One in 10 employers has introduced specific support for retaining employees aged 50 and over, according to insurance company Aviva.
Its Working Lives 2023 report finds that many UK employers have in the past 12 months increased the support they offer older workers, or introduced support for the first time.
A further six per cent of employers have for the first time introduced menopause support for their employees.
Three-quarters of the 203 employers polled by Censuswide for Aviva agreed it was important to retain over 50s employees, with 32% rating it “very important”.
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Encouraging more over 50s to remain in or return to work has been a key facet of the government’s labour strategy, and it is introducing “returnerships” to upskill people in this cohort.
Aviva’s survey of more than 1,000 employees found that employees aged 55 and over are the only age group most likely to say they do not work from home (30%), but 28% agreed that working from home makes them feel happier.
Aviva’s report cited a study by the Office for National Statistics (ONS) which found flexible working hours, good pay and being able to work from home were the most important factors that 50-65 year olds would consider when looking to return to work
Debbie Bullock, head of wellbeing at Aviva said: “Employees over 50 can be a valuable asset to an organisation, bringing a breadth of experience and skills. It is important they are supported by employers in a way that recognises their individual needs.
“Improving retention rates can be supported by apprenticeship programmes, which offer an opportunity to re-skill, and mid-life MOTs, which are a free check-up of your wealth, work, and wellbeing. It is also worth considering options for job-sharing, ‘part-tirement’, and seasonal working to cover peak times.”
Bullock said many older workers valued the flexibility, social company, enjoyment and wellbeing that comes with a job, rather than fulfilling promotion aspirations.
“It is time to break down the taboo that career success necessarily means promotion, especially in later working lives. Employers have a role in encouraging their people to use their skills in less pressurised roles and jobs they enjoy. Apprenticeships are not just for the young and are another way to reskill older workers into alternative roles,” she said.
A Personnel Today webinar on Wednesday (28 June) will discuss how employers can create hiring strategies to attract and retain older workers.
Webinar panellist Stuart Lewis, CEO of Rest Less, a digital community for people aged 50+, said: “Age is typically the last legally protected characteristic to make its way into most companies’ diversity and inclusion strategies. However with an ageing workforce and continued labour market shortages, we are pleased to see interest in age inclusivity grow amongst progressive employers and attitudes beginning to change.
‘The post-pandemic exodus of this demographic from the workplace saw economic inactivity levels amongst the over 50s peak at almost 14.6 million in June to August 2022 (up more than 700,000 compared with three years prior before the pandemic began).
‘Necessity is the mother of invention and the subsequent scramble to attract and retain this vital pool of over 50s talent back into the workplace is giving way to innovative HR policies and practices such as all age apprenticeships, additional menopause support, reverse mentoring schemes and flexible working arrangements.”
Aviva’s report also considered how employers were supporting other diversity characteristics, as well as other challenges including the cost-of-living crisis and planning for retirement.
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Only 20% of employees said their pension would be enough to retire comfortably, and 10% had no idea whether they had enough in their pension pot.
The closer people get to retirement the more likely they are to say their pension will not provide enough to retire comfortably. Younger workers (16-24) were the most positive (29%) but over 55s were significantly less positive (13%).
