
A New Age of Work has entered the arena
- 21 Oct 2024
- by
- Alice Drew
- General Manager Place Futures
There are an ever-evolving number of factors that influence how, why, where and when we work. The past five years alone has seen some of the most significant shifts in the way we do things introduced into workplaces all over the world, influencing everything from productivity and culture to the wellbeing and retention of talent.
However there’s one factor that may have a truly profound impact not just on how we work, but on the design and purpose of buildings, precincts and even cities themselves, and that is longevity.
Thanks to ongoing innovations in health, nutrition and wellness over the past two decades, coupled with exponential improvements in education and awareness of how to avoid ill-health and disease, our lifespans are increasing. Health and AI research organisation GERO suggests the human lifespan could reach 120 to 150 years in the foreseeable future. Ageing is now considered an engineering problem that can be ‘solved’ in the same way as any other mechanical function.
For people currently in the workforce, this could mean working an extra twenty years more than expected, postponing retirement and dramatically shifting the very fabric of society.
Until now, much of the attention in relation to the future of work has been focused on Generation Z – anyone born between 1996 and 2010, and the successors to Millennials. Gen Z workers are predicted to have an average of eighteen jobs and six distinct careers over their lifetimes, changing jobs every three years or so. However, while significant effort has gone into understanding and accommodating the unique needs of this latest breed of professionals, the greater disruption is taking place at the other end of the age scale.
Over the last decade, the number of people in the workforce aged over 65 years has tripled. In the year 2000, the average age of retirement in Australia was 53.3 years. Today, it is 65.5 years – an additional twelve years added to careers, and one of the consequences of improved longevity. According to the Australian Treasury’s Intergenerational Report, Productivity Commission and OECD, the effective age of retirement in Australia will be over 70 by the year 2050. In fact, if the trend continues at the same rate for the next twenty five years as it has for the past twenty five, many of us could well be working into our mid-to-late eighties.
Naturally, this inspires debate not just on whether we could work longer, but whether people would want to work longer. For many, it won’t be a matter of choice, but necessity. For others, however, it will be because their careers provide purpose and structure to their lives, and their health allows them to maintain long term work-life routine. For some, their work is a passion, and they’ll continue to find inspiration and remain engaged for as long as possible.
Will those extra ten to twenty years of work continue the cycle of slowly climbing the corporate ladder? Or is this an opportunity to celebrate the wisdom and experience accumulated over decades of work not only for the benefit of organisations, but those around us, and society itself?
In recent surveys of hundreds of people on the question of working longer, many people acknowledged the opportunities a longer career could bring, with those nearing the end of their careers more positive about remaining in their jobs and in the workforce. Many viewed the continuation of their working life as a likely contributor to greater longevity, supporting their mental and physical health, and an opportunity to contribute more to society. Some were favourable to the idea of postponing retirement if they could work on their own terms – enjoying flexible hours to allow for volunteering, pursuing personal projects, caring for grandchildren, mentoring or even serving on boards.
In other words, most people are open to working longer, just not at the same pace or intensity of the past. And while Generation Z workers have an expectation to be in work that is meaningful and rewarding, other generations are intuitively shaking off traditions and prioritising meaning and purpose as well.
What does this mean for those in leadership roles today? The need to better understand the full impacts of longevity, and how it can be harnessed for the good of people and business.
It’s been said a career is an endurance sport, not a sprint to retirement. This highlights the need for balance – not just across the short term, but over an entire lifespan. A longer-term view incentivises better decisions when it comes to personal health and overall balance, and it incentivises people to make long business decisions, with trust, transparency and ethics at the centre.
Leadership is taking on new dimensions as AI and other technologies are embraced and become part of our organisational structures, assisting to simplify the complex and do things previously unimagined. Successful leaders of the future must find the right balance between leaning on artificial intelligence and relying on years of human experience.
From now on, careers must be viewed as evergreen. The historical path of school-university-work-retirement is now redundant. According to the World Economic Forum, 61% of workers will require retraining by 2027. The rate of change and innovation means learning will be a permanent fixture in future careers. Consistent micro-learning will ensure organisations remain fresh and alert to the ever changing world around us, allowing the cross-pollination of new ideas across businesses and sectors, with efficiency and speed.
Transformation is happening all around us. The CSIRO has outlined seven megatrends that will deliver enormous changes in our society, economy and natural environment.
These trends will need us to learn how to adapt to climate change, how to design and live in a clean economy, how to manage new health challenges, how to live harmoniously in a geopolitically volatile world, and how to build enduring trust in organisations and governments.
This is the new work. It is dynamic and complex and requires the best of technology and humanity. We need both the best expertise, and a beginners mindset. The wisdom of years of experience and the fresh perspective of youth. This is the new career-scape we are entering. And it’s why we believe that a new age of work is upon us.
This new age of work will be shaped by these demographic trends, as well as economic and social demands, and of course powerful new technologies. For leaders of today, the questions should not be “how can we get people back into the office?”, or “will AI replace my job?” but to the thematics that will shape our world further ahead. As longevity becomes our reality, how can we weave together the unique advantages of each generation, to amplify our collective power to solve these long-term mega-challenges? What kind of leader will you choose to be, with AI on your team? How do we reimagine careers and keep them evergreen so we can embrace the possibilities, the new opportunities ahead of us?
This is a moment to step back and prepare the structures needed to support these dynamic, long-term, society-shifting changes as they unfold in the years ahead.