Retaining, training and recruiting older workers will ensure you have the employees you need as fewer young people join the labour market.
Many people may need to work longer in response to the increase of the State Pension age which will rise to 66 by 2020 and 67 by 2028.
But the gains are about quality as much as quantity. Employers report many benefits to employing older people as part of a multi-generational workforce – and also record the risks of not doing so.
- a broader range of skills and experience
- transfer of skills across the workforce through mentoring
- older workers tend to stay longer so you benefit from lower staff turnover and therefore recruitment costs
- improved staff morale
- opportunity to mirror customers – who are also ageing!
- loyal, reliable, committed and conscientious
- skills shortage that will impact your business
- loss of longstanding workers’ experience and knowledge
- underperformance of staff demotivated by lack of development opportunities
- premature exit of staff through lack of flexible work or phased retirement options
- age discrimination claims and associated costs
- unnecessary and expensive recruitment costs.