The latest Office for National Statistics (ONS) data shows that over 330,000 more workers aged 50-64 years old are now economically inactive than before the first outbreak of COVID-19.
Research by the Centre for Ageing Better showed that 36% of 50-69 year olds feel at a disadvantage applying for jobs because of their age. Older workers feel at a disadvantage at every stage of the recruitment process, from language in job adverts to interview panels. Minimising age bias in recruitment is an essential part of being an age-friendly employer. Too many older people are frozen out of the job market due to inadequate processes, age-bias and a lack of engagement from employers and recruiters. This ultimately disadvantages employers who fail to draw on the experience and abilities of a significant pool of talent.
Older workers are good for business
Recent analysis by the Organisation for Economic Co-operation and Development (OECD) shows that a firm with a 10% higher share of workers aged 50 and over is 1.1% more productive. These productivity gains come from lower job turnover and the greater management and general work experience of older workers.
Being age-inclusive benefits younger workers as well
According to a recent study by YouGov, six in ten employers (79%) in England state that older workers could help in knowledge and skill sharing. Far from being in competition with each another, different age groups working together can help businesses thrive and individuals learn.
Being age-inclusive helps people who want to stay in work for longer
Being in good quality, fulfilling work for as long as people want is critical for individuals’ financial security now and in the future. Older workers value7 the same things in work as younger workers, including social connections developed in the workplace and having a sense of purpose
Age-inclusivity boosts the economy
Research shows that a 1% increase in the number of people aged 50-64 in work could increase GDP by around £5.7 billion per year and have a positive impact on income tax and National Insurance Contributions by around £800 million per year.
We know that 36% of 50-69 year olds feel at a disadvantage applying for jobs due to their age. This toolkit is looking at ways of reducing age bias and discrimination in the recruitment process.
The Age-friendly Employer Pledge is a nationwide programme for employers who recognise the importance and value of older workers from the Centre for Ageing Better