The Tribune

By IAN FERGUSON

With great advancements in medicine, and increased awareness of healthy living, many of us are experiencing longer and fuller lives.

Life expectancy, which was 65 years in 1965, had increased by 10 years to 75 in 2010.

These numbers continue to increase each year, and this has serious implications for the business community, as many persons feel quite comfortable extending their working lives beyond the standard retirement age of 65.

There are many who believe there must be no compromise in enforcing the retirement age for both the private and public sectors, as the job market already seems saturated, with far too many young, capable people having great difficulty finding work.

Each year, over 6,000 new Bahamians enter the job market, while more 65-plus year-olds are opting to remain in their current jobs or are looking for new and expanded roles. Since the economy has not experienced growth in tandem with this trend, many young people have become disillusioned. There seems to be a growing pessimism among Bahamian college students, and graduates living abroad, regarding the availability of jobs and opportunities for them in the working world, results from a recent focus group revealed. These young people indicated that far too many older persons are being allowed to remain in top positions, and then retained after retirement as consultants to the same organisations. Somehow we seem convinced that ‘old school’ is the way to go in advancing the economic viability in our companies and nation.

Fortune 100 companies around the world have done just the opposite. It is widely known that most ‘consultants’ sought-after by the world’s most successful companies are under the age of 30. The creativity, efficiency and stretch potential these young people bring far outweighs the status quo mindset and approach the ‘experienced’ employee brings. While we do not seek to advance an ‘out with the old’ culture, wisdom dictates that for the lifeblood of a company to be pure, there must be a constant and steady flow of new blood at all levels in any company.

Surely there is a way to better honour the legacy of senior employees who have made their contribution, and perhaps still have a contribution to make, while also keeping younger, capable and vibrant employees engaged and promoted. I believe it is a beautiful idea to allow former retired principals and administrators to work on after-school programsme as paid teachers. It is a compliment to leadership when an organisation allows its retired leaders to serve in the lower ranks of the company, permitting the next generation of leaders to walk into their season of leadership. Sacred scripture supports this, with the admonishment: ‘Let no man despise thy youth’.

When we fail as a people to follow the natural patterns of succession, we deliberately begin the process of accelerating our own demise, both in a micro and macro sense. We must validate our educated and productive youth, motivating even the ‘at risk’ to see the opportunities that exist if they begin to apply themselves.

Additionally, wise economists agree that the commodity which will grow the Bahamian economy is a well-educated and youthful workforce - and leaders. All our human resource practices must encourage their retention and full participation.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.