The Alarming Reality of Longevity and Neglectful Leadership in Facing It
Business leaders are fixated on AI and climate change, and rightfully so. However, there's another significant shift happening that often goes overlooked: demographics. According to the World Health Organization, by 2030, approximately 1.4 billion people worldwide will be aged 60 years or older, equating to around one in six people globally. This number is projected to double to 2.1 billion by 2050. Avivah Wittenberg-Cox, CEO of 20-First and a globally recognized expert on gender and generational balance, believes companies are sleepwalking through this demographic transformation.
Missing the Mark on the Longevity Economy
The aging population is typically framed as a challenge rather than an opportunity. Wittenberg-Cox sees this as a leadership oversight, much like the gender imbalance was 20 years ago. "We're kind of on age where we were on gender two decades ago," she noted. "It was clear in the data, but to get it onto a leadership agenda takes urgency, burning bushes, education, awareness-raising—all of which we must now be engaged in."
The world's demographic shift isn't speculative. "Soon, half the labor force will be over 50," Wittenberg-Cox said. "I used to talk about gender balance—50% men, 50% women. Now, I talk about generational balance. Half the workforce and half the consumer base are over 50, and the other half is under 50. But we're not thinking that way."
The US economy, for instance, sees over-50s accounting for about $9 trillion. Yet, marketing efforts aimed at this demographic often fall short, with overall spending less than 5% of the total. Wittenberg-Cox attributes this to youth-focused marketing departments who consider targeting older demographics less "sexy."
Breaking the Career Mold
The traditional career trajectory—education, work, and retirement—no longer aligns with reality. Wittenberg-Cox argues that companies need to restructure work to accommodate prolonged, multi-phase careers. "Anybody over 50 in the corporate world knows there's a clock ticking over their heads," she said. "They don't get developed, they don't get trained, and don't get invested in, because we think they're heading towards retirement and out the door in a few short years."
This outdated view presents a missed opportunity. "There's a real lack of manpower in a stretched economy," she pointed out. "Unless the robots come for all of our jobs—which some people are saying they will—we're going to need our older workers, and we're going to need them now."
Organizations need a career design overhaul. "We are simply in old frames," she said. "The corporate system is still designed for the old pyramid when we are now in a demographic square. We have to adapt the model."
The Aging Workforce, Tech, and the Stereotype Question
The widespread belief that older workers struggle with technology is a fallacy. Wittenberg-Cox likens this notion to the outdated stereotypes that prevented gender diversity in leadership roles. "The corporate mantra has been that they're expensive, slow to learn, and not worth the investment," she said. "It's simply not true."
Your organization should prioritize building intergenerational teams and rethinking talent management. "It's not about starting an affinity group for older workers," she said. "That won't do it. You need leaders on board, cultures that adapt, and talent management systems that recognize the value of experience."
The Company's Role: First Steps to Embrace the Longevity Economy
Wittenberg-Cox suggests that businesses commence at the executive level. "If you have not had a conversation at the ExCo level about developing a longevity strategy, you're missing a growth strategy," she stated. "It's a priority. You need to bring real data; what does your talent look like? What percentage of your employees are over 50? How engaged are they compared to younger employees?"
Businesses like UK insurance company Aviva have taken the lead in embracing this shift. Aviva introduced the Midlife MOT, enabling employees over 50 to assess their aspirations for the second half of their lives, professionally and personally. The response was overwhelming, with a majority expressing wishing they had done so earlier.
In conclusion, the pitfalls and opportunities presented by the demographic shift are becoming increasingly apparent. Businesses that fail to adapt their leadership development, workforce planning, and consumer strategies to this reality risk being left behind. Wittenberg-Cox, however, remains optimistic. "Science in the 20th century has gifted us an extra three or four decades of existence," she said. "That's not a problem—that's an opportunity. The third quarter of life, from 50 to 75, is newly healthy, newly active, and wonderfully engaged. It's a fantastic opportunity for women, for reinvention, and for work."
In other words, embracing an intergenerationally balanced future of leadership is not merely a choice but a necessity for businesses worldwide.
- By 2050, the number of people globally aged 60 years or older is projected to double, reaching 2.1 billion, according to World Health Organization's demography projections.
- Avivah Wittenberg-Cox, a gender and generational balance expert, believes that companies are sleepwalking through the demographic transformation, much like they did with gender imbalance two decades ago.
- In the US, the over-50s demographic already accounts for around $9 trillion, yet marketing efforts aimed at this demographic often fall short, with overall spending less than 5% of the total, due to youth-focused marketing departments.
- Wittenberg-Cox suggests that businesses commence at the executive level in developing a longevity strategy, encouraging conversations about talent distribution, employee engagement, and the potential benefits of an aging workforce.
