Older workers play vital role
This week saw a landmark in the British economy. New figures showed we now have more than 10 million workers aged 50 and above.
For too long there were stories of older people struggling to get work and feeling that they were on the scrapheap.
But it appears businesses are beginning to realise the untapped potential of the over-50s – and employers ignore this age group at their peril.
By the middle of the next decade it’s predicted one in three workers will be aged over 50. Back in 1992 that figure was one in 52.
The rising state pension age means, by default, people are working for longer. But evidence shows they are happy at work.
Job satisfaction increases as we age – from 73% of those aged 50-54 to 90% of those aged 70+.
For workers aged 65 and above, job satisfaction is a bigger motivator than money.
Working for longer can also have a significant impact on an individual’s retirement fund.
In fact, Aviva estimates that every additional year of employment could boost an average pension pot by an extra £8,000.
Businesses have a responsibility to support their older workers.
We need to extend caring leave, challenge prejudice, promote flexible working and invest in career development.
I want to see businesses retain, retrain and recruit older workers.
This is not about forcing us all to work for longer.
This is about creating a culture which supports those who want to keep working.
Age should not be a barrier to an individual’s opportunity to contribute to society and the economy, and to better themselves into the bargain.