Category: Purpose-Driven Culture and Leadership

Change is constant in business. There are always new ideas, new products, new ways to work better. That’s how it should be. Businesses and non-profit organizations get themselves into trouble when they think they have it all figured out. Comfortable companies get complacent, and those that grow rigid risk ruining their reputations as thought-leaders. By contrast, organizations that embrace change stay innovative and agile. 

That is what we have seen over the last year and a half. Rigid companies that resisted change suffered—revenue plummeted, employees resigned, and some even went out of business—while businesses that adapted quickly survived and in some cases thrived during the pandemic and gained new strategies and tools to use for the future. 

That is not to say that there were no bumps along the way for the organizations that navigated the rough seas successfully. The pandemic caught many of us off guard (even though the scientific community had, in fact, warned us something like this could happen). 

We do not want to be caught off guard again. One giant trend is coming, and in many ways, is already upon us. Every company, board director, and leader should ensure their business has a strategy to seize its possibilities for growth. 

That trend is the unprecedented aging of the population. With life expectancies on the rise and birth rates declining, the growth of the older population is steadily outpacing that of younger generations around the world. People aged 60 and over already account for more than one billion of the world’s population; this age group is expected to double—to over two billion—by 2050. Not only are we aging, but in many places, we are living longer than previous generations. In countries where people are aging well, more than half of children born today are projected to live to see their 100th birthday.

What if leaders miscalculate, underestimate, or even worse—ignore this major demographic shift? Businesses that miss out on the aging population will be in crisis, and the risk to organizations and their bottom line could be catastrophic. 

That said, crises can be opportunities—but only for those leaders who are prepared. What do businesses need to do to be prepared? 

First, awareness and understanding

As organizations face immediate and unprecedented economic challenges due to the coronavirus pandemic, it is a critical time to recognize the growing aging population as part of a strategy for economic recovery and growth. The truth is, this is an opportunity—a multi-trillion-dollar market opportunity. Older adults are consumers, taxpayers, workers, and business owners. Many also add massive value through volunteering and serving as family caregivers. The purchasing power of older adults generates significant tax revenue, creates jobs, and creates stability in other important areas, like health care, housing, and transportation for essential workers, families, veterans, and small business owners, all of whom were very hard hit by the pandemic.

Business leaders, therefore, must embrace longevity. Here are three reasons why:

It’s good for businesses.
If the 50-plus population comprised a country, its economy would be the third biggest in the world (after the U.S. and China). People aged 50 and older have massive purchasing power, which creates jobs and opportunities across all generations, grows revenue, and fuels and sustains businesses of all sizes. According to AARP’s Longevity Economy Outlook, the economic contribution of the 50-plus population was worth $8.3 trillion in 2018. Fifty-six cents of every dollar was spent by someone over the age of 50. By 2050, their economic impact is expected to more than triple to $26.8 trillion, and 61 cents of every dollar will be spent by someone over the age of 50. Businesses that are ready to catch this wave will sail right past their competition.

It’s good for governments.
The 50-plus population (which make up 35 percent of the U.S. population) is also a major source of revenue for federal, state, and local governments to provide the services and infrastructure businesses and communities count on.  Nearly half of federal revenues in 2018, or $1.4 trillion, came from the 50-plus cohort —a figure set to nearly quadruple to $5.5 trillion by 2050. We see a similar picture with regards to state finances. The 50-plus cohort is responsible for almost $650 billion in state revenues today. By 2050, its contribution is forecast to approach $2.4 trillion. Business and public leaders can work together to invest those resources in our communities to grow a stronger, healthier economy for everyone.

It’s good for individuals of all ages.
As people live longer, many will either want or need to continue working. Studies have shown that working past age 65 is linked to better health and longevity. Not only that, studies show that age-inclusive companies report higher worker satisfaction across the board, and satisfied workers are more committed, creative, and productive. That is not the only way they add value. Older workers also contribute experience to multi-generational teams, participate in encore careers, and lead in entrepreneurship.

Next, take decisive action

It is clear why businesses should embrace a strategy for the longevity economy. Each and every business stands to gain from tapping into the opportunities of the 50-plus market. To maximize that longevity dividend, though, we must act now. Government leaders, business leaders, non-profit leaders, and each of us as individual leaders have a role to play. For example,  private-sector leaders and product developers must think past outdated stereotypes when creating solutions. And advertisers must authentically represent the full spectrum of living as people age. We must all work together to test and develop new approaches to learning, earning, living, and connecting with each other as we live longer lives. 

Change is constant in business, and innovation is not just for products. Even long-established organizations boasting household names need to stay flexible, adaptive, and innovative to seize new opportunities. By building a workplace culture that embraces change, we can continue to meet our clients and customers where they are while setting the pace as thought leaders in our fields.

Finally, a radical thought

Your customers are aging, yet there is no longevity crisis. There is only a longevity opportunity, which benefits businesses, communities, and governments. And that opportunity is just waiting for you to embrace it. So will you?

For #BuildItBackBetter, NationSwell asked some of our nation’s most celebrated purpose-driven leaders how they’d build a society that is more equitable and resilient than the one we had before COVID-19. We have compiled and lightly edited their answers.

This article is part of the #BuildItBackBetter track “The Relational Era: Building a Culture of Connection, Bridging and Belonging” — presented in partnership with Einhorn Collaborative.

Over the past few decades, the landscape of American civic life has transformed. Participation in key civic institutions such as religious groups and volunteer organizations has plummeted, and our public square has been replaced with online echo chambers.  

But there is still one place in American life where adults of all backgrounds come together to pursue a shared goal: the workplace. Here many of us spend each day working alongside people of different ages, races, ethnicities, gender identities, national origins, and religions.

In many ways, the goal of American companies reflects the motto of the Great American Experiment, “e pluribus unum” (“out of many, one”). They’re tasked with the herculean challenge of forging community and a sense of shared identity among a vastly diverse group of individuals, and each company must find a way to harness the individual strengths of the group to accomplish its collective goals. 

Unfortunately, as American society has been torn apart by polarization and division, workplaces have been finding that they are not immune to these trends.

Over the past few years, employees have become increasingly divided over ideological differences. According to a recent poll, nearly one-third of working Americans are worried that they will miss out on career opportunities or lose their jobs if their political opinions were discovered. This concern is roughly consistent across political orientation, race, gender, and socioeconomic status.

When your workplace has a multiplicity of values and worldviews nested within a culture of outrage and intolerance, you have a tinderbox on your hands. Companies must be proactive in creating cultures that foster openness, intellectual humility, and mutual respect across differences. 

Doing so isn’t just good for our country. It’s also good for your bottom line. Research shows that fostering a sense of belonging within the workplace has a direct impact on improving work performance, motivation, and engagement. 

According to a study conducted by BetterUp, employees who feel a strong sense of belonging show a 56% increase in performance, a 75% decrease in sick days, a 50% reduction in turnover risk compared to peers with a low sense of belonging.

The data is clear: Investing in building a culture of belonging and inclusion pays. 

While there is no quick fix to culture change, there are steps you can take in the right direction. For example, OpenMind offers practical, scalable, and evidence-based tools to foster openness to diverse perspectives and equip people with skills for constructive dialogue. 

OpenMind’s online learning program helps employees understand values and perspectives that differ from their own. It addresses conflicts that tend to arise in diverse workplaces and provides employees with practical skills to navigate differences more effectively.

While our other institutions struggle, workplaces can model what it means to create a space where Americans from all walks of life feel respected, included and heard. Those who move in this direction will surely reap the benefits.

Caroline Mehl is the Co-Founder and Executive Director of OpenMind. You can learn more about her work here.

For #BuildItBackBetter, NationSwell asked some of our nation’s most celebrated purpose-driven leaders how they’d build a society that is more equitable and resilient than the one we had before COVID-19. We have compiled and lightly edited their answers.

No matter who we are, how we live, or what we believe, we all share a deep, instinctual need and capacity for human connection and belonging. It’s at the core of our shared humanity — and baked into our DNA. 

As human beings, we yearn to be in relationship: to feel seen, valued and understood; to inhabit places where we live together, work together and look out for each other; to be part of a community of shared values and aspirations that is bigger than ourselves. 

And yet, we are living in a culture that all too often reinforces just the opposite. A culture that stokes distrust and amplifies divisions. That fuels hyper-individualism and alienates us from ourselves and each other. A culture that creates a distorted sense of belonging for some of us by telling others they don’t belong. 

As we navigate the “twin pandemics” of COVID-19 and racial injustice, we face a fundamental challenge that lies at the heart of all others: a crisis of human connection. 

All around us, we see more and more Americans living in isolation, loneliness, anxiety, and fear. And all too often, our culture reinforces a zero-sum game that seeks to benefit by pulling us further apart — with an “us vs them” mentality that’s eroding our faith in each other, our institutions and the future we seek for our children. 

The sheer speed and scale of these challenges can seem overwhelming, but beneath them lies a simple and inescapable truth: we cannot solve our nation’s most complex and urgent challenges unless we see, hear and understand each other first.

If we want to build it back better, we must draw upon one of the greatest and oldest technologies we have as a species: human connection. Our ability to connect, empathize, build relationships, and collaborate may be our greatest gift. When we start to see ourselves in others and recognize that our own humanity is a reflection of our shared humanity, we begin to shift from a culture of turning on one another to turning toward one another. 

Einhorn Collaborative works with community leaders, researchers, and cultural influencers to help each and every one of us build stronger relationships, embrace our differences, and rediscover our shared values and humanity —with the belief that by doing so, we can find common ground and solve our most urgent challenges together.

Through this Build It Back Better series, The Relational Era: A Culture of Connection, Bridging, and Belonging, we’ll lift up the voices of individuals and communities who are writing a new story of America. We’ll hear bold and practical ideas for what’s needed to build a more inclusive and connected culture from a wide range of vantage points and disciplines, and a through a mix of large public events, intimate working groups, and action-oriented articles. 

We’ll share powerful stories, compelling science and cross-disciplinary research that shows us new ways of living, working and thriving together – by embracing radical bridge-building in our politics, by inspiring interfaith cooperation in our communities, by using ritual in the service of social healing, by fostering intergenerational relationships and igniting a new generation of bridgers, by nurturing emotional intelligence and cultivating moral leadership, by promoting civic love and elevating bright spots of civic renewal. And so much more… 

We believe that addressing America’s crisis of connection and building a true culture of connection, bridging, and belonging is not only critically urgent, but possible — and already underway in communities across our country. 

We believe the prevailing narratives of distrust and division are not only flawed, but reversible. 

And we believe that when we sit down to listen, learn, and share different perspectives, we unlock entirely new ways of seeing ourselves, each other, and the needs and values we share.  

Through this series, we invite you to join us on a journey of envisioning what it will take to build a culture of connection, bridging, and belonging – and to commit to doing this vital work alongside us.

Jenn Hoos Rothberg is Executive Director of Einhorn Collaborative.

Political conversation with someone whose views are different than yours are tough.  But even the thorniest divide can be more narrowed if we try “Moral Reframing“.

The technique allows you to identify the moral premise that matters to the other person and then present your idea in a way that makes sense to them.  Watch this video and learn how to closer divides in your politics…and beyond.

This was produced in partnership with the Greater Good Science Center and the Einhorn Family Charitable Trust. Learn more about how you can bridge differences in your life here.