Harnessing the Power of Older Workers in a Changing Economy
As we reflect on 2024 and look ahead to 2025, the U.S. economy is at a crossroads. The challenges we face are deeply tied to how we leverage the untapped potential of our older workforce. These individuals, whose labor force participation has remained stagnant at 38%, represent a wellspring of knowledge, experience, and skill that our economy desperately needs. Yet, for too long, they have been overlooked in workforce policy discussions and sidelined by industries that fail to see the transformative value of intergenerational collaboration.
The Economic Landscape of 2024
This past year revealed a stark paradox: while 8.1 million job openings remained unfilled, 6.9 million job seekers were left without 
meaningful employment. Employers frequently cited a lack of skilled workers as a primary barrier to growth, yet the labor market remains riddled with inefficiencies that perpetuate these mismatches. This skills gap is not just a problem of technology or education—it’s a systemic failure to recognize the potential of older workers to bridge these divides.
Consider the reality for older Americans: long-term unemployment rates for those aged 50 and over hover near 30%, significantly higher than other demographics. Age discrimination compounds these challenges. A CWI Labs survey found that 81% of job-seeking older workers believe employers prefer younger applicants. This bias not only sidelines experienced talent but also imposes an economic cost. The AARP estimates age discrimination costs the U.S. economy $850 billion annually, a figure projected to rise to nearly $4 trillion by 2050.
In 2024, the labor market faced a dire skills gap that severely impacted job seekers across all demographics, with nearly one-third of employers reporting escalating difficulties in finding qualified candidates. Despite a shift towards skills-based hiring—adopted by 81% of companies—this approach did little to alleviate the crisis, as many workers remained unprepared for the demands of modern roles. For older workers, often being left behind in training initiatives, it exacerbated their vulnerability in the job market. The urgent need for targeted upskilling and reskilling programs became painfully clear, as failure to address these issues threatened not only individual livelihoods but also the overall stability of the workforce. Immediate action is essential to confront this growing crisis and ensure a more sustainable future for all workers.
Bridging the Gap: Training and Employment
If we are to unlock the potential of older workers, training and targeted workforce development must become non-negotiable priorities. 
Programs that align with real-world industry needs and intentionally include older workers would have transformative effects. For instance, workforce training initiatives focused on soft skills have shown returns on investment as high as 250%, and a study of 300 global companies by Forbes Insights showed that a generationally diverse workforce helps drive innovation. Multigenerational teams have been proven to enhance productivity, innovation, and workplace creativity. A report by The Manufacturing Institute found that over 60% of companies utilizing such teams see improvements across these metrics.
The future demands we make these investments. Goldman Sachs projects that artificial intelligence (AI) could disrupt or eliminate 300 million jobs worldwide by 2050. Without a deliberate effort to prepare all segments of the workforce, including older workers, for this shift, we risk perpetuating cycles of inequality. A study by MIT indicates that automation has been a significant driver of income disparity, accounting for 50-70% of the growth in U.S. wage inequality between 1980 and 2016. Over the last four decades, the income gap between more- and less-educated workers has grown significantly; the study finds that automation accounts for more than half of that increase. Black and Hispanic workers, disproportionately represented in occupations most vulnerable to automation, are particularly at risk. To avoid exacerbating these disparities, we must ensure access to upskilling opportunities for workers across all demographics and age groups.
The Power of Intergenerational Collaboration
To illustrate the power of intergenerational collaboration, consider the dynamic between Steph Curry and Anthony Edwards during the 2024 Paris Olympics. Curry, a seasoned veteran, and Edwards, a rising star, worked together to elevate each other’s performance. Curry’s strategic decision-making and team-first leadership style combined with Edwards’ scoring versatility and fearlessness in high-pressure situations created a powerful synergy, driving Team USA to secure their fifth consecutive Olympic gold medal in men’s basketball. Their ability to play off each other’s strengths—combining experience with fresh perspectives—was key to the team’s success.
Contrast this with the Atlanta Braves’ 2024 season, where the lack of intergenerational collaboration became a notable challenge. By relying heavily on younger players without the balance of veteran insight, the team struggled to adapt and fell short of their potential. This serves as a reminder that success often comes from bridging the gap between generations, not from favoring one over the other.
Whether on the court or in the workplace, intergenerational collaboration is a driving force behind innovation and resilience. Just as Curry and Edwards thrived by learning from and supporting each other, organizations can achieve remarkable outcomes when workers of different generations come together to share knowledge, skills, and perspectives. It’s a model of teamwork that benefits everyone and drives collective success.
In Part 2 of this series, I will dig deeper into the specific strategies and policies that can help us fully harness the power of our older workforce and build a more dynamic, inclusive, and prosperous economic future.
