Older workers are fast becoming a key part of the modern workforce and smart businesses need to keep pace. Recent projections suggest that by 2022 the number of workers aged 50 and above will rise to 13.8 million, whilst the number of under 50s will decrease by 700,000[1].
This demographic change to the UK workplace presents both opportunities and challenges for employers. Older workers are a valuable business asset and come with a lifetime of training and on-the-job experience. However they are also likely to have markedly different needs to their younger colleagues, and employers must think carefully about how they support this age group to recruit and retain talented older workers.
So how can employers do this?
Create an ‘ageless’ workplace
Employers must start by promoting an ageless culture that treats and rewards each age group equally – for example, by introducing a new set of key performance indicators that will bring all ages together and cancel incorrect assumptions about what older workers can deliver. Employers should help each worker to understand and feel excited about their personal journey at the company regardless of age. Creating development plans that span beyond the typical one or two year structure will re-inforce this.
Draw on wisdom and experience
Employers should draw on older employees as wellsprings of experience, wisdom and entrepreneurialism. For example, more seasoned employees can provide valuable mentors for younger colleagues and use their lifetime of accumulated experience and expertise to help them address business or career challenges. Tapping into this knowledge also allows older workers to be recognised for the unique set of skills they bring to the company.
Support health and wellbeing
Employers should think about how they provide health and wellness support to employees, especially as older workers may be more susceptible to illness and injury and require extra support. This should consider prevention, intervention and protection – for example, an Employee Assistance Programme can help tackle problems before they escalate into something more serious, while financial and health protection to support those who go through a period of sickness absence.
Think about employee benefits
Businesses should think about the benefits packages they offer to staff and ensure these meet the needs and expectations of different age groups. Younger workers may welcome softer perks like gym membership, while research shows support in old age and ill health becomes more important to us as we get older. 66% of workers over the age of 50 said support at work if they fall ill is important to them and 60% said the same of financial support through ill health[2]. Income Protection for example pays out a replacement income to employees who are absent from work due to illness for more than six months.
HR departments must lead the charge when it comes to championing and supporting the older generation in our workplaces. With the number of older workers set to grow rapidly over the next 20 years, businesses must adapt their HR strategies if they are to remain competitive and attract the best staff from this growing talent pool.
