This is despite existing skills shortages in industries including hospitality, and estimations there will be 13.5 million job vacancies over the next 10 years, but only seven million school and college leavers.
The report - ‘The Ageing Workforce – What’s Your Strategy?’ - highlights a significant new demographic challenge for employers.
Written by HR consultancy Talentsmoothie, the 54-page full colour report features case studies from Barclays Wealth, BMW, Coursera, GSK, Sodexo and Vita Needle and shares best practice from 13 organisations. It also contains a practical diagnostic tool to help companies assess what action they should take now to reduce the risk of a talent shortage in the future.
Justine James, the report’s author, said: “Older workers are the main untapped source of hidden labour talent, but most organisations aren’t equipped to recruit and retain them. This has to change given the predicted future skills shortages and the proven business benefits older workers offer. Having a generationally diverse workforce encourages diversity of thought and can potentially mirror an organisation’s customer base.
“We have dubbed retirement the ‘R-Word’, something few want to talk about – not openly at least. Fifty five per cent of the employers we surveyed said they don’t talk about retirement with employees. With the reality more like 80% according to employees, we have to talk about it. Social, political and economic changes mean this is a conversation that all of us, employers and employees, need to have, about a topic we must master.”