Diversity and inclusion has become a buzz-phrase in recent years, as workplaces strive to create more inclusive work environments for all. While much of the focus has been on eliminating gender and race biases, less of a focus has been placed on how age is viewed in the workplace. By 2024, workers age 55 and older will represent 25 percent of the nation's workforce, according to Hiscox's "2019 Ageism in the Workplace Study," which surveyed 400 full-time U.S. employees over the age of 40. As the demographic make-up of workplaces changes, new challenges present themselves, including age discrimination. "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," Patrick Mitchell, management liability product head at Hiscox USA, said in a news release. "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."

Hiscox's findings

From 1990 to 2017, the number of age-related discrimination allegations filed with employers and the Equal Employment Opportunity Commission (EEOC) by workers aged 65-plus has doubled; in 2017, alone, 18,376 cases were filed. However, that percentage only represents a fraction of actual discrimination occurrences — the study indicates that fewer than half of age discrimination victims filed a complaint. Much of the age discrimination employees faced were rooted in myths and stereotypes, often perceived by younger generations, about workers aged 40 and over. Review the top five myths about older workers in the slideshow above. Hiscox's study also unveils the wide-sweeping consequences this type of discrimination can have on workplaces and employees, including:

• Demotivating employees;
• Loss of talent;
• Missed opportunity costs of not hiring or retaining experienced talent;
• And negative impacts on career trajectories and opportunities.

How to combat ageism

Ageism can result in negative legal and regulatory penalties, as well as expensive costs related to settlement fees or reduced worker productivity. Hiscox recommends three ways employers can protect their workplaces from age discrimination, including:

• Prevent: Workforce training and education can help overt ageism, especially in cases when an employee may not be aware that he or she is discriminating against an older co-worker.
• Detect: Employers should look for behavior indicating age discrimination, such as older employees being harassed or under-representation in new hires and promotions.
• Mitigate: Employers should respond to claims of age discrimination immediately and take each complaint seriously. Investigations into allegations should include interviews with all parties connected to the complaint, as well as witnesses.

Read more:

• Automation and age discrimination slam older workers
• How to keep older workers safe and productive on the job
• Workplace age discrimination starts younger than you'd think