The Silver Economy refers to the part of the global economy linked to the demographic shift caused by an aging population, focusing on the needs and demands of older adults. Senior talent encompasses highly trained professionals who wish to remain active for 20 or 30 more years beyond what would have been considered retirement age in the past.
The senior population has the capacity to contribute to the labor market and the economy. The aging process of people can be viewed from two perspectives: one of “social burden or weight” and another of “contribution to society.” In these lines, we will focus on the contribution of senior talent. Not only on the new consumption and service needs of this group of people, but particularly on the availability of diverse human resources with great potential for development. Senior talent employed in our labor market can remain employed for more years, and following social security reform, this trend will be favored.
Those over 50 face prejudice when looking to re-enter the job market. Often, it's thought that motivation is lost with age, and youth is associated with creativity and learning. It's estimated that 80% of published job opportunities exclude, even if not explicitly stated, those over 50. The paradigm must change, and those over 50 must be revalued. Science, progress, and well-being have given us time; more time to spend with our elders and more time to work with them, more time for listening and exchange. Intergenerational commitments are essential for building a fair and inclusive economic and social model.
Perception of employability and cultural change. It is necessary to promote campaigns and communicate in order to improve the perception of employability for this very important group. Due to their value, experience, and training, and what they can contribute to our country's productive fabric. However, changing corporate culture takes time, even in companies with a clear vision and strategy and strong leadership. It requires time and concrete, sustained actions to dispel ingrained myths about older adults in the collective consciousness.
Fostering the employment of older workers should not be approached solely as a solution to improve the sustainability of the pension system, which it is, but as an opportunity to change our corporate culture and recognize the risk of society wasting that experience and knowledge. Embracing diversity in the workplace is a long journey that companies must undertake, regardless of the country in which they operate. The process of incorporating, retaining, and adapting companies to senior workers is part of that journey.
Many still “don't see” senior workers as part of the equation and are unable to leverage the “dividend” of retaining, upskilling, and hiring older workers. The silver economy is here to stay. Companies that fail to adapt to social changes, including increased generational diversity, risk falling behind by stagnating in antiquated ways of doing things.
Reflection for senior workers themselves: despite how attractive a future without work may seem, reality indicates that one of the best ways to age healthily is to remain useful by working. Furthermore, with demographic change and longevity, it seems unfeasible to leave the job market when more than 30 years of life expectancy remain, from a sustainability perspective. Extending the working lives of seniors does not harm younger people; there is evidence that countries with greater participation of older workers in the labor market do not damage, but rather increase, employment opportunities for younger people. Having more seniors working is a model for higher income for the welfare state and the economy in general.
Companies are starting to think about changes. Firstly, how to deepen occupational health and safety, both in terms of health care and prevention, to ensure the physical and psychological well-being of senior professionals, and to reach the 55-70 age bracket in an optimal state of health that does not harm the worker's productivity. Secondly, generating changes in the organization and work environment, with initiatives implemented to adapt the physical conditions of the jobs to the profiles of the professionals, as well as alternatives for the development of functions in accordance with the needs of people according to their life cycle. Third, more professional development, training aimed at achieving the competitive growth of people, avoiding the obsolescence of the knowledge of the elderly. Fourthly, granting benefits for age, with recognition or advantages for the senior collective, such as shorter working hours or special prizes for permanence, adjusted to each case and the possibilities of each company. And finally, although there are other measures, not encouraging early retirements and early retirement, and promoting active (partial) retirement, so that work and pension are compatible. The paradox, Seniors are the future, which is already available. Uruguay's senior population is growing at a faster rate than the population of other age groups. We will see more seniors in companies. The aging of the Uruguayan population will have an automatic equivalence in the presence, increasingly important in its amount, of senior talent in our companies.
