Labor shortages have been called the most pressing problem facing the UK economy.
Workers in their 50s and 60s are key to solving an unprecedented jobs crisis among the UK’s G7 peers.
Our workforce must reflect the changing demographics of the country. Over the past ten years, the UK population aged 50-69 has increased by 1.7 million people, while the population aged 20-49 has shrunk.
Multigenerational workforces drive productivity and innovation. Companies with a 10% higher share of workers over 50 than average are 1.1% more productive, and multi-generational teams are the most innovative.
Almost a million people aged 50 to 64 are not working but would like to, and more could consider returning if the right jobs and places to work were available. But only half of employers cover age in their EDI policies, and one in six have firm plans to introduce age inclusion policies within the next year.
For savvy employers who recognize the importance of older workers and want to make their business more attractive, help is at hand. The Center for Better Aging has launched a Age-Friendly Employer Pledge to help organizations reap the benefits of an intergenerational workforce.
Signing employers will take steps to improve the recruitment, retention and development of workers over the age of 50. They will be supported by advice from the Center for Better Aging and a network of inclusive employers.
Now is the time for employers to find new solutions to their skills and labor shortages. Now is the time for employers to realize the potential and benefits of older workers. Now is the time for employers to sign the pledge.
To sign the Age-Friendly Employer Pledge or for more information, visit Better Aging website.