Here, Jacquie Alley, chief operating officer of The Media Store, writes on behalf of the Experience Advocacy Taskforce that the power of more experienced staff isn’t simply to be found in their years of work in the industry. Instead, it’s how they gel with, coach, teach and learn from younger members of staff, too.
With Gen Alpha on the precipice of working age, we are about to have five generations within our workforce. Along with rising life expectancies, decreased fertility rates, increased retirement age, and increased costs of living, the Australian workforce is more diverse in age than ever before. By 2060, 23 per cent of the Australian population will be aged over 65 years, which is likely to require higher participation rates in the workforce of older workers.
As this classic comparison of these casts of women in their 50s highlights, we’ve come a long way from the short perms, the knitted cardigans and the desire and even expectation that the over 50s are on their way to retirement. As we redefine age and the value that life experience and skills that AI won’t bring to our client’s businesses, our agencies will only be richer for embracing an intergenerational team.
The question is whether agencies will embrace the benefits age diversity will bring, and not fall into the ageism trap that we currently see within our industry where youth is glorified for the cost-savings and digital experience they bring.
The results of the Experience Advocacy Taskforce’s recent “Silent Exit” survey debunked the myth that older professionals can’t keep up with industry changes, especially in the digital age. It revealed fewer than two per cent of their respondents leave the industry for this reason. Furthermore, contrary to popular belief, older, more tenured people are more successful entrepreneurs.2 And knowledge and expertise, the main predictors of job performance, keep increasing even beyond the age of 80.
So, what are the benefits of an inter-generational team?
Businesses with more experienced employees than the average are likely to be more productive, yield a stronger pipeline of talent, have increased resilience, longer tenures, diverse skills and thinking and the retention of intellectual property. A 2022 Gartner study uncovered that intergenerational businesses are 288 per cent more likely to exceed financial targets. Finally, businesses with a diverse age range are 1.7 times more likely to be innovation leaders in their market.
In my own experience at The Media Store, we’ve always embraced a multigenerational team, providing equitable access to learning, flexibility, reward and recognition, D&I training, DISC profiling and two-way coaching opportunities. In my 27 years, we have nurtured countless graduates, I can recall five retirement parties where people saw out their lengthy and fulfilling careers with us and we’ve always had above-industry staff and client tenures. Currently, our team ranges from 22 to 66 years of age with 26 per cent of our team 50 years or older vs the global agency average of five per cent. Yet unlike other agencies who either skew younger or only focus on experience, we equally value people of all ages who bring different perspectives, experiences, ambitions and media consumption habits that mirror many of our client’s customers.
Don’t get me wrong, having a tapestry of generations within a workforce isn’t without its challenges. We have been shaped by different historical events and grew up consuming different media and using different technologies. According to George Orwell, “Every generation imagines itself to be more intelligent than the one that went before it, and wiser than the one that comes after it.” This sentiment is often at the centre of intergenerational challenges.
According to McCrindle’s 2024 Healthy Intergenerational Teams report, “the ability to understand, appreciate, communicate and collaborate effectively across different age groups” makes it critical to build a level of generational intelligence in your business.
As well as truly understanding and adapting to each other, it’s important to focus on the similarities between us all, recognising that everyone values trust, flexibility, meaningful work and approachable leadership within a workplace, not to mention a shared vision and value set.
So, how do we deliberate in fostering an increased level of generational intelligence within our agencies?
According to a 2023 Griffith University study, there are five key considerations:
- Provide Age diversity and inclusion training
- Use multiple communication methods so all generations are included
- Embrace multi-generational mentoring opportunities for two-way learning
- Invest in continuous learning and development for all employees
- Implement Flexible Working Arrangements that meet the differing life stages.
As an industry, if we truly want to see ageism become a non-issue and all people valued for the contributions they can bring now is the time to review recruitment processes, learning and development, flexibility policies, and communication channels to offer a thriving workplace for an intergenerational team. And with increased productivity, innovation, and financial results as a proven consequence, it just makes good business sense.
As I turn the big 5-0 myself next year, I believe I am only just hitting my strides. I have much more to contribute to this advertising industry I love.
