Unlocking the expertise of the over-50s in the workplace

One of the most pressing challenges faced by SMEs is how to effectively engage and retain experienced talent. In recent years, a significant demographic shift has occurred, with over 200,000 more people aged 50 and above now economically inactive compared to pre-pandemic levels, according to the Centre for Ageing Better. This trend raises critical questions: Why are the over-50s driving economic inactivity, and how can businesses encourage them back into the workforce?

The value of the over-50s workforce

The over-50s are a powerhouse of knowledge, experience, and reliability. These individuals have often spent decades honing their skills, building relationships, and accumulating wisdom that is invaluable to any business. Yet, despite their expertise, many find themselves out of the workforce, either by choice or due to circumstances exacerbated by the Covid-19 pandemic.

The Office for National Statistics (ONS) reports that life expectancy in the UK for 2020-2022 was 78.6 years for males and 82.6 years for females. For those aged 50, this translates to roughly 30 more years of life, a significant portion of which can still be productive. The notion that people in their 50s are nearing the end of their professional careers is increasingly outdated. On the contrary, they often have the motivation and need to continue working, not just for financial reasons, but also to maintain a sense of purpose and fulfilment.

Understanding the shift: why are over-50s opting out?

Several factors have contributed to the rise in economic inactivity among the over-50s. The pandemic undoubtedly played a role, leading to early retirements and a reevaluation of work-life priorities. Health concerns, particularly in the wake of Covid-19, have also prompted some to leave the workforce earlier than planned. Additionally, age discrimination, whether overt or subtle, continues to be a barrier, discouraging many from re-entering the job market.

Moreover, the flexibility and adaptability required in today’s fast-paced work environment can be daunting for those who may feel out of touch with new technologies or business practices. Without the right support, the prospect of retraining or reskilling can seem overwhelming, pushing many to opt for early retirement or prolonged career breaks.

Encouraging a return: how SMEs can tap into the over-50s talent pool

For SMEs, the over-50s represent a largely untapped resource that could drive innovation, productivity, and stability within their businesses. Here’s how you can unlock the potential of this experienced cohort:

Create flexible working options
Flexibility is key to attracting over-50s back into the workforce. Offering part-time roles, job-sharing opportunities, or remote working can make the prospect of returning to work more appealing. Such arrangements not only accommodate personal commitments but also help alleviate concerns about work-life balance.
Invest in training and development
Providing opportunities for upskilling and reskilling is crucial. Training programmes tailored to the needs of older workers can help bridge the gap between existing skills and the demands of modern workplaces. This not only boosts confidence but also ensures that your business benefits from their wealth of experience.
Promote an inclusive workplace culture
Combat ageism by fostering a culture of inclusivity where the contributions of older workers are valued and respected. This can be achieved through mentorship programmes that leverage their experience to guide younger employees, creating a more collaborative and cohesive work environment.
Reevaluate your recruitment strategies
Review your recruitment processes to ensure they are age-inclusive. Consider where and how you advertise roles, the language used in job descriptions, and the biases that may inadvertently discourage older applicants. A more inclusive approach will widen your talent pool and attract candidates who bring both experience and enthusiasm.
Support health and wellbeing
Health can be a significant concern for older workers. Offering comprehensive health benefits, wellness programmes, and access to occupational health services can reassure potential employees that their wellbeing is a priority. This support can make a substantial difference in their decision to return to work.

A strategic asset for SMEs

The over-50s bring a wealth of knowledge, resilience, and stability that can be instrumental in driving the success of SMEs. By creating an environment that values and supports these workers, businesses can not only address the current issue of economic inactivity but also harness a talent pool that is too often overlooked. As life expectancy continues to rise, and the concept of retirement evolves, now is the time for SMEs to embrace the expertise of the over-50s and unlock the potential they bring to the workplace.

In doing so, SMEs will not only benefit from a more experienced workforce but will also contribute to a more inclusive and diverse business landscape. This approach is not just a solution to the current economic challenge but a strategic investment in the future.