How organisations can make the most of an age-diverse workforce
The realities of an ageing population
The vast majority of people want to continue some working after they retire, seeing retirement as a phased stepping down rather than leaving work for good. Young people cannot fill all the vacancies likely in the next ten years, so workplaces must become more age diverse. Yet people in their 50s are leaving work early, many due to ill health. With the economy recovering, this waste of potential talent looks increasingly unsustainable.
Negative perceptions of older workers
Redressing this imbalance is challenging, partly due to perceptions of older people in the workplace. Research carried out by AXA PPP healthcare shows that more than two-thirds of employers who were surveyed (67%) think older workers are resistant to change and most think they have less ambition than younger workers. Additionally, within this same survey many employees over 50 said they don’t get opportunities to develop and learn new skills, while only 15% said their career is progressing¹.
Why the ‘sandwich generation’ is dropping out
Added to the issues around employing older workers, more people are dropping out of the workforce in their middle years. These include people caring for both children and elderly parents. This ‘sandwich generation’ is estimated to include 2.4 million people in the UK2. Employers need to work harder to understand the needs of carers, and develop support programmes to match. These could include carer’s leave, flexible working and support groups.
The business benefits of age diversity
Businesses that use the talents of multiple generations tend to enjoy higher productivity. Older workers have a wealth of knowledge and skills and can mentor and share experience with younger colleagues. They are also more stable and take less sickness absence than younger workers3. A mix of generations is a better reflection of society – and therefore of customers.
James Freeston, marketing director at AXA PPP healthcare, said “For years we’ve seen dire warnings about the ageing population and the effect it will have on our economy. But we haven’t seen as much coverage about the opportunities that come from an ageing workforce. Or how employers can embrace those opportunities while dealing with the challenges of a multi-generation workplace. This white paper addresses these issues, based on research we’ve carried out on age diversity in the workplace. For example, we look at why so many talented people are leaving employment before their time, just when many employers are facing a shortage of skills.”
Click here to download the full white paper, which includes suggested actions employers can take to promote age diversity and get the best from all their age generations.
1 Research conducted by AXA PPP healthcare in August and September 2014 among two independent samples of 250 business leaders, and 2,000 employees
2 Sandwich Caring: Combining childcare with caring for older or disabled relatives, Carers UK and Employers for Carers at: http://www.carersuk.org/for-professionals/policy/policy-library/sandwich-caring
3 B&Q Case Study, Employers Network for Equality & Inclusion, 2010
This article was supplied by AXA PPP Healthcare
In partnership with AXA Health
At AXA Health, we've been a trusted provider of quality healthcare for over 75 years.
