The Organisation for Economic Co-operation and Development (OECD) has urged governments and employers to work together to promote multi-generational workforces.
The Promoting an Age-Inclusive Workforce report has revealed that by 2050, more than four-in-ten people in the world’s most advanced economies are likely to be aged older than 50.
Additionally it showed there will be one person aged 65 and over for every two persons aged 20-64 in compared to one for every three. Despite older adults being healthier and better educated than ever before, the OECD said their talents often remain “underutilised and overlooked”.
The OECD reiterated that living standards would be improved substantially by increasing the participation of older workers in employment adding that extending working lives could boost GDP per capita by 19% in 2050.
Age-discrimination reportedly remains a common problem across the world, rather than focusing on age, the organisation said labour market policy should be tailored to different individual circumstances and contexts.
The report has provided evidence that employers who respond positively to the changing needs of employees during their lifecycle and career stages “improve their success” in attracting, motivating and retaining workers.
The organisation said that governments and companies should “revise their approach” to training and skills development.
Currently, 41% of adults across the OECD take part in job-related training with employees who are younger, more highly qualified, and on full-time contracts more likely to receive training than those who are older, lower skilled and working part-time.
Angel Gurría, secretary-general for OECD, said: “Promoting greater diversity of experience, generations and talent has the potential to bring enormous benefits to workers, companies and society as a whole.
“Employers need to develop initiatives that nurture an age-diverse workplace and take a life-cycle perspective with supportive public policies and good social dialogue.”