Tali Shlomo explores the diversity benefits of older workers
We all make assumptions about people within seconds of meeting them. Factors that affect our views may include but are not limited to gender, race and disability – but also age. With age comes a whole host of preconceived assumptions, from professional ambition to sociopolitical ideas, yet these are only assumptions.
The range of skills our colleagues of different generations bring is broad and we can all benefit from embracing them. The typical workplace may now contain five different generations and, by 2020, one in three workers will be over 50, a number that will increase to half by 2030. The profession now needs to seize the opportunities presented by such a diverse community.
Opportunities to succeed
In 2017, Business in the Community launched a campaign to get UK businesses to commit to recruiting one million more older workers by 2022. The objective is to ensure that age does not limit an employee’s opportunity to succeed in the workplace.
With an ageing population, businesses need to act now to prevent colleagues making an early exit from the workforce and to support later life working, thereby making the most of intergenerational workplaces.
When considering the talent shortage, we should assess the initiatives we have in place to support our colleagues remaining in the workforce, as well as the tools we use to attract this highly-skilled talent. It is clear therefore that diversity and inclusion extend to an ageing and age-diverse workforce, so let us as a unified profession undertake a journey to embrace the talents of our multigenerational staff.
Hunger to grow
Looking at each of the generations, there is an opportunity to tap into the vast depth of learning, energy and storytelling. The hierarchy of needs is the same, just framed differently, with the rhythm of needs swaying with the generations. The hunger to learn, grow and succeed, underpinned by professionalism, standards and
trust, does not change.
In taking the time to explore the complexities of the generations currently in the workplace, we can see the talent debate take on a new rainbow of colours. Businesses can leverage the talent we have in our profession by embracing an age-diverse workforce. This is key as we evolve for the future workforce, naturally bringing with it cognitive diversity and breaking groupthink.
I am delighted to share two role models from our profession, exemplifying the richness of talent and inspiring us to consider how we attract and retain our age-diverse, talented colleagues.
Tali Shlomo is people engagement director at the PFS
Adrian Quick: Chartered financial planner and managing director at HarperLees
What more can our profession do to support our older colleagues?
Perhaps create a ‘Guide to… how firms can create flexible working structures’, so that the experience of older practitioners is being transferred to the next generation. This will ensure they are delivering maximum value by doing what they do best and minimising responsibilities and stress that create drag, encouraging a glide path approach to managing future retirement – including a seamless client relationship transfer.
What more can individuals do to be recognised for the contributions they make?
It’s easy (and natural) to stay in the shadows but all members can gain recognition through engaging with the professional body’s roles and initiatives – regional committees, the new e-mentoring opportunity through Connect, the Financial Planning Practitioners Panel. Every year, a raft of members are recognised at the PFS Awards Dinner, with a range of categories that encompass most members’ skillsets.
What advice would you give your younger self?
Don’t lose your life balance to building your career – you and your family deserve better. Long hours are not an effective substitute for upskilling, delegating, and understanding and concentrating on the critical issues.
Veronica Mann: Chartered financial planner at Talis Independent Financial Advisers
What more can our profession do to support our older colleagues?
The UK population is ageing, and many people prefer to talk to those of a similar generation. This means we really need to retain older financial advisers. They need to work in an environment where their contribution
and experience is valued by their employer.
What advice would you give your younger self?
If I was talking to my younger self I would say, ‘be brave and just go out and do it’. No one really cares if you fall flat on your face – it is just a matter of getting up and starting again.
What is the best piece of advice you have ever been given?
The best piece of advice I was ever given is an old saying – ‘people don’t plan to fail, they fail to plan’. A large part of my job is encouraging clients to plan for the future and for the unexpected. It is a lesson I preach every day. This doesn’t mean I always take it onboard myself, but it is so true.
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