Britain's bosses need to prepare for a maturing workforce as financial anxieties and increasing longevity force people to work longer. A new report by City & Guilds, "Working in the Third Age", identifies that over the next two decades the number of people aged 60 and over in the UK workforce is set to double.
Based on Labour Force survey statistics and combined with the Government and Pension Commission's warnings on who will be affected by the pensions crisis, City & Guilds predicts that by 2020, more than one in five (22 percent) people will be working well into their 60s - more than double the number at present.
According to the report, today's workforce fully anticipates working for longer, with a third expecting to postpone their retirement. A quarter (24 percent) of people who forecast extended working lives are worried that there will not be a state pension when their working days end and a further one in six people foresee the rules in their workplace changing, forcibly keeping them there for longer.
And as rising house prices prevent many people from getting on the property ladder until later on in life, a further 15 percent of people over the age of 50 expect to still be paying off their mortgage when they hit retirement age.
However, many people want to carry on working for positive reasons - one in five people anticipating a delayed retirement simply feel too young to quit working. Despite many employers valuing the experience and knowledge of their 'silver staffers' and recognising a skills shortage among younger people, City & Guilds believes that employers can do a lot more to allay the fears of older workers. The organisation wants to see more employers investing in on-going training and development, and encouraging the transfer of skills and experience by introducing mentor or trainer roles for more mature staff.
Director General of City & Guilds, Chris Humphries, said: "Employers are realising the benefits of an older workforce but there is a lot more that can be done, both to support older workers and make the most of their skills and experience. Introducing changes such as flexible working and mentor roles for older people can benefit businesses and staff.”
