By Bill Adams
Retirement just isn’t what it used to be. Many executives 65 and older are choosing to work for longer—and they are being asked to stay. One reason executives are being asked to delay retirement is because companies are afraid of change and they are ill-prepared for change. Retirement-aged executives are among the most valuable assets to a company, but with little succession planning, older leaders can also create the most volatile departures.
Right now, leaders have an opportunity to develop cross-generational C-suites, and I believe companies that don’t invest in younger leaders will make the same mistakes over and over again, and hurt their chances at longevity. Here’s why leaders should embrace, rather than fear, their younger coworkers.
Work-life balance
I believe that many older leaders don’t actually want to work forever. They want to do something different: travel, spend time with family, and pursue new creative projects. Working past retirement can take a physical, mental, and spiritual toll. Plus, many older executives are used to working 80 hours per week. Not only is that unsustainable, it’s an expectation rejected by younger leaders who have a greater interest in mental health and wellness in the workplace. By bringing more millennials in the C-suite, older leaders would be reminded to take care of themselves and avoid burnout.
As more Gen Xers, millennials, and yes, even Gen Zers enter the corner office, companies are becoming increasingly aware of the impact of their policies on employees’ physical and psychological safety. Learning this lesson, instead of being afraid of younger leaders, can become an essential retention tool. Organizations becoming more invested in producing a supportive environment is not only more humane, but is also in the best interest of companies because a supportive environment ensures that top talent is at their healthiest and happiest. This simple principle has taken older generations far too long to realize, and building intergenerational connections can help end burnout.
Relevance
To be sure, a natural generational transition is happening in many workplaces, which will give those companies a new opportunity to become more relevant. I’ve sat in too many rooms where every executive was like me—over 60, male, and white. I believe that for a company to continue this archaic tradition is to invite its own demise. Diversity of race, gender, and generation is the easiest way to ensure a company is tapped into the zeitgeist, can offer different perspectives from different experiences, and can hold relevant conversations with its audiences.
I have found that younger workers see the world in a radically different way than more experienced leaders. If conversations between different generations don’t take place in the C-suite, companies will never be able to retain their top talent across generations, let alone speak to the rapidly changing social and economic landscape. In many instances, knowledge of the world trumps experience in the office, and the more perspectives included in a company’s leadership, the more likely it is to offer a valuable conversation in its industry.
Longevity
Improving your team’s relevance isn’t the only added value of a C-suite that covers the age continuum. Having young people in the room can also support a company’s longevity. A lack of succession planning has left significant gaps in many teams’ organizational structure, and the inevitable departure of workers over the age of 65 too often leads to a great scramble to pick up where retired leaders left off. Placing younger generations in leadership roles can support continuity and ease the transition when torches are passed. When older leaders embrace other generations, young leaders will be better prepared and ready to steer the ship without causing too much of a storm.
It seems that there is a suspicion that a multigenerational executive room could create tension and volatility. Good. Without diverse perspectives, without a push and pull, the best ideas will never rise to the top—because the best ideas won’t be proposed. Retirement-age leaders serve an important purpose and add value to their organizations, but if they want to ensure a company’s legacy and longevity, they should invite the next generations to the table before they retire. Companies need a mix of age and experience to build a holistic, peer-reviewed, and vetted perspective on strategy. If the old guard wants to preserve its legacy, it’s time to bring in the leaders who will carry their mission forward.
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