Three-quarters of the over-50 workforce would like to have more flexibility and government should take the lead in ensuring this age group contributes more to the economy. And greater flexibility could help the UK avoid a ‘looming retirement crisis.’
The Flexible After Fifty report from the 50+ Choices Roundtable, which includes the CIPD and the British Chamber of Commerce among its members, calls for older people to be more active in the workforce, with flexibility being the key.
It cites government business champion for older workers, Andy Briggs, and leading employer organisations, who say flexible working is crucial to keeping people aged over 50 in fulfilling work, which will in turn help the economy, businesses and individuals.
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The report found that nearly three-quarters (72%) of over-50s were seeking flexible work to achieve a better work-life balance, with a third (34%) citing caregiving responsibilities and a desire for more personal time. It found evidence of a growing uptake of different forms of flexible working among over-50s, with 33.2% (3.6 million) in the UK engaging in part-time work.
Rates of home-working among the over-50s have also risen, from 10% in 2020 to 22.4% in 2023, and flexi-time is utilised by 12.9% of over-50s in work.
Ahead of the Flexible Working Act coming into force in April 2024, the report recommends that the government lead by example by monitoring the uptake and effectiveness of flexible working across different age groups. It also recommends that small and medium enterprises have access to more resources to help with implementation of the legislation, and that the government should back the Centre for Ageing Better’s Age Friendly Employer Pledge. The report will be presented to the minister for employment to respond to the recommendations.
Among the report’s further recommendations to government was the provision of a range of practical examples for use specifically with over 50s (including case studies) to help illustrate how flexible working can be used to aid retention, retraining and recruitment. Also, the government should provide resources for HR in smaller businesses to help them with the implementation of flexible work legislation, including issues such as phased retirement.
Businesses meanwhile should offer support to people managers to better support flexible workers of all ages and include promotion of flexible work in all job adverts.
Andy Briggs, UK government business champion for older workers and group CEO of Phoenix Group, said flexible work was one tool to help avoid the “looming retirement crisis”.
He said: “We must capitalise on this generation’s [over-50s] skills and knowledge to help individuals, businesses, and the economy to flourish.
“Many people aged over 50 face significant shortfalls in their pension savings, so helping them to stay in good work and reduce the pension savings gap is essential. This allows them to continue building their savings, and helps avoid a looming retirement crisis, amid widespread under-saving.”
Peter Cheese, chief executive of the CIPD, the professional body for HR and people development, said: “By being more age-inclusive when recruiting, developing and retaining staff, employers can have a major role in creating more fulfilling working lives.”
The 50+ Choices roundtable members include: the British Chamber of Commerce; CIPD; the Federation of Small Businesses, the Recruitment and Employment Confederation; UK Hospitality; Institute of Directors; Make UK; and Business in the Community.
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