Bosses are urged to harness the talents of the over-50s

MILLIONS of job vacancies will go unfilled if companies continue to waste the talents of the over-50s, according to a report.

Businesses that do not ‘tap into’ the supply of older workers will face major recruitment challenges in the future, it said.

A total of 14.5 million vacancies will open up between 2012 and 2022 through people leaving the workforce and an expansion of the labour market, the study said.

But it is estimated only 7 million young people will leave school and college over this period – meaning a potential 7.5 million ‘recruitment black hole’.

The report, by the charity Busi- ness in the Community, said it was vital that employers took steps to encourage older workers to stay in work for longer. But ageism and a poor understanding of the needs of older workers were preventing many from keeping their jobs or finding new ones.

The report, published today, said the over-50s made up a third of the workforce, with 9.2million in employment out of 31 million.

It urged businesses to help older workers refresh their skills and retrain, as well as ensuring that staff in charge of recruit- ment were trained to spot their own bias against older workers.

It also urged firms to offer more flexible hours, where necessary, so workers could gradually wind down to retirement – rather than stop work all together.

The report said: ‘Not only are older members of the population likely to need more years’ earnings in order to finance their own retirement, but businesses will need to tap into this talent pool in order to fill their particular labour and skills needs.’

Business in the Community, of which the Prince of Wales is the president, campaigns for responsible business practice.