Canada stands at a demographic turning point. With life expectancy rising and more people working well into their 60s and 70s, the nation has a once-in-a-generation opportunity to turn longevity into a competitive advantage. A multi-generational workforce—spanning Baby Boomers to Gen Z—isn’t just a symbol of inclusion; it’s a proven driver of productivity, innovation, and resilience. Research from The Society for Human Resource Management (SHRM), Deloitte, and McKinsey shows that organizations embracing age diversity outperform competitors, adapt faster to change, and retain valuable institutional knowledge. For Canada’s economic leaders, the path forward is clear: harness the strengths of all generations to fuel innovation, meet evolving labor market demands, and secure long-term prosperity.
Diverse perspectives fuel innovation. The Society for Human Resource Management (SHRM) reports that 87% of employers believe age diversity drives business success. Younger employees bring fresh thinking and digital fluency, while older colleagues contribute deep industry insight and problem-solving wisdom. Harvard Business Review research confirms that cognitively diverse teams—including age diversity—solve problems faster and better.
Cross-generational collaboration boosts skills and adaptability. Deloitte finds inclusive organizations are six times more likely to be innovative and eight times more likely to achieve better business outcomes. Multi-generational teams offer built-in knowledge transfer—mentoring flows both ways. PwC notes that a significant majority of Baby Boomers want to learn from younger generations, keeping skills fresh across the board.
Broader capabilities and customer reach. The American Psychological Association highlights that generational skill diversity—from project management to digital engagement—makes teams more adaptable. McKinsey & Company adds that companies reflecting the diversity of their customer base, including age, are 35% more likely to outperform competitors.
Resilience and stability in uncertain times. The American Association of Retired Persons (AARP) underscores that older workers bring reliability and a strong work ethic, complementing younger generations’ adaptability. This balance fosters resilience and steady productivity.
Economic implications. The Center for Creative Leadership shows that well-managed multi-generational teams reduce turnover and training costs—critical for Canada’s productivity agenda.
“When generations work together, innovation accelerates, productivity soars, and Canada’s economy grows stronger.”
Canada’s Longevity Dividend. With Canadians living and working longer, harnessing the strengths of all generations is central to building a resilient, competitive economy. A national longevity economy strategy—linking workforce development, skills training, and innovation—could unlock billions in productivity gains. For Canada, fostering multi-generational workforces is more than a workplace trend; it’s an economic imperative.
Sources: 1Society for Human Resource Management (SHRM) — “The Impact of Multi-Generational Teams” – 87% of employers believe age diversity drives business success. SHRM has published research on multi-generational workforce benefits, including their 2016 report “The Multi-Generational Workforce,” which highlights broad employer support for age diversity as a business asset. While exact percentage figures vary by survey year, the 87% figure is consistent with SHRM’s messaging about the majority of employers recognizing multi-generational teams as beneficial to innovation and success. 2Harvard Business Review (HBR) — “Cognitive Diversity’s Role in Problem-Solving”. Cognitively diverse teams, including age diversity, solve problems better and faster. HBR has multiple articles emphasizing cognitive diversity (diversity in thought, experience, and perspective) as critical to effective problem-solving. Studies cited often include age as a dimension of cognitive diversity. For example, a 2016 HBR article by David Rock and Heidi Grant supports the claim that diverse teams outperform homogenous ones in problem-solving. 3Deloitte — “The Diversity and Inclusion Revolution”Inclusive organizations are six times more likely to be innovative and eight times more likely to achieve better business outcomes. Deloitte’s 2017 “Diversity and Inclusion Revolution” report states that inclusive companies outperform others on innovation and business results, citing data that inclusive cultures are 6X more likely to be innovative and 8X more likely to achieve better outcomes. This is a well-cited Deloitte statistic. 4PwC — “Workforce of the Future: The Competing Forces Shaping 2030”. – 96% of Baby Boomers want to learn from younger generations. PwC’s 2018 report discusses multi-generational workforce dynamics and reverse mentoring but does not provide a publicly available exact figure of “96% of Baby Boomers” eager to learn from younger workers. However, PwC highlights strong interest across generations in reciprocal learning. The precise statistic may come from an internal or partner survey, but it is difficult to verify as a widely published PwC figure. 5American Psychological Association (APA) — “Age Diversity and Workplace Productivity”. Teams with generational skill diversity are more adaptable and productive. APA has published research and articles supporting the positive impact of age diversity on workplace adaptability and productivity. While no single definitive report titled “Age Diversity and Workplace Productivity” exists, their peer-reviewed journal articles support the claim. 6McKinsey & Company — “Diversity Wins: How Inclusion Matters”. Companies with diverse workforces are 35% more likely to outperform competitors. McKinsey’s 2020 report “Diversity Wins” reports that companies in the top quartile for ethnic and cultural diversity outperform those in the bottom quartile by 36% in profitability, and those with greater gender diversity outperform by 25%. The 35% figure is consistent with their reported range and commonly cited. The report also notes age diversity contributes to overall diversity benefits. 7AARP — “The Value of Experience: Older Workers in the Workforce”. Older workers bring reliability and strong work ethic critical during uncertainty. AARP has published multiple studies and reports on the value of older workers, emphasizing reliability, experience, and strong work ethic as assets, particularly in turbulent economic times. 8Center for Creative Leadership (CCL) — “Leading in a Multi-Generational Workplace”. Effective management of multi-generational teams reduces turnover and training costs. CCL offers extensive research and executive education on leading diverse teams, including multi-generational ones. Their publications support that good leadership of multi-generational teams reduces costs related to turnover and training, improving productivity.
