Embracing Change: The Impact of Longevity on Work and Life

At the risk of stating the obvious, none of us is getting any younger. Speaking from personal experience, it can be shocking to suddenly realize that you’re well into your 6th decade. While you may still feel like you're 25, the world no longer sees you that way. It's often said that age is just a number, so why should it matter? Sadly, it does in many ways, especially in the workplace.

Understanding Longevity and Demographic Change

I’ve been exploring longevity and demographic change. What I’ve learned has been both startling in terms of its scale and exciting because of the opportunities this global megatrend offers.

This issue affects us all. Organizations will need to rethink work to accommodate longer working lives. They must address the aging workforce crisis and foster positive multigenerational workplaces. If not, we face a clear and present danger: a ticking Age Bomb ready to explode. At the very least, employers are losing out on an intergenerational productivity dividend of over 1% for firms with a workforce over 50 that is 10% higher than average, according to the OECD.

But there’s so much more to gain.

Rethinking Life Stages

Average life expectancy has increased by 20 years over the last century. The prospect of a 100-year life is now realistic for many babies born today. Seventy really is the new 50. But what does that mean? This trend has huge implications for individuals, society, the economy, and politics.

What are we doing with that extra time? Can we really have 30 or 40-year retirements? The traditional three-phase view of life—education, work, family, and retirement—is obsolete. Thought leader Avivah Wittenberg-Cox emphasizes the Four Quarter Life model. In this model, Quarter 3 (ages 50-75) is labeled “mid-life” in longevity discussions, presenting new and exciting possibilities.

Quarter 3 increasingly allows for blending work, family, and personal interests such as hobbies and travel. A recent study by Aegon found that 57% of respondents expect a phased transition into retirement. They see themselves working in some capacity during their “retired” years. Whether you view this positively or negatively, we must discard outdated stereotypes that depict life after 50 as solely decline.

The Changing Landscape of Society and the Labour Market

The number of people aged 50 and older is increasing while birth rates are declining. The real growth in the UK labor market since 1992 is in the 50+ age group, which has risen by 4 million compared to 2 million for those aged 25-49. According to the Office of National Statistics, 33% of the UK workforce is currently over 50, projected to rise to 47% by 2030. Let that sink in—a shift that is only five years away!

The traditional pyramid structure of society, where younger age groups significantly outnumber and support older individuals, is changing to a square or obelisk shape. This shift has enormous social, economic, and political implications, making it essential to consider older workers alongside other age groups.

Leaders need to ask significant long-term questions about what these changes mean for their business strategy, workforce, and customer base.

Challenges Faced by Workers Over 50

Currently, 3.5 million skilled individuals between ages 50 and 65 are economically inactive and not claiming benefits. Of those, 58% would consider returning to work, which could greatly boost the economy. So, why aren’t they doing so?

Structural issues around ageism are deeply rooted in social attitudes and workplace practices. Many individuals over 50 find it challenging, if not impossible, to re-enter the job market. Age discrimination in hiring should be addressed with the same urgency as issues like race and gender discrimination.

Moreover, research suggests that what we need from work evolves as we age but the structure of work often does not change. Simply put, work isn’t working for many older individuals, and this issue needs serious attention.

If I were a marketer, I might ask: “What is business doing to connect with and cultivate its fastest-growing and potentially most lucrative customer group?” The answer is not much. As a People and Culture professional, I can pose the same question to my peers. What are we doing to spotlight the Age Bomb as both a strategic risk and an opportunity? How can we innovate creatively to reshape work, the employment offer, and tackle systemic ageism to engage the 50+ age group? Any talent or career development strategy without this focus is incomplete.

This discussion isn’t about pitting generations against each other. It’s about “addition to” rather than “instead of.”

Taking Action for a Balanced Future

Demographic change is one of the world’s pressing mega trends, alongside climate change and AI. Such a significant transformation requires a thoughtful response extending beyond just HR and DEI functions. Organizations such as ProAge and the Careers Can Change coalition are striving to raise awareness about demographic shifts in public policy. They support individuals in planning for longer careers, while helping organizations take positive actions.

In future articles, I’ll explore how we in People and Culture can play our part in building a balanced multigenerational workforce. By fostering intergenerational collaboration, creatively redesigning jobs, and promoting flexible working practices, we can make work function better for everyone involved.

If you're coming to this issue fresh, it might feel big and somewhat daunting. There isn’t a perfect roadmap to follow. However, you can start today by including age on your risk register. Track and report on age as a key organizational health indicator throughout the hiring process, training programs, promotions, and exit statistics. This creates a useful baseline to move forward.

While society’s structure is changing, the workplace is not evolving quickly enough. It’s time for a talent revolution. Organizations that recognize and act on this opportunity will gain a competitive advantage. They can capitalize on productivity gains and improve employer branding, along with employee and customer experience and loyalty by fostering an intergenerational workforce that values, celebrates, and nurtures all age groups.

My challenge to my colleagues in HR and business leaders is to recognize both the risks and opportunities we face. Engage actively in reshaping the workforce for everyone's benefit. If we fail, workers over 50 may increasingly opt to leave the workforce, burdening younger generations with the responsibilities left behind.

An Invitation to Collaborate

I believe passionately in the power of collective thinking to address life’s challenges. If you’re interested in reshaping work, I invite you to join a discussion circle of like-minded colleagues in HR and leadership. Together, we can share best practices and explore these subjects in more depth. If you’re interested, please contact me.

This article draws on the work of:

ProAge, members of the Careers Can Change coalition—particularly Phoenix Insights, 20-First, Brave Starts, Careershifters, OECD, ONS, and Aegon.