A new recruitment report has described workplace ageism as ‘morally wrong’ and ‘fiscally irresponsible’.
The latest Unretirement Uprising report, carried out by 55/Redefined in partnership with Reed Talent Solutions, has revealed that two-thirds of 50+ professionals believe their age works against them when applying for jobs. Furthermore, 70% feel it is difficult to pursue new career opportunities over the age of 50. More worryingly, 30% of those who have retired felt forced to do so. Additionally, one in five have been overlooked for promotion due to age.
While progress has been made across other diversity and inclusion measures, “age is falling by the wayside. And it’s not just morally wrong, but fiscally irresponsible”, shared Lyndsey Simpson, Founder and CEO at 55/Redefined.
VALUABLE OLDER TALENT POOL
As UK employers grapple with the biggest talent shortfall on record, this generation – capable of injecting around £20 billion to the economy by staying in work – feel forgotten, despite there being 1.2 million job vacancies in the UK between July and September this year alone; and a shortage of candidates. However, employers should also not make the mistake of ignoring this valuable talent pool, as almost half of UK workers will be aged 50+ within the next two years, highlighted the report.
Nevertheless, older workers are keen to do what it takes to remain in the workplace, with six in 10 open to reskilling for a new role. Additionally, 89% would be prepared to take a drop in salary to retain a new role.
DIGITAL DISCONNECT
The report noted a digital disconnect between the over-50s and employment. With just 16% of over-50s active on LinkedIn, it may come as no surprise that four in five of those surveyed have not been contacted by a recruiter in the past 12 months. It also made a good case for the 50+ to embrace LinkedIn, and for those with vacancies to find other means to engage this audience.
The report calls for employers to invest in age diversity like they would other diversity and inclusion metrics. Yet, 67% of businesses have no intention to report on age as a business dimension in the near future.
WHAT OLDER WORKERS WANT
What do older workers want? According to the report:
- 47% of 50+ employees want flexibility from an employer.
- 32% work for a sense of fulfillment and purpose.
- 21% would select an employer based on their age policy.
“Employers must do deep work to improve their age diversity to mirror the positive change we’ve seen across gender or any other characteristic,” highlighted Simpson. “Actively looking to attract and retain over-50s – including welcoming the notion of unretirement, giving the over-50s the choice to remain, leave and re-enter the workplace – is key.”
MUCH-NEEDED EXPERIENCE & SKILLS
Lee Gudgeon, Managing Director of Reed Talent Solutions agreed. “Over-50s are vital to the UK economy, bringing much-needed experience, resilience and a depth of skills. While the ‘Great Resignation’ can be traced directly to the pandemic, many of the problems that led to the relationship breakdown between older workers and businesses were already in place.”
Age discrimination remains “both perceived and real” and needs to be addressed if we want to “retain and reattract this rich vein of talent”, added Gudgeon. According to Gudgeon, the challenge is now for companies and recruiters to develop an employee value proposition that is wholly inclusive, as well as address age discrimination and out-of-date perceptions.
“Better training for older workers, more flexible working options, mid-life MoTs, and an inclusive environment mean workers will stay longer, learn new skills, and remain motivated and at the top of their game,” highlighted Gudgeon. “Older workers are an integral part of any workforce, bringing experience, knowledge of the internal workings of their business, exceptional levels of resilience and a real depth of skills.”
Click here to download the full report.
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