New data: Explore the impact of workforce age bias

Millions of older adults are struggling to be considered for jobs due to age bias in hiring.

Get up to date: As of May 2024, 27.4% of job seekers ages 55+ were long-term unemployed compared to 20% of those between ages 16 and 54.

Why it's important: Age bias has a wide impact.

AARP found that age discrimination against people 50 and over cost the economy $850 billion in 2018 due to lost jobs or missed promotions and opportunities.

• Major companies across the country have faced lawsuits alleging age discrimination, including one of the world's top search engines.

On the other hand: Change is happening.

Some companies invest in initiatives to promote intergenerational diversity, like an Employer Pledge Program that helps level the playing field for 50+ workers with an action plan for building an age-inclusive workforce and more.

The solution: Denver-based foundation Next50 is working to create a world that values aging.

• Through its grant-making, investments and advocacy, Next50 supports efforts that convince employers to retain, retrain and recruit older workers.

The foundation focuses on three priority areas of economic opportunity:

• Ending ageism.
• Advancing digital equity.
• Supporting aging in place.

Plus, plus, plus: Next50 recently announced more than $3 million in grants to 27 Colorado nonprofits to help them improve the services and support they offer to older adults.

• The organization also funded projects at Fax Aurora, Jewish Council for the Aging and SSAI Community Partners — all of which help older workers get jobs by retraining them with new digital skills and other knowledge needed for new careers, like providing culturally competent child care.

Why now: In a tight labor market, with more available jobs than workers, millions of older workers are waiting to be interviewed. And with more than 11,000 people turning 65 each day, employers can no longer ignore this population.

• Employees 55 and older will constitute more than a quarter of the global workforce by 2031, according to an analysis from Bain & Co.

The positive news: According to a Pew Research survey, nearly one-fifth of Americans ages 65 and older were employed in 2023.

• This figure is nearly double the three decades prior.

Even better: Colorado's Job Application Fairness Act went into effect on July 1, prohibiting employers from asking job applicants for their age, date of birth, dates of educational attendance or other age identifiers on initial job applications.

The takeaway: Data shows that multigenerational workplaces are more productive, resilient and innovative.

• "Hiring older adults is a good thing — their presence in the workforce boosts companies' bottom lines, helps combat widespread burnout and ensures loyalty as they stay with jobs longer," says Peter Kaldes, president and CEO of Next50.

Explore Next50's mission.