policies and programs.Reinforce the value of age diversity as a business advantage, highlighting economic and cultural impacts.
• Demystify AI: Host cross-generational workshops to teach the basics of AI tools and create discussions about their workplace applications. Emphasize that human creativity and perspective remain central to maximizing AI’s potential.