MIT Sloan Management Review | Uncover the Ageism Hiding in Your Organisation (2024)

DIVERSITY, EQUITY & INCLUSION | MIT Sloan Management Review | Uncover the Ageism Hiding in Your Organisation | This article explores the "longevity economy". It introduces the Age AWARE Audit framework, which guides businesses in promoting inclusivity and recognising the economic value of older employees.

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Introduction

As the global population ages, businesses face a critical challenge: addressing hidden ageism within their organisations. This executive summary explores the untapped potential of the "longevity economy" and provides a framework for uncovering and addressing ageist practices. By doing so, companies can enhance their talent strategies, expand market reach, and create more inclusive workplaces.

Key Insights

• The longevity economy represents a significant untapped market

  • The over-50 population holds a substantial portion of household wealth and is responsible for a significant share of consumer spending.

  • This demographic contributes trillions annually to the global economy, with projections indicating continued growth.

• Ageism is pervasive but often unrecognised

  • A vast majority of older adults report experiencing ageism daily.

  • Two-thirds of older adults have experienced age discrimination on the job.

• Age-aware practices can drive business success

  • 82% of executives believe a more substantial commitment to human sustainability would increase their company's ability to attract new talent.

  • Age-inclusive strategies can improve knowledge retention, foster innovation, and enhance brand reputation.

Recommendations

• Implement the Age AWARE Audit framework

  • Focus on five key areas: Accessibility/design, Workplace, Adaptability, Representation, and Engagement.

  • Use probing questions in each area to uncover hidden ageist practices and identify opportunities for improvement.

• Foster an age-inclusive workplace culture

  • Develop recruitment and retention strategies that target older workers.

  • Create robust safeguards against age discrimination in HR processes.

  • Offer training programs adaptable to diverse learning styles and experiences.

• Enhance product and service accessibility

  • Involve older adults in design and usability testing.

  • Apply universal design principles across physical and digital offerings.

  • Ensure customer support options cater to diverse preferences, including human interaction.

Conclusion

By systematically addressing ageism through the Age AWARE Audit framework, companies can unlock new business opportunities, foster inclusivity, and better serve the growing longevity economy. This approach benefits older adults and strengthens organisational resilience and market competitiveness in an increasingly age-diverse world.

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