The population of adults over 50 has not only grown in number in recent years, but also in terms of relevance in the world of work. This has led them to play an increasingly important role in economic matters, as they have sufficient resources to consume more and continue to make important decisions in the household. And is that, this population generates 58% of household income.

According to the study “La Generación Plateada 2022″, presented by Ipsos Peru, it is estimated that by 2030 adults aged 50 and over will account for 27% of the total population, 3% more than in 2022. In addition, it points out that 54% of the heads of household in the country belong to the silver generation.

However, beyond the economic impact that this group can have, they also bring a series of values to the different organizations or companies, which find in the silver generation an important source of human talent.

Elizabeth Gómez, project specialist at the Entrepreneurship and Innovation Center of the Universidad del Pacífico, pointed out that they are people who have gone through many experiences and therefore can contribute to the corporate world from the lessons they have learned.

“We believe that they have many opportunities in the labor market and companies value that very much. We bet on the intergenerational approach and that can be seen today in organizations, as people of all ages coexist in the same work space,” he told Gestión.

He also stressed that experience is a fundamental factor in decision-making, so it is important to listen to those who have more knowledge on certain issues, based on what they have experienced throughout their professional career.

Profile of the silver generation

The Ipsos study details that the average age of the silver generation is 59 years old. There are around 6.5 million people within this age group (50 to 70 years old), of which 49% are men and 51% women. In addition, 52% of these people work, either independently or for a company, while 22% are retired and the remaining 26% work at home or are unemployed. Along these lines, Gómez emphasized that people over 50 years of age have significant purchasing power, since most of them are working. “This makes them an economic segment to take into account.”

While adults can retire as early as age 65, this generation has proven to be very active. “They, in fact, do not have in their plans to end their professional productive life, so they choose to remain present in the labor market,” he added.

Sandra Cubas, managing partner at Cornerstone Peru, said that people’s life experience is highly valued today. Executives over 50 years old have gone through stages of crisis, successes and failures, which makes their contribution to a company enriching and of great value to decision making.

“On the one hand, there are the younger professionals who bring more energy and potential to a company, and on the other hand, you have the silver generation, who from their experience make sure to look for a better solution to the adverse situation that arises. They have a greater capacity to face crisis scenarios,” he added.

What are companies looking for?

Cubas pointed out that people over 50 are highly valued by a company’s board of directors, especially in positions related to decision-making. Along these lines, he said that organizations are currently looking for disruptive profiles, i.e. executives who have gone through several crisis situations and managed to overcome adversity at the time. In addition, they have managed to ensure that their team meets the established goals or projects.

“They are looking to hire people with strategic thinking. Because of their life experience they have had to make many decisions throughout their career and precisely that analytical capacity is highly valued,” he explained to Gestión.

Another aspect to take into account is communication at all levels, whether with the board of directors or with lower-ranking workers in the organization.

Positions with greater supply

Sandra Cubas mentioned that the silver generation is highly valued in graduate schools, to teach master’s degrees or diplomas.

They are very much required in very specialized positions, which require experience rather than potential. For example, the mining sector, where people with a strategic profile and extensive knowledge of the market are in demand. Something similar happens in other areas, such as finance or legal.

“If there is an executive with a lot of experience in mining, he or she will be dedicated to advising mining companies, while an expert in finance can be positioned in insurance or microfinance companies,” he said. These types of positions require advanced technical knowledge, which a person of 25 or 30 years old is not going to have, because no matter how talented he or she is, companies are looking for that share of experience that comes from being in the market for so many years.

Another area that chooses to hire the silver generation is consulting and coaching, because “precisely the professional’s background is what will give him or her the weight to know how to guide a certain group in a conflictive situation”. “In sectors such as finance or technology, most management positions are held by people of the silver generation, because they are positions that require more technical skills and not just anyone can enter, as they require basic knowledge,” said the expert.

Technological barrier?

Contrary to what one might think, technological tools or platforms are not so distant for this group of people, since in many cases digitalization is already part of their consumption habits. The study reflects that 47% of people have some product within the traditional banking system and 51% are Internet users, within which 70% make purchases of products or services online and 54% perform online banking operations.

In that sense, Elizabeth Gomez indicated that since they are not digital natives, it may take them more time to learn or develop in their functions. However, she believes that this is more of a mental barrier than an obstacle.

“In practice, this is not necessarily the case, since this barrier can be eliminated through training. In addition, there is nowadays a varied offer of courses or training in digital tools that can be useful,” he told Gestión.

For her part, Sandra Cubas maintains that digitalization is open to anyone who wants to learn and everything will depend on the person’s predisposition to continue in the labor market. “Obviously the new generations already come with this chip integrated because they grow up with it, but it will depend a lot on the profile of the executive. In general, if the worker over 50 years old is interested in continuing to be in force in an organization, he/she is concerned about being at the forefront and in constant training”, he/she concluded

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