Longevity is a word not many of us saw as commonplace a few years ago. It is simply defined as ‘long life’, but has a much broader economic meaning. With life expectancy increasing, executives are now considering careers that extend well into their 70s and 80s. This shift necessitates a re-evaluation of career planning and financial stability. This blog explores the key insights from Watermark’s 2024 Interim Executive Survey on longevity and its implications for executives and organisations.
Executives are Seeking Meaningful Work and Longevity
Watermark’s 2024 Interim Executive Survey revealed a growing trend among executives prioritising meaningful work over the type of contract offered (a 15% increase from last year).
This shift underscores the importance of aligning organisational values with those of the individual through a strong Employee Value Proposition (EVP) in the race for talent.
The survey also showed that Interim Executives are sustaining their careers through active networking, continuous learning, and mentorship. These are very important when planning for longevity.
Challenges for Organisations
An individual’s working life may now span six or more decades. Consequently, organisations will find their workforce pulls from as many as five generations at any one time – this is a multigenerational workforce.
Managing a multigenerational workforce is a significant challenge. Organisations must adopt best practices to engage employees across all age groups. Flexible work arrangements, lifelong learning opportunities, and comprehensive health and retirement benefits are essential in promoting longevity and retaining top talent.
Traditionally, we think of knowledge transfer from the most experienced employees to their teams. Now is the time to broaden that thinking, capture insights across all generations and transfer up, down and across the workforce. We call this ‘The sphere of knowledge’.
Queue the advent of reverse mentoring. If we pair older and younger employees together, we can foster mutual learning. This can encourage younger employees to contribute in a meaningful way but also not to dismiss the value and lessons brought by older employees.
Conclusion
The concept of longevity is reshaping the talent marketplace. By focusing on meaningful work, continuous learning, and inclusive practices, both executives and organisations can thrive in this new era.
To find out more about longevity in the current business environment or to see how an Interim Executive can help your organisation, please contact the Interim Team here.