Ageing Workforce
Does the UK have an aging workforce?
Yes. In April to June 2022, the number of people aged 65 years and over in employment (as estimated by the Labour Force Survey (LFS)) increased by a record 173,000 on the quarter to 1.468 million, which is a record level.
Why is it important to address the Ageing of the workforce?
As the market share of older workers increases, it is important to be aware of the issues that face this section of the workforce. Older workers who face ageism may be forced to retire earlier than they would like, reducing the overall pool of skilled workers and potentially limiting economic growth. Also meaning that businesses may miss out on the valuable contributions that older workers can bring, such as their experience and expertise.
What are the barriers to employment for older workers?
Age stereotypes and discrimination are barriers to the continued labour force participation of older workers. 78% of older workers claimed to have seen or experienced workplace age discrimination, according to 2021 data from AARP and Research from Ageing Better shows that 36% of 50-69 year olds feel at a disadvantage when applying for jobs due to their age. Many companies don't offer the flexibility that many older workers want or need later in life, making it difficult to continue working or to find new employment.
What are the benefits to having older employees?
Research shows that older employees are very reliable. They are more likely to show up to work on time and less likely to call in sick. Older workers do not switch jobs as often as their younger colleagues. Older employees shine when it comes to maturity and professionalism, which results in a strong work ethic. Older employees are an important source of knowledge.
Challenges of an Ageing Workforce
As employees age, they are likely to have more health issues related to physical and mental decline. There can be tension between older workers and younger workers if there isn’t a workplace culture of awareness and understanding and there can be potential performance issues related to new ways of doing things and a reluctance on the part of older workers to accept change.
What do older workers want from work?
Factors that make work fulfilling for older workers are largely the same as they are for other ages. Older workers look for employment that is personally meaningful, flexible, intellectually stimulating, sociable and age inclusive. They also value opportunities for learning, mentoring others and career progression.
How do you attract and retain older workers?
Develop employee resource groups that are multigenerational and use employees' personal stories to challenge age stereotypes.
Offer benefits that tend to appeal to older workers, such as health insurance, retirement benefits and long-term-care insurance.
Respect aged differences and raise awareness. Make sure everyone in the organisation, from senior management to employees and contractors, are aware of the expectation that older workers are supported.
Value Life Experience.
Provide training.
Think about workplace design.
Consider flexible working arrangements.
