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Calling on the over 55’s

Younger workers often see older workers (over 55's) as off sick, slow and stuck in their ways. Given the staff shortages, the government is encouraging early retirees to return and older workers to stay on longer. The good news is that older workers make a win-win situation for both employee and employer. Do you believe in the power of older workers? 

Older worker

Here come the sexagenarians

Many over-65s are re-entering the workforce, knowing that workers aged 50-64 have been leaving the workforce and retiring early. The ONS state that 1.5m over 65’s are either in work or were looking for work summer 2022, which is highest level on record. 

The unretirement trend

  • Pandemic lockdowns forced older people to re-evaluate their money and their priorities.
  • The state pension (£9,627 at present) is buying less with the inflation of goods and services.
  • Some employers have spotted an opportunity to target older people to fill the staff shortages.
  • Older workers often seek shorter shifts or odd days that are not popular among younger workers

 Hiring a sexagenarian?

  1. They are efficient and open to taking on board new skills and learning.
  2. Older people have invaluable life experiences that can be passed onto their younger colleagues.
  3. The baby boomers grew up when working for the same company was the norm, so they are loyal with a lower turnover.
  4. By working part-time, it allows the sharing of skills with younger workers.
  5. The government is pushing up the state pension age. It was 65 years, now 67, but expected to rise to 70 years in the future. 

As part of the pandemic fall-out, the great resignation began in 2021, when 3.2% of the working population made a job-to-job move. The great resignation raised many challenges for employers looking to retain talent and stop star employees switching jobs. That’s why it is time to tap into the over 55’s looking for work.

ChildMax continues to ensure your salary and pays your take home salary while you’re on 12 months’ unpaid leave, caring for a sick child. It starts from £49.50 or for easy budgeting an initial payment of £8.25 followed by 11 monthly payments of £3.75.

Visit at www.insurewithmax.com or call the UK call centre 0333 323 0098 for more information.

Sources: 

https://www.ft.com/content/8042b200-2cdb-4b0e-a43e-4cb931a55a8a?shareType=nongift

https://startsat60.com/news/3-advantages-of-older-workers

https://www.michaelpage.co.uk/advice/management-advice/attraction-and-recruitment/great-resignation-whats-really-happening-uk

Date: 20 February 2023 by Max Robinson