One million more older people need to be in work by 2022
As a Fellow of the Chartered Institute of Personnel and Development I get their regular updates emailed to me and this week one in particular grabbed my attention as it’s a subject close to my heart.
If you get my emails it’s highly likely that you are over 50 and so this is going to be close to your heart too.
In summary, if you want to stay in work well into what used to be the traditional retirement period in life then the following report is kind of good news.
In essence the CIPD supports a call for UK employers ‘to hire one million extra over 50s, and encourages employers in the UK and beyond to adopt more inclusive recruitment practices to address the challenges of an ageing workforce’.
However, if you don’t want to spend the rest of a prolonged working life slaving away to someone else’s agenda, objectives and profits, and you would much rather work to your own by setting up your own business, then it’s even better news.
Because the good news is that according to the CIPD commentary:
“At 50, many workers are at the top of their game, sitting on a wealth of knowledge and vital experience”
So if that’s you and you’ve always had a dream of setting up your own business, using your skills, expertise and experience, then you are now in a brilliant position to do so! And as you know that’s what I specialise in helping you with.
It’s also interesting that this month the CEO of Aviva Life and the UK Government’s business champion for older workers, Andy Briggs, highlighted the need for a million more older people to be in work by 2022.
Citing widening skills gaps, age bias at work and changes to enable people to stay at work longer, Mr Briggs is encouraging employers throughout the UK to up their numbers of workers age 50 – 69 over the next few years.
Dr Jill Miller, Diversity and Inclusion Adviser at the CIPD, welcomed the message:
‘The attention that the Government is giving older workers is crucial, especially as the workforce ages and the state pension age increases. However, different sectors face different challenges, which will need to be taken into account.
Individuals will also have different motivations for choosing to remain in or leave the labour market….Employers need to appreciate why people choose to stay or leave work after 50 in order to be able to motivate and engage them and make the most of their skills and experience. This is about creating fulfilling working lives not just longer ones……
……..– the challenge is how to effectively retain and engage staff.’
The CIPD is recommending five essential components that should form an organisation’s strategy to address the ageing workforce challenges:
1) Ensuring they have inclusive recruitment practices
2) Improving the capability of line managers to manage an age-diverse workforce
3) Investing in training and development that is based on potential, not age
4) Supporting employee health and well-being across demographics
5)Embracing the talent attraction and retention benefits of flexible working.
Other issues highlighted included:
- Supporting employee health and well-being: people can carry on working for longer if they receive the right support, and employers are willing to make - often minor adjustments - to facilitate their ongoing participation in work.
- Providing training and development support: all employees, regardless of age, need training and development support to keep their skills up to date and enable them to plan the next stage of their career.
- Helping employees balance work and caring responsibilities: employers need to think more creatively about the kind of support and flexibility that employees in this position may need.
- Managing retirement: everyone’s circumstances and attitudes towards retirement are different and arrangements should be tailored to individual needs as far as possible.
- Building an inclusive and age-diverse culture: employers need to develop a working environment that fosters age diversity and doesn’t tolerate bias based on age, even if it is unconscious.
So savvy employers are making plans and taking action to take advantage of the huge demographic of baby boomers who are needing or wanting to work longer. Organisations are clearly recognising our level of skills, abilities, expertise and experience.
They are however going to have to compete with the growing trend for those older workers who still have loads to offer and who instead of staying on the treadmill are jumping ship to realise their dream businesses, working when and where they want, to secure the lifestyle and balance they finally deserve.
According to Global Entrepreneurship Monitor’s GEM UK 2014 Report a record number of people between 50 and 64 are starting companies. An average of 7.1pc of over-50s engaged in entrepreneurial activity in 2014, the highest recorded rate.
A separate report from Saga in March 2015 found that the number of over-50s who are self-employed rose by 23pc in the previous 4 years and by 45pc for over-65s, compared to13pc in the 25-49 age group. Older entrepreneurs said they enjoyed the independence that self-employment brought.
Either way I hope this blog is encouraging news for you.
Oh and by the way, if you don’t want to start a business but you do need help with your CV, interview technique, and confidence building we’ve got 26 years specialist knowledge in that too. So either way we can support you.
Would love to hear from you with views, stories or requests.
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