Fintech firm knows the importance of older employees
AFINTECH start-up is backing a Welsh Government campaign to encourage more businesses to retain, retrain and recruit older workers.
Newport-based W2 Global Data is supporting campaign, People Don’t Have a Best Before Date, which is challenging age discrimination in recruitment and equipping business owners with the tools they need to build an all age workforce.
The campaign is also encouraging SMEs and larger firms to recruit, retain and retrain older workers, as by 2022 one in three people of working age in Wales will be over the age of 50.
Recent figures show that the number of workers in Wales aged over 50 has rose by almost a quarter (24.8%) between 2007 and 2017, while over the same period the number of younger workers has fallen.
For 16 to 24 year olds it has declined 10.1%, and for 25 to 49 year olds by 3%.
W2 Global Data, based at Clarence House in Newport, provides identity verification services to help prevent fraud and money laundering, working with more than 100 clients globally, from online retailers to payment providers.
Its workforce has doubled since the start of the year, with more than 40 people on the payroll, around 35 of whom live in south Wales.
Gary Pine, the company’s chief product officer, said it’s had an all-age approach to recruitment since launching in 2011.
He said: “As we continue to look for people who want to grow with the company we remain a dynamic, perpetual start-up. We want people who will roll their sleeves up and get stuck in, and age has no bearing on that whatsoever.
“Short, tall, old or young really doesn’t matter to us.
“I’m interested in whether they’ll be a good cultural fit for the company. What empowers them? Can they build instant rapport with someone? None of that has anything to do with age.”
Vicky Vaksdal, 51, joined as a business development manager in March. The mum of two children (aged 31 and 16, and a five-year-old granddaughter) says she has never experienced ageism at work.
She said: “I’ve always worked with start-ups – I like the challenge of being part of a smaller business, watching it grow and adding value. I feel young. Age is an old-fashioned idea and the people I work with simply don’t consider it a factor.
“I might be old-school in some ways (I still print out the odd email) but I’m digitally engaged and full of ideas. Fintech is a diverse and exciting industry and every day I work alongside people in their 20s and people in their 60s.
“I have more confidence than I did when I was younger but there are no negatives to ageing when it comes to work.”
Mr Pine, 50, said: “Vicky brings a wealth of experience and there’s no end to her imagination. She’s innovative and is always happy to shake up the status quo – which is what matters. Fresh, young minds are wonderful but it’s equally important to employ people with experiences as they’ll link those ideas.
“They know what works and what doesn’t – some of the most creative people I know weren’t born that way – it came from life experience.”
People Don’t Have A Best Before Date, part of the Welsh Government’s Age of Investment drive to ensure Wales has the skills it needs to compete in the global marketplace, points out the critical importance of older workers to businesses.
The Welsh Government has teamed up with Ageing Well in Wales, Business in the Community (BiTC) Cymru, Learning and Work Institute, the Older People’s Commissioner, Chwarae Teg, Federation for Small Businesses (FSB), TUC and others for the campaign, which seeks to challenge stereotypes of older workers and demonstrate their value in the workplace.
A campaign toolkit on the Skills Gateway for Business website offers tips for employers, including providing flexible working arrangements to allow older workers to stay longer, tailoring job roles to lessen physical aspects of the work and including all ages in skills development plans.
Minister for Welsh Language and Lifelong Learning, Eluned Morgan, said: “Older workers are vital for the future of our economy.
“That’s why we’re asking companies, especially SMEs where skills gaps can have a big impact, to act now and do everything they can to welcome and support people over the age of 50 in the workplace and the job market.
“It’s crucial that businesses encourage existing staff to stay on in their roles past 50, as well as offering them the same opportunities for growth and development as younger workers. An all-age workforce is a strong one, for the business and its individual employees, and we can offer plenty of advice and support for any employers who want theirs to become one.”