When is it time to go? Leadership and aging come into the spotlight

The question of leadership capability and cognitive decline is becoming increasingly pertinent in America's aging workforce, with the number of workers aged 75 and older projected to double by 2030.

As high-powered professionals extend their careers beyond traditional retirement ages, companies face the challenge of ensuring effective leadership while navigating the sensitive issues of age-related performance decline. The stakes are high, with more than half of U.S. private businesses owned by individuals over 55, according to research by Project Equity.

Corporate governance experts emphasize the importance of succession planning and having mechanisms in place to address leadership decline. Hubert Joly, former Best Buy CEO and current board member at Johnson & Johnson and Ralph Lauren, highlights the critical role of board members in intervening when a leader's performance slips.

However, the process is often more complex in small private or family-run businesses, where emotion and lack of oversight can complicate succession discussions. Experts advise leaders to proactively plan their transition before external pressures force the issue.

Simultaneously, companies are grappling with the challenge of fostering lifelong learning across a multigenerational workforce. HR professionals are implementing strategies such as cross-generational mentoring programs and gamified learning experiences to address the diverse developmental needs of different age groups.

These initiatives aim to leverage the unique strengths of each generation while creating an inclusive learning culture that supports continuous skill development. As the workforce continues to age and evolve, organizations must balance the need for experienced leadership with the imperative of maintaining a dynamic, adaptable workforce.