A no-brainer for Hong Kong’s talent search: embrace older workers
- While Hong Kong is trawling the world for talent, it could also tap the potential of workers over 65
- In addition to raising the retirement age, companies could attract older workers with measures such as flexible working hours and specially developed titles and roles
Firms around the world are paying attention to diversity, equity and inclusion (DEI) to address systemic inequalities related to race, ethnicity, gender, sexual orientation and other dimensions of identity. However, age is often overlooked as a facet of the term DEI.
More firms in the US are now hiring older workers after experiencing difficulties in recruiting and retaining younger workers. Older workers are more committed and loyal. In a survey conducted by The Wall Street Journal and research organisation NORC at the University of Chicago, over 75 per cent of people aged 65 and older said they valued hard work, compared to 61 per cent of 18- to 29-year-olds.
Indeed, more than 2,500 American companies, such as Bank of America and Microsoft, have pledged to give workers over 50 a fair chance during hiring.
The health benefits of postponing retirement include, according to some studies, a reduced risk of cardiovascular disease, depression and cognitive decline. The well-being of older people in Hong Kong can benefit society, increasing happiness and reducing healthcare costs.
Many firms are reluctant to hire older workers because of various biases, such as seeing older people as being less adaptive and less creative, and concerns about higher costs. By actively hiring older workers, businesses can challenge these stereotypes and promote a more inclusive workplace culture.
Specifically, they could consider three suggestions that address their concerns about hiring older workers and create value for employers, employees and society as a whole.
Second, developing roles and job titles for older people can be effective. This can enable the firm to secure the services of older workers without offering higher pay and without having them feel that they have been demoted. With a different title and role, employers can avoid salary comparisons between older and younger workers.
Third, offering older workers managerial or mentor roles can be valuable. These positions can enable older workers to create value by leveraging their years of expertise or tenure. Older workers can provide guidance and support, sharing their knowledge and experience to help younger workers develop their skills and career paths. This mentoring relationship can also help to create a positive workplace culture.
At the same time, programmes should be developed for young leaders to manage older workers. This would also promote diversity and inclusion.
Much older talent is hidden in plain sight. Turning these people into assets can help Hong Kong thrive.
Christopher Tang is a distinguished professor at the UCLA Anderson School of Management