This sudden change in board demographics led to product lines and business strategy becoming increasingly focused on new trends and not using historical data and experience as a decoder in the final decision making process. And that in turn led to pronounced performance declines, as demonstrated in a study conducted by the University of Michigan cited in the article.
While business analysis and strategy can always benefit from fresh ideas and new thought leaders, decades of experience holds its own weight in the board room and provides us with the balancing act that most companies need to perfect their models
It is time corporate America and its diversity strategists, leaders and advocates recognize this as a fallacy and not only allow boomers to re-enter the workforce on their own terms, but also encourage them to inculcate a habit of mentoring and leading by example. The value of experienced judgment cannot be undermined and with the package of resilience, a willingness to adapt and tested knowledge, they may just be worth the higher salary tag.
Aman Singh is the Corporate Responsibility Editor at Vault.com. She is a New York University alum and previously wrote for The Wall Street Journal. Her area of work includes corporate diversity practices and sustainability, and how they translate into recruitment and strategic development at Fortune 1000 companies.
Watch "Tom Brokaw Reports: Boomer$!", Thursday, March 4 at 9pm ET on CNBC. The program will also air Saturday, March 6 at 7pm ET; Sunday, March 7th at 9pm ET; and Monday, March 8th at 8pm ET.