The number of older workers is on the rise . With a third of the current global workforce over the age of 50 , how prevalent is age-related bias in the workplace and how can employers overcome it ?
Recent employment data from the US , Europe and the UK demonstrates a trend of older workers being significantly more vulnerable to layoffs compared to colleagues aged 29-45 , as well as them facing greater difficulty getting rehired at previous wages when displaced .
Earlier this year , in partnership with charity Winning Hearts and Minds , we undertook research with 257 employees or recently unemployed workers aged 55-plus to understand their attitudes to employment , work and careers .
The research showed that :
55
%
felt their work status changed as they reached 55
68
%
feel the jobs market is closed to them at 55-plus
46
%
want to continue working beyond age 66
24
%
feel forced to retire before they want to
33
%
have lost interest in their job due to lack of development opportunities
Older workers want flexibility : Some 40 % of our respondents said their main concern was lack of leisure time . Offering some role flexibility , such as a reduction to four days a week , can help retention of older workers .
Career development opportunities : Two-thirds of our respondents ( 66 %) said they would reskill with their current employer and 34 % said they were keen for different challenges in their existing role .
Reskill in a new area or industry : Some 85 % of respondents felt they had transferable skills to take to a new role or sector and 49 % of over 55s were interested in reskilling and changing role / industry with a new employer .
Promoting age inclusion
This research highlights the need to address the challenge of maximising the value of older workers . With ageing populations , we must learn to adapt from a youth-based employment culture and harness the power of employees regardless of age .
By 2050 , the under-55 working-age population will have shrunk by around 20 % across all Western countries , creating a serious shortfall in the workforce ; over 60s in this same timeframe will grow by 40 %. Across industries and geographies , the most successful businesses of the future will place a strong focus on an inclusive talent approach and there are some simple steps to tackle the ageism barriers for good .
Lyndsey Simpson , Founder , 55 / Redefined . 55 / Redefined is a new membership platform for over-55s comprising a job board and work-related support , financial and legal solutions and luxury lifestyle brand inspiration . For employers , we offer targeted recruitment of over-55s to move role , return back to the workplace from retirement or reskill for a new role . We combine this with training , age-awareness accreditation , assessment solutions and unconscious age bias training . www . 55redefined . com