A report highlighting the benefits of embracing an older workforce has earned the support of Leeds-based equity release specialists Pure Retirement.
The report titled Unlocking the Value of an Ageing Workforce has been published by Brave Starts, a not-for-profit organisation which champions the over 50s. The report focuses on how organisations can better leverage, engage and support the opportunity provided by the ageing population. Pure Retirement are promoting awareness of the report amongst employers and the over 50s workforce.
Rachel Pease, head of marketing at Pure Retirement, said: “Brave Starts have created an invaluable research report on the ways that organisations can support their older workforce, and at Pure Retirement, we’re happy to help promote this to the wider market.
We work closely with customers over the age of 50 and we have a good understanding of their financial needs. So, we’re keen to support other organisations who are making strides to improve the lives of our customer group.”
Lucy Standing, founder of Brave Starts, added: “Our report highlights the benefits for organisations of embracing an older workforce, as well as the ways in which they can make a real difference in engaging and developing them in their ongoing careers.
“there is good news: most of what can be done to attract and retain workers over 50 is about being strategic – it’s not about spending lots of money. Words and actions can make a lot of difference and our report details some specific and constructive ideas about how to go about this.
“The report also focuses on the things we can all be doing in order to make a difference.”
The key findings of the report Unlocking the Value of an Ageing Workforce are:
- The biggest driver for people in their 50s is doing work which offers them a sense of purpose. The biggest barrier people face when planning for their working future is simply ‘not knowing what to do next.’ This factor alone was almost twice as significant as any other.
- What the over 50s want most from organisations are chances to learn more about what opportunities are open to them next and have time to learn about them. This is best understood by encouraging career conversations. The need for flexible work will continue to rise as we age.
- The majority of practical steps an organisation needs to take can be achieved with little or no cost. Organisations need to recognise the value of age and actively support the career planning process of employees as they get older.
- With an ageing workforce the entry point into organisations needs to extend from being ‘graduate only’ to include more career change schemes.
- Ageism is widely felt as the second biggest barrier faced when trying to find work.
Brave Starts offers basic membership for those in later life who would like ongoing career development support, as well as support for organisations who would like to develop their internal capabilities for supporting older workers.
