This week, Jeremy Hunt laid out his new budget, one of the key changes was to abolish the lifetime allowance on pension pots altogether. This is in the hope that it will encourage people to stay in the workforce longer, as currently we’re in the middle of what some articles are dubbing ‘The Great Lie Down’.
We’re talking about the number of older workers leaving the workforce. It is clear that re-engaging the over 50s back into the workforce is a critical issue in the UK. Recent figures show that the number of 50-64-year-olds who are economically inactive has reached 3.6 million, which is 300,000 more than before the pandemic. Shockingly, at least 500,000 of this group want to work but face significant barriers. This number could be even higher if the right jobs and support were available.
Unfortunately, ageism in the workplace and recruitment processes continues to be a challenge, making it difficult for older workers to find employment opportunities. It is important organisations provide guidance and support to help them get back into work.
Tips for re-engaging the over 50s back into the workforce:
- Emphasise the value of their experience
To address this crisis, it is crucial to recognise the value of older workers' experience and skills. Research has shown that employing older workers can bring a range of benefits, including improved productivity and reduced staff turnover. Encouraging and supporting older workers to re-enter the workforce is not just good for individuals; it is good for the economy as a whole.
- Offer flexible working options
Flexible working options are essential to help re-engage older workers. Many over 50s have caring responsibilities or health issues, making flexible work options such as part-time work, job sharing or remote work more desirable. Offering these options can help older workers stay engaged in the workforce and contribute to their fullest potential.
- Be inclusive
It is also essential to consider the unique challenges faced by older women, particularly those experiencing menopause. A study by the University of Leicester found that 25% of women aged 50-64 in the UK experienced negative effects of menopause on their work, such as feeling less motivated or struggling to concentrate. Providing support and flexibility, such as allowing time off for medical appointments or offering a quiet and cool workspace, can help women manage menopause symptoms and stay engaged in the workforce.
- Provide training opportunities
In addition, offering training opportunities can help older workers update their skills and stay competitive in the job market. Research has shown that investing in training for older workers can boost productivity and job satisfaction.
- Offer networking opportunities
Offering networking opportunities and supportive guidance throughout the job search process is crucial to help over 50s find new job opportunities. Organisations such as Age UK and The Centre for Ageing Better offer guidance and support for older workers seeking employment, making it easier for them to navigate the job market.
- Be supportive
Finally, it's important to be supportive throughout the job search process. This can include providing guidance on CVs, cover letters and interviews, as well as offering emotional support. Employment support has historically failed this age group, due to stigma and fruitless past experiences. Only 1 in 10 out-of-work 50-64s participate in employment support, according to analysis from the Learning and Work Institute.
In conclusion, re-engaging the over 50s back into the workforce is a critical issue that requires a tailored approach, and implying that economically inactive over 50s are enjoying golf too much to return to work is probably not going to help.It's time to break down the barriers and support older workers in their quest for meaningful employment. If you’d like further advice, drop us an email at info@morganhunt.com