‘A huge waste of talent, experience and potential’ was the verdict from Alistair McQueen, head of savings and retirement at Aviva. He was commenting on the latest labour market release from the Office of National Statistics.

The report showed that we currently have record numbers of over-50s in the working population, BUT that figure drops significantly for those aged 65 and over. The comparative figures show that over 9 million 50 year olds were in work, but only 1.2 million workers 65 and over.

With an ageing population, it’s important that we work out how to keep some of these experienced workers in jobs, potentially through flexible working, allowing them to keep working but slow down a little!

The over-50s figure has increased from 22% in 1992 to 32% now. Given this is the highest figure ever, it must be possible to increase the percentage in the higher age ranges too.

If you’re unsure how best to retain older workers, or would like to tap in to this market, you need to be very careful not to be discriminatory. We’d advise speaking to your HR advisor for the best approach.

If you’re a client of ours, please do bear in mind that you can use the helplines, membership of which is included with your complimentary membership of our fee protection scheme. Do get in touch if you need a reminder of the contact details.

 

(If you’re wondering about the image – it’s of Robert De Niro and Anne Hathaway in their 2015 film ‘The Intern‘, based on the MD of a rapidly growing company who realises the value of a retired Manager, who just happens to change her outlook and improve her business massively… )