The latest labour force survey shows a growing number of 50-to 64-year-olds returning, with financial pressures from the soaring cost of living as one of the main reasons.
An ageing population, along with near-record vacancies, means that older workers are set to play an increasingly valuable part in the workforce of the near future.
Notwithstanding those heading back to the office or workshop, employers need to think carefully to recruit and retain a group seen as not only a political but economic necessity.
Developing someone throughout their career, strengthening their skills, experiences, and knowledge, make good business. It’s cheaper to retain than recruit, plus they can mentor younger workers, pass on knowledge, and build confidence. Whilst many firms acknowledge this, ageism can still stand in the way.
Moving away from the unconscious bias that often exists around older workers is key. The view that older people are techno-phobic, lack ambition or are resistant to further training or learning can prevent 50-somethings being recruited and stop those already in jobs being promoted.
Putting in place a framework which values and supports them so they continue to thrive should be on any corporate agenda so employers and employees alike can really make the most of later career years. But what does this look like?
Considering what employees value is a useful starting point. Our latest survey with HR professionals offers a snapshot of the areas they believe are most important to their people. Pensions are back on top as the employee benefit HR teams say their people value the most. Flexible working is an important feature, too, taking the number two slot, followed by mental health and wellbeing.
Pensions, flexible working, and wellbeing then are key areas for employer focus for this age group.
There are several ways employers can offer support. A ‘must-have’ benefit since the pandemic, and one that older workers are likely to favour is flexible working. Many are squeezed caring for both younger and older relatives, and unless there’s flexibility, they could leave. Some may just want a better work-life balance after decades of earning. Offering a work pattern which could be flexitime, reduced hours or part-time working, or a compressed working week can convince people to stay or come on board.
Sabbaticals are an underestimated benefit, but one that older employees could find attractive. After long service, they offer the chance for people to recharge or gain new experiences that enable both personal and professional growth. For example, three months away from work can be just the tonic someone needs to view the next stage of their career from a fresh perspective.
Promoting reverse mentoring is an opportunity for junior colleagues (often younger) to mentor senior people (often older) so both gain valuable insight to “standing in someone else’s shoes”. This can help create an age-positive working environment, where people of all ages feel valued and enable people to share knowledge and different ways of working.
Offering financial planning and retirement advice can be enormously valuable for the over 50s, who shouldn’t be assumed as all financially comfortable or knowledgeable. Many may not have as much in their pension pot as they thought. Often they are time poor too. Financial planning can enable them better to plan the road to retirement.
It is also important to facilitate frank conversations, and to provide opportunities to discuss role changes such as experienced colleagues taking a step back into a new, less critical post but remaining with the organisation. This can take the pressure off those who may otherwise consider leaving and enable the company to retain their valuable skills, knowledge, and experience.
Something also worth looking at is later life care support – given that many people in their 50s are caring for older parents. Providing access to professionals to advise on accessing care for elderly family members could be very welcome.
Midlife career reviews can also be a valuable tool for identifying the needs and aspirations of employees in their 40s and 50s, these can open the conversation about all the above. Understanding what people want from the later stages of their career can guide the business in putting in place strategies which suit both them and the organisation’s wider objectives.