The Age of Experience

Boeing names a new CEO, Kelly Ortberg, 64. They needed to do this after reporting a loss of $1.4 billion in the second quarter – more than triple the loss from a year ago created by mechanical issues with the 737 MAX. He was only a few years into his retirement when he was cajoled into taking the helm of the world’s largest aerospace company. In fact, Boeing waived its mandatory retirement age of 65 for Ortberg. 

The Value of Experience

I’m not questioning Boeing’s hiring of Ortberg at age 64. They obviously felt that with his 3 decades of aerospace experience; he’d be the right person to turn around the world’s largest aerospace company.  Interestingly enough, he is not the only CEO over 60 hired to run a major corporation. Bob Iger, 73 (Walt Disney), Jamie Dimon, 68 (JP Morgan); and of course, the “Oracle of Omaha” himself, Warren Buffet, 93 (Berkshire Hathaway). I suspect ageism is alive and well in America. So, my question is - if these companies can be run successfully by people over the age of 60, why do the vast majority of people over the age of 55 find it so challenging to find work? 

Challenging the Age Dichotomy

I applaud hiring and retaining those C-Suite executives who can and want to contribute. What I find so interesting is that there seems to be an age dichotomy in the workplace. Retiring has become more challenging, driven by both economic and demographic reasons – increased life expectancy and increased costs to actually live. People have to work longer and, quite frankly, many people want to work longer. 

Age does not define whether or not someone can meaningfully contribute or if they have the requisite experience or passion to be successful. Take Dusty Baker. The Houston Astros brought him in as manager to win. He did - at 73. Bill Belichick was 67 when he won his 6th Superbowl. Howard Schultz was 69 when Starbucks brought him back to turn it around. So, if the same biases that many of us have experienced occurred to these folks perhaps a quad long shot grande in a venti cup half calf double cupped no sleeve salted caramel mocha latte with 2 pumps vanilla would be more challenging to get. I’ve actually never had this – but all the same.

Personal Experience

Obviously, there is a preconceived idea as to someone’s value just by their age. I remember being interviewed for a position, and the interviewer asked me if I had the same amount of energy to do the job. What? You must be kidding. No, I’m not and let’s just say no more sooner did I start did he remark at the positive impact I made. I’ve also sat in a room with a hiring manager who specifically stated they didn’t want to hire anyone over the age of 50. These stories are not unique. I’m sure many of you reading this can chime in with your own stories. 

Embracing Generational Diversity

The workplace is generationally diverse, which, in my humble opinion, is good. It’s a rich mix of experiences, perspectives, and skills that can drive innovation and success. Generational diversity is further highlighted by the varying tenure. According to the U.S. Bureau of Labor Statistics, the median tenure of workers in 2022 was 4.1 years. Workers aged 25-34 had a median tenure of 2.8 years while workers aged 55-64 had a median tenure of 10.1 years. Data tells us that there tends to be less turnover with older workers. 

Conclusion

Approximately 8,000 people in the U.S. are turning 55 each day and another 11,000 are turning 65 every day. Certainly, not all want to work. However, I have to think that out of this incredibly large pool of people, there is a large number who would be grateful for the chance to earn a living.  

It’s time to challenge the stereotypes and biases that lead to ageism in the workplace. We need to recognize the value that older workers bring to the table and create inclusive environments where everyone, regardless of age, can thrive. Let’s continue the conversation and work towards a future where age is seen as an asset, not a limitation.

OptiPeople Resources specializes in providing comprehensive talent solutions to support and drive inclusivity into your hiring and onboarding practices. To learn more about how we can support your organization's needs, call us today or schedule a time to discuss your requirements. Embrace this innovative approach to talent and watch your business thrive with the right expertise at the right time.