Here is a hypothetical question. You are asked to vote for a new chief executive. There are two candidates and they are surprisingly similar. They have near identical educational qualifications, personality traits and values. They seem equally bright. But one is 35 and the other is 63. Who would you choose? The dynamism and energy of youth or the understanding and wisdom of maturity?

Most chief executives are between these hypothetical ages, usually five to eight years either side of 50. So what is the essential difference?

The answer is that woolly concept called experience. Age is “seen it all before”, “tried and tested”, “all in good time”. Youth is “do keep up”, “move with the times”, “change or die”.

So when is experience useful and relevant and when is it not? What happens if the world has changed? There is nothing more pathetic than the ageing leader clinging on to the strategy of a previous era that clearly does not work any more.

Experience can be a serious handicap. People have to unlearn lessons and technology and this may be harder than learning them in the first place. And how easy is it to teach older people new things?

Certainly governments that offer pensions want to keep us at work, particularly in old (in both senses of the word) Europe. There are more older workers than ever before – nearly three times as many 40, 50 and 60 year olds than 100 years ago.

And there are simply not enough young people at work to pay for their generous pensions. About half of all Germans, two-thirds of Americans and three-quarters of Swiss between 55 and 65 work full time. In 1980 there were about twice as many under-30s as over-50s in the European workforce. It is predicted that this will reverse in 2020.

Do employers want older workers? Or young workers older bosses? Are they slow, doddery, forgetful and computer phobic? Or are they more reliable, conscientious and good with customers? Are grey temples reassuring or something to worry about? Studies show that, naturally, older workers hold pretty positive views about their older peers. Interestingly, the quality and quantity of contact with older workers improves younger workers’ attitudes towards them. But older supervisors are more critical of older workers than younger supervisors.

So what are the issues? Potential loss of productivity is a concern. The evidence, however, is that if people are in reasonable health and in the right job for their temperament and values, there is no decline whatsoever in productivity up to the age of 80. What about their lack of enthusiasm for change? The able employee, given good continuing training, is not necessarily change-averse even at advanced years. As much depends on their personality as their abilities. Some 20-year-olds hate change, some 80-year-olds are game to “have a go at something new”.

By and large, chief executives are bright, energetic and engaged: more so than many their age. They are sometimes called elite survivors. They age well intellectually. They are not preserved by hair dye and cosmetic surgery but by intellectual fitness and flexibility.

What about declining abilities? It is true that it is harder to teach an old dog new tricks. Word fluency, memory, reasoning and speed of reactions do decline but for most people only noticeably so after 75.

Four things influence older workers’ and managers’ ability and productivity. First, their physical and mental health, which influence all aspects of their social functioning. Next, their education and ability. Third, their motivation and attitude to work. Finally, there is the nature of the work itself, with its particular mental and physical demands.

Older people can bring wise judgment and social competence. Many have greater acceptance and credibility with customers, shareholders or journalists than young people. They have often built up useful networks both inside and outside the organisation. Many enjoy and have become used to life-long learning and continuing education, and many are still marked by old-fashioned values of commitment and loyalty.

Teaching older people means applying what we know about adult education more carefully. Their education works best when they are taught with familiar materials; when they can pace their own learning; when they have training on a weekly basis rather than in blocks; when they practise with new materials; and when they can call on special tutors and peers for help.

So what exactly is the “older” worker or manager? When can we expect someone to peak in terms of management? We know what is true for athletes but what about in the boardroom? Chief executives need to be bright, hard-working and emotionally stable. They need integrity and courage and the ability to learn. Perhaps their peak age depends on the sector, although Steve Jobs, the hugely successful chief executive of Apple, is no spring chicken and has suffered cancer to boot.

Perhaps what fades in most older people is the sheer hunger for success, the drive, the ambition. As Meg Whitman, former chief executive of eBay, said when searching for her successor: “Everyone I know is too rich and too tired.”

Adrian Furnham, The Sunday Times, Sep 2010

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