The over 50’s infographic to inspire inclusive business strategies

Are you looking for new growth and differentiation for your business? Are you looking for a low-risk and high reward customer to achieve that growth and differentiation? Look no further than the over 50’s market and our infographic below. Healthier, wealthier and more active online and offline than at any other time in history, the over 50’s are the chief drivers of Australia’s ‘longevity economy’.

Why are older Aussies ignored?

We are all living longer than at any other time in history. In the future, average lifespans will extend to our 90’s and beyond. And the proportion of centenarians will continue to increase. This is a future in which generational labels will no longer have a place; and older Aussies will become an integrated and integral part of the total population. However, few Australian companies have recognised the opportunity of the over 50’s – not only as a market but also as a productive workforce asset.

Why?

Because of the deeply entrenched stereotypes, assumptions and beliefs Aussies have about older Aussies. As a society, we generally consider older people as one homogenous group. This is reinforced by messages from the media, painting older people as a ‘grey tsunami’ – a group of people that will put pressure on our already overburdened pension, welfare and health systems. Consequently, this is rarely considered an attractive market.

However, as you will see in our infographic below, these ageist perceptions we have of older people are unfounded and outdated. They simply don’t belong in a world where people are routinely living to 80, 90 and beyond.

How do organisations innovate for the over 50’s?

Businesses need to start with understanding their older customers and employees to access the opportunities they represent. Our infographic below is a good place to begin. If all Aussies, younger and older, are to benefit from the gift of longer lives, businesses must start thinking about how to:

  1. Create more inclusive marketing campaigns;
  2. Iterate and innovate products and services that meet the needs and wants of the older demographic.
  3. Design inclusive HR policies and practices that harness and leverage the asset of older workers.

The key to success is evolution not revolution. An inclusive, integrated strategy that embraces the older customer and employee will remain relevant long into Australia’s much older future.  Take a look at our infographic for inspiration and insights on the longevity economy. 

Infographic: Mythbusting the over 50’s

If you’d like to better understand the over 50’s, the longevity economy and how your business can benefit from harnessing this burgeoning market, contact Three Sisters Group today to set up your complimentary one hour discussion.

 

Infographic sources:

 

Photo by Erik Witsoe on Unsplash

 

Mind the gap

Mind the gap: Does your organisation have the capability to deliver against the customer pain points of the over 50’s?

Mind the gap.

If you’ve ever caught the London Underground, this cautionary warning would be familiar. ‘Mind the gap’ is also a valuable analogy for customer pain points in business.

A desire to understand and focus on the customer experience (CX) or user experience (UX) is the language of marketers – online or offline. Simultaneously, customer journey mapping has become increasingly common. Yet, how often do we also seek to understand and investigate the challenges of key stakeholders and staff to provide an excellent customer experience – particularly for those customers over 50 years of age? What’s the gap between customer reality and employee empathy?

Whilst a customer focus enables us to better understand the decision-making process of people using or buying our products, stakeholder and staff insights provide greater understanding of what is required internally for improved service delivery. Knowing both is essential if customer pain points are truly to be resolved.

The pain points

Pain points will appear in various parts of the business – either online, on the phone, or in person. An example illustrates some of the issues.

Recently a woman in her 70’s, call her ‘Mary’, told me the difficulties of cancelling her subscription to a television service. After a lengthy conversation with a customer service operator, she was only passed to a supervisor after revealing that she was about to cry.

The pain points:

  1. The call centre staff member was bound by a script that didn’t accommodate a customer with limited technological ability;
  2. The process for cancellations was inflexible. Apparently, the only way a customer can cancel the service is online. Consequently, the operator was trained to “talk through” this process with customers who had difficulty;
  3. A solution was only sought when tears of frustration were imminent.

The result

Mary,

  1. Won’t have another pay television subscription service;
  2. Will never return to the telco provider who consistently lacked awareness and empathy;
  3. Tells her friends and anyone else who will listen about her experiences.

Whilst Mary has a mobile phone, uses an iPad, does online banking, and happily searches Google, she lacks confidence to do new tasks in the online world. The call centre staff member failed to understand Mary’s situation and was therefore unable to accommodate her needs.

Due to years of frustration and poor customer experience caused by a lack of understanding, Mary has also changed her phone provider. In one instance she was sold a plan that provided her with substantial download capacity. However, she had advised staff that her mobile phone was only used for texts and calls. When in the telcos retail stores she consistently observed people her age upset and angry due to lack of empathy by store staff.

Whilst this anecdote is a single sample, it’s a common story.

Gaps and the over 50s

Leading magazines, blogs, and newspapers consistently report on the ignored market of our ageing population.

A report by the Australian Services Union reveals that the average age of call centre staff is between 33 (men) and 37 (women). A report by PwC in 2016 revealed that the average media person is a 27 year old white male who only speaks one language – English. It’s likely that employees under 40 will either ignore or exacerbate stereotypes of consumers over 50. Why? Because they don’t identify with this older age group.

Gaps, facts, and 50’s+

Yet, in Australia, there are almost 6.5 million people between 50 and 74 years of age. That’s 27% of the total population!

The value of this age group is substantial. According to the Australian Bureau of Statistics’ (ABS) 2017 Census, the average age of middle wealth households is 54, and for high wealth households it’s 58. And, whilst a proportion of this wealth is associated with increased expenditure for medical care and health expenses, the ABS also reports that,

“Recreation, household furnishings and equipment, clothing and footwear, and miscellaneous goods and services also rose as net worth rose.”

Consequently, when we evaluate market size against wealth, it seems naive not to have a strategy to reach and effectively service this audience.

Nonetheless, despite these facts, age stereotypes and ageism negatively impact attitudes, beliefs, and perceptions about people over 50.

Finding the gap

A customer journey map is simply a framework that captures the customer experience. A customer journey map overlaid with either staff interviews or staff journey mapping reveals the gap. One without the other is interesting and informative. However, to optimize the opportunity, organisations must ‘Mind the Gap’. The gap is where true opportunity exists.

Given that almost one-third of Australia’s population are baby boomers, it’s remarkable that organisations are not more mindful of this market. After all, chances are that a proportion of most companies’ customers will be in this age bracket. Does your staff understand them? Or, do age stereotypes abound?

Speaking with staff potentially reveals unknown or unspoken age stereotypes. Internal pain points will reveal restrictions that limit market growth with this rapidly expanding segment of the population. Knowing staff attitudes and beliefs about becoming older, coupled with insights on customer pain points has the power to reap rewards – to plug ‘The Gap’.

Closing the Gap

Closing the gap requires guts. Consequently, it means addressing both customer and organisational pain points. For example, staff may need training, processes may need adapting, or organisational structures may constrain service. Change starts with these 4 questions:

  1. What proportion of your customer base is over 50 years old?
  2. What’s the impact to your business if they disappeared?
  3. What proportion of your workforce is under 50 years of age?
  4. What are their attitudes and beliefs about people over 50? Ask. Answers are usually associated with age-based stereotypes.

If a gap exists then business growth is inhibited.

 

Three Sisters Group specialises in the longevity economy. We provide expertise and research-based consultancy services for customer driven strategic change. To tap into this under-serviced, largely ignored market, contact us.

Washed up jar of possibility with older workers

Are older workers considered washed up?

Few organisations have a strategic approach to managing their older workers. This issue persists despite research by Deloitte Access Economics that shows a 3 percent increase in the participation rate of workers over 55 could account for a $33 billion boost to Australia’s national economy.

The Challenge

Given the prevalence of age stereotypes in the workplace, there are some critical questions organisations need to ask:

  1. Do we understand the needs, hopes and aspirations of older workers?
  2. What are the attitudes and beliefs of younger workers towards ageing and older workers?
  3. What can we do to increase age diversity and meet the needs of all parties without negatively impacting the bottom line?

As Dr Rickwood suggests in her recent interview with Fran Kelly on Radio National, “HR policies and practices haven’t shifted to accommodate what is a burgeoning possibility in a workforce of older people”.

There are numerous examples of Australian companies that are already reaping the economic benefits of embracing an older workforce. The most well-known example being Bunnings Warehouse, which employs large numbers of older, highly-skilled tradespeople. No longer able to continue in physically demanding jobs, these people instead are offering a lifetime’s worth of expertise to Bunnings shoppers.

The Facts

According to the Age Discrimination Commissioner’s report ‘Willing to Work’, 12.7% of those aged 65 and over are in the labour force; however, this figure is expected to double by 2055.

Historically, we considered 60 or 65 to be the age at which we retired.  Or, for the financially savvy, we saw 55 years old to be “lucky”.

Unfortunately, this view of 65 as the age at which we retire largely remains. We dream of when the constraints of a workplace end, and travel and leisure beckon. However, increasingly, people are discovering that early retirement isn’t nearly as attractive as perceptions hold it to be. Indeed, many baby boomers see ‘retirement’ as a change of career.  It’s a time when they are able to enjoy more flexibility to pursue their passions and interests, whether paid or voluntary. For example, recent Australian of the Year, Graham Farquhar, revealed in an interview that he enjoyed being able to continue working in his area of expertise on an unpaid basis.  

According to research by MetLife (UK), 63% of over 50’s in their survey would consider re-training to stay working longer. There is also evidence to suggest that greater initiative is required by both older workers and businesses for training and re-skilling.

For example, organisations that invest in retention of their older, skilled workers are discovering higher organisational productivity. Similarly, it’s essential for all workers to continue to learn and educate themselves to remain relevant.

The Opportunity

Underpinning these burgeoning human resource issues is an absence of conversations with all staff – regardless of age – about their attitudes and beliefs towards ageing and remaining in the workforce beyond 50. It’s these conversations that can provide insights into how to create an open, all-age-friendly workplace environment and culture.

It is forecast that 85% of jobs in 2030 don’t yet exist. By the end of the next decade there is also a predicted shortage of workers. These two facts alone suggest that now is the time to reshape the workforce. Through their human resource policies, organisations have the opportunity to redesign work and jobs to promote flexibility. From phased or partial retirement, role transfers, blended work, bridge employment to intergenerational job sharing.

Ultimately, the Hon Dr Kay Patterson, Age Discrimination Commissioner, reminds us: “Intergenerational offices do a lot better than ones fixated on just one age group”.

Does your organisation have its finger on the pulse of the over 50’s in the office?

If you would like to better understand the over 50’s, contact us.

Photo by Andrew Bui on Unsplash