Older workers struggle in new economy

Older
workers face tough futures because of mergers and the growth of technology in
traditional financial services firms.

Research
by the Open University Business School has revealed that industry consolidation
has reduced the number of senior and middle management posts.

Technology,
mergers and industry consolidation have a disproportionate effect on members of
the workforce over 45, the research claimed.

In
the City alone, the research suggests technology advances have led to the
number of support staff falling from 150,000 in 1990 to about 15,000 today.

And
older workers will also find themselves priced out of the market by younger
unskilled workers when applying for places in the booming call centre sector.

Report
author Dr Philip Taylor said: “A significant number of jobs in the financial
services sector are being deskilled, with computer programs negating the need
for personal knowledge and judgement found in older employees.

“While
older employees may have the interpersonal skills to be very good call centre
workers, they may not be in the right location and may find low pay levels and
conditions unacceptable.”

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www.oubs.open.ac.uk

Richard
Staines