The Longevity Economy - The Missing (Employer) Dividend - Presentation to Australian Human Resources Institute Diversity & Inclusion Conference Sydney 3 May 2018

1. The Longevity
Economy & The
Missing (Employer)
Dividend
SALLY EVANS Sally.L.Evans@me.com | @sallylevans1

2. The Longevity Economy & The Missing (Employer) Dividend
Introduction
Set the scene. Redefining
retirement and work
Defining Old
Disrupting current ideas
of retirement and work
Point One
Not enough
people over 55
are working
1.1 We are living longer
and more healthily
1.2 We are running out of
workers
1.3 Increasing workforce
participation is good for
all generations
Point Two
Discriminating
against our
future selves?
2.1 Ageism in the
workplace
2.2 Myths about ageing
and learning
2.3 Myths about ageing
and performance
Point Three
Longevity
Economy-
Disrupting current
ideas of retirement
and work
3.1 Reframing work
3.2 Reframing business
3.3 Reframing
inter-generational
discussion
Summary
Agenda

3. The Longevity Economy & The Missing (Employer) Dividend
The Boomers
– Redefining
retirement
and work
People over 65 years
(% of total population)
1926 5% 0.3m
1976 9% 1.2m
2016 15% 3.7m
2056 22% 8.7m
2096 25% 12.8m

5. The Longevity Economy & The Missing (Employer) Dividend
New Old?
BIRTH 5 YEARS 25 YEARS 65 YEARS 75 YEARS 84 YEARS
86
YEARS
(DEATH)
Dependent
& Growing
Growing & Gaining
— Education
— Independence
Gaining
— Wealth
— Skills & Knowledge
— Relationships
— Meaning & Purpose
Gaining/Giving
— Freedom
— Volunteering
Giving
— Legacy
Decline &
Dependence
RETIREMENTAGE
NEW RETIREMENT
+ 10 YEARS

6. The Longevity Economy & The Missing (Employer) Dividend
Disrupting current ideas
of retirement and work
New world
Innovation driven by
universal design
Vision of the future
appealing to all ages
Inter-generational
teams leading product
& service design
and delivery
Old world
Constrains what
we do as we age
Constrains workplaces
from being fully inclusive
Constrains businesses
from serving the needs
of a growing & powerful
consumer group
Old(er)
people
Business

7. Not enough people over 55
are working? We are living
longer — with better health
If we are lucky
we will all live
longer than
our parents.
What do we
want that
life to be?
LIFE EXPECTANCY AT BIRTH
CURRENT
ASSUMPTIONS
1881
— 1890
1960
— 1962
2013
— 2015
2024
— 2025
2034
— 35
2044
— 45
2054
— 55
Men 47.2 67.9 80.4 82.9 84.9 86.6 88.1
Women 50.8 74.2 84.5 86.4 87.9 89.3 90.5
LIKELY
Men 91.5 92.6 93.5 94.4 95.1
Women 93.6 94.5 95.3 96 96.6
The Longevity Economy & The Missing (Employer) Dividend

8. Not enough
people
over 55 are
working?
We are
running out
of workers.
Aus Canada UK US NZ
% Participation People
aged 55 to 64 (2005)
56 58.1 58.6 63.1 71.2
Difference 2.1 2.6 7.1 15.2
Labour force participation
projections 2006 - 2016 (% change)
Males 55 to 64 4.5 5 4.5 1 3
Males 65+ 5 6 5 3 11
Females 55 to 64 11.5 9 9 1 10
Females 65+ 5 5 3 3 9
Labour force participation rate
2017 to 2040 projections (% change)
2000-2016 1.7 0 1.5 -4.2 4
Ageing only -4.6 -4 -5.5 -3.8 -6
Benchmark 6 3 1.5 7.5 0
Delayed retirement -1.8 -3 1 -2.5 0
Source RBA ABS
The Longevity Economy & The Missing (Employer) Dividend

9. Not enough
people over 55
are working?
Increasing
workforce
participation is good
for all generations
Economic benefit in 2024-25 of
additional mature age participation*
$bn
(2009-10)
%
GDP
Expected increases 55.0 2.7
Additional 3% 33.0 1.6
Additional 5% 47.9 2.4
*Source: Deloitte Access Economics
The Longevity Economy & The Missing (Employer) Dividend

10. Discriminating
against our future
selves. Ageism is
alive and well
“Older people have so much to offer
as workers, colleagues and mentors.
It is in the business community’s
self-interest to recruit, train,
promote and retain them… Only
a few companies are doing so.”
Paul Irving
Chairman | Milken Institute for the
Future of Ageing | Encore.org
The Longevity Economy & The Missing (Employer) Dividend

11. Discriminating
against our
future selves
Ageism
experience
Shut out Unable to get
an interview or
secure a position
Human Rights Commission/EY Sweeney ( 2015)
The Longevity Economy & The Missing (Employer) Dividend
Pigeon Holing Becoming stuck or
constrained in their role
Structural Being targeted
for redundancy
or restructure
Shut out Subject to discriminatory
culture or management
practices

12. Discriminating
against our
future selves
Ageism
at work:
Perceptions &
Stereotypes
1:
More
costly
2:
Negative
stereotypes
The Longevity Economy & The Missing (Employer) Dividend

13. Discriminating
against our
future selves
Myths about
ageing and
learning
*Joanna Maxwell “Rethink your career” (2017)
**Erber & Szuchman Great Myths of Aging (2015)
Older workers are inferior
to younger workers**
“I’m just having a
senior moment”*
The Longevity Economy & The Missing (Employer) Dividend
You can’t teach an old
dog new tricks

14. Discriminating
against our
future selves
Myths about
ageing and
performance
*Joanna Maxwell “Rethink your career” (2017)
**Erber & Szuchman Great Myths of Aging (2015)
Older workers aren’t committed
Older workers are less productive
The Longevity Economy & The Missing (Employer) Dividend
You lose 10,000 brain cells a day,
and one day you just run out.
Older workers can’t hack the pace
Older workers lack the
entrepreneurial spirit

15. The
Longevity
Economy
Reframing
work: the
next five
years
The five-generation
workforce
Corporate sector greatly
expands flexibility options
The Longevity Economy & The Missing (Employer) Dividend
Full Time Lives

16. The
Longevity
Economy
Reframing
work: the
next ten
years
New forms of unions,
organisations and alumni
Universal Design will mitigate
health & safety concerns
The Longevity Economy & The Missing (Employer) Dividend
Baby Boomers and Gen X-ers
will drive the Gig Economy

17. The
Longevity
Economy
Reframing
work: beyond
the next
ten years?
Or sooner
Working into
your 70’s is
common
Goodbye to the
traditional linear
life of education,
work and then
retirement.
Working
“alongside”
Genius clubs
The Longevity Economy & The Missing (Employer) Dividend

18. The Longevity Economy & The Missing (Employer) Dividend
The Longevity Economy
Reframing Business
Opportunity
Baby Boomers
lives are valued,
valuable and varied
Old(er)
people
Business

19. The Longevity Economy & The Missing (Employer) Dividend
New Old?
BIRTH 5 YEARS 25 YEARS 65 YEARS 75 YEARS 84 YEARS
86
YEARS
(DEATH)
Dependent
& Growing
Growing & Gaining
— Education
— Independence
Gaining
— Wealth
— Skills & Knowledge
— Relationships
— Meaning & Purpose
Gaining/Giving
— Freedom
— Volunteering
Giving
— Legacy
Decline &
Dependence
RETIREMENTAGE
NEW RETIREMENT
+ 10 YEARS

20. The Longevity
Economy
Reframing the
inter-generational
discussion
“No longer will you need
a consolation prize for oldness.
Far from it: you’ll want to be old”.
The Longevity Economy & The Missing (Employer) Dividend
Joseph F. Coughlin, Ph.D
Founder and Director of the AgeLab at the
Massachusetts Institute of Technology.

23. The Longevity Economy & The Missing (Employer) Dividend
And thanks to those Longevity Economy
influencers that inspire me:
Munib Karavdic
Wave Design
Joanna Maxwell
Rethink Your Career
Joseph Coughlin
The Longevity Economy
Nick Richardson
FiftyNotOut
Marc Freedman
Encore.org
Elizabeth Isele
Experienced Entrepreneurship
…And many others
SALLY EVANS Sally.L.Evans@me.com | @sallylevans1