NEW YORK, Aug. 12, 2019 /PRNewswire/ -- Hiscox, the
international specialist insurer, today released its 2019 Hiscox
Ageism in the Workplace StudyTM, which revealed that 21%
of US workers age 40 and older have experienced discrimination in
the workplace due to their age, and respondents believe they're
most likely to experience it at age 51. The study, which surveyed
400 full-time U.S. workers age 40 and over, also found that more
than two-thirds (67%) of respondents 65 or younger plan to continue
working after they turn 66, and 62% of all workers did not receive
any form of age discrimination training in the previous 12
months.
"Age discrimination in the workplace is an increasingly serious
issue for businesses and employees as older generations continue to
maintain their professional careers longer than their
predecessors," said Patrick
Mitchell, Management Liability Product Head at Hiscox
USA. "Discrimination of any kind
brings serious reputational and financial risks to any business and
can negatively impact a worker's career trajectory. As such,
businesses must take the necessary steps to prevent, detect and
mitigate any instances of age discrimination in the workplace in
order to fully protect their organization and employees."
Gender Plays a Role in Workplace Ageism
While prior Hiscox data found that women are more likely to
experience harassment in the workplace, the 2019 Hiscox Ageism in
the Workplace StudyTM found that men were more likely to
feel that their advancing age adversely impacted their careers.
Forty-three percent of men felt that their age has been a barrier
to finding a new job since turning 40 years old, compared to less
than one-third (30%) of women. More than one-third (39%) of
men reported that age frustrated their career advancement since
turning 40, compared to 24% of women.
Most Remain Silent
Although over one in five respondents shared that they faced age
discrimination in the workplace themselves, only 40% filed a charge
or complaint. Their reasons for staying silent included the fear of
a report creating a hostile work environment (54%) and a lack of
knowledge on how to initiate a complaint (24%).
Witnesses, too, were more likely to stay quiet. More than half
(51%) of workers who witnessed age discrimination against another
employee did not report it, and 62% pointed to a fear of
retaliation by their employers as the reason for not speaking
up.
The Cost of Ageism in the Workplace
Often subject to common stereotypes regarding older workers, 80%
of respondents who experienced age discrimination reported that it
had impacted their career trajectory.
In addition to ageism impacting employee productivity,
organizations face the loss of talent and institutional knowledge
when older employees leave a company. In fact, 43% of respondents
reported that they had left a company due to experiencing or
witnessing age discrimination.
How to Combat Ageism in the Workplace
Businesses should take the following steps to prevent, detect
and mitigate age discrimination in the workplace:
- Prevent age discrimination by providing workforce
training.
- Detect age discrimination by watching for behaviors that
indicate older workers are being harassed, excluded from projects
and underrepresented in new hiring and promotions.
- Mitigate the risks and exposure associated with age
discrimination by responding to claims immediately and
thoroughly.
Hiscox USA provides a variety
of specialty risk solutions including a broad spectrum of
professional errors & omissions, general liability, cyber and
data security, media liability, management liability, crime, kidnap
& ransom, terrorism and commercial property insurance
products.
Related Materials:
2019 Hiscox Ageism in the Workplace StudyTM
About the Study
The Hiscox Ageism Survey was conducted by Wakefield Research
(www.wakefieldresearch.com) among 400 U.S. adults, ages 40+,
employed full-time between February 13th and
February 25th, 2019, using an email invitation and an online
survey.
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in
Bermuda and listed on the London
Stock Exchange (LSE:HSX). Our ambition is to be a respected
specialist insurer with a diverse portfolio by product and
geography. We believe that building balance between
catastrophe-exposed business and less volatile local specialty
business gives us opportunities for profitable growth throughout
the insurance cycle. It's a long-standing strategy which in 2018
saw the business deliver a profit before tax of $137.4 million in a challenging year for
insurers.
The Hiscox Group employs over 3,300 people in 14 countries, and
has customers worldwide. Through the retail businesses in the UK,
Europe, Asia and the US, we offer a range of
specialist insurance for professionals and business customers as
well as homeowners. Internationally traded, bigger ticket business
and reinsurance is underwritten through Hiscox London Market and
Hiscox Re & ILS. In the US, Hiscox underwrites admitted
insurance products through Hiscox Insurance Company Inc., a
Chicago-based insurer.
Our values define our business, with a focus on people, quality,
courage and excellence in execution. We pride ourselves on being
true to our word and our award-winning claims service is testament
to that. For more information, visit www.hiscoxgroup.com.
Follow Hiscox USA on Twitter
@Hiscox_USA and @HiscoxSmallbiz.
The content provided above is provided for general informational
purposes, but is not intended, nor shall it be deemed, to be
business, legal or insurance advice for any particular or specific
person or entity.
Media Contacts
Lou Casale
Hiscox USA
+1 646 442 8341
Lou.Casale@hiscox.com
Gyawu Mahama
Hiscox USA
+1 678 781 6003
Gyawu.Mahama@hiscox.com
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SOURCE Hiscox