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What is Business Gerontology?
The official study of Gerontology, the study of aging,
was introduced at the University of Southern California during
the 1970s to address the basic psychological, safety and security
needs of older adults. It influences product design, marketing
and services that service older people. Out of this initial
effort, Gerontology evolved to include the conflict
between business productivity and social responsibility.
Business Gerontology is a newly defined social
science and academic discipline that addresses economic, organizational
and physical issues of the workplace and marketplace. While
concentrating on the latter part of work life, it includes
the time 40+, when age becomes an issue in the workplace,
both pre- and post-retirement age. It generally touches a
variety of disciplines, including Education, Marketing, Medicine,
Architecture, and Social Work, but can be applied to almost
any professional field.
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Why is Business Gerontology so important?
Workforce diversity is good business because it allows all
members of society an equal voice and opportunity to succeed.
Historically, ignoring older workers has led to problems
within numerous professional corporations. More importantly,
according to the Equal Employment Opportunity Commission,
in 2006, Fortune 500 companies lost over $51.5 million due
to workplace age discrimination, by conservative estimates.
These losses coincided with the fact that the number of available
younger workers had begun to fall.
"Baby Busters” number about 56 million, while
there are about 76 million Baby Boomers. When fewer young
people enter the workforce, where 40+ workers are not valued
for their experience, it jeopardizes mentorship of younger
employees and their job retention. It seems inevitable that
global societies adopt a more age-neutral approach to recruiting
decisions, and cease faulting older workers for poor strategic
planning.
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How can my company promote age neutral or positive images
of aging and older workers?
GeroBiz offers services to enhance internal relations between older and younger workers. While we look deeply at corporate culture, and its effect on worker morale and retention, we recognize that corporate culture remains a top-driven force. Following is a brief overview of AARP’S age-neutral guidelines:
- Look realistically
at the policies that govern your workplace. Do they treat
different age groups differently?
- Do you have a diverse workforce?
Measure it regularly to be sure.
- Is training reserved
for only younger workers or offered to all? Is it designed
to appeal to all age groups equally?
These and many other issues must be regularly assessed (at
least bi-annually) in order to maintain age neutrality in the
workplace.
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What actions can I take if my firm is at risk for Age Discrimination in Employment lawsuits?
If you are a Senior Manager, you can help by examining all hiring practices. Provide routine Age Discrimination training as part of your Diversity Training for all staff. Human Resources decision-makers must adapt to the necessary policies and practices, so that your company’s next hired employees come on board with a clear understanding of your policies in place. Reverse the trend toward skill obsolescence by offering regular training programs to all employees equally, and reward the ones who take advantage of them.
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What are entrepreneurial opportunities related to an aging population?
One developing area, Retirement Coaching, evolved from Executive Coaching. Retirement Coaching helps retiring executives to find a meaningful path to their later years. Employee Assistance Programs are including Eldercare Information along with childcare. The fastest growing segment of the aging population—age 85 and over—requires helpful services. For example, to create an ideal home-based retirement life, service providers may be needed to help manage daily finances, to upgrade existing home fixtures, lighting, and handles to universal home design, and to provide assistance in purchasing new homes that meet clients’ downsized needs. Most important, marketing to the “Silver Market” has ballooned during the past decade, with products and services that recognize the increase in health and longevity of older adults.
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What consequences threaten companies that ignore Age Discrimination in Employment laws?
- Potential lawsuits as anger and intergenerational conflict build
- Destruction of fragile relationships that retain staff
- Potential loss of mentors to help integrate new hires
- Potential loss of institutional memory
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