The “Silver Tsunami” of employees over 50 is predicted to be at 47% by 2030, according to a 2021 report from Legal & General Retail Retirement and the Centre for Economics and Business Research. And with pandemic-hit Gen Z staff starting careers remotely, their limited in-office work experience has left many of them struggling to perform and thrive in the workplace. And this is where age and experience could be a real asset.
Sarah Taylor Phillips, career coach and founder of Career Voyage, says “There’s a real mismatch where I see organisations talking about a skills and talent shortage and then there’s this huge ocean of brilliant 50-plus and 60-plus talent right on their doorstep who aren’t working”.
Smart employers see their value. Fiona Vernon, head of diversity, equality and inclusion at Boots, says: “Within the context of a post-pandemic skills shortage, an ageing population and falling birth rate, all businesses should be thinking about how to attract and retain older workers. We are very proud that over a quarter of our team members are over the age of 50. Older employees add huge value, bringing different and unique perspectives, insights and skill sets often developed over many years of experience in the workplace, contributing to a richer and more innovative working environment”.
Merrill Consultants has many over 50s among its training teams “The knowledge, problem-solving, reliability and people skills of our older associates really adds value to our learning and development portfolio,” says co-founder Valerie Merrill. Dr Jonquille Chantrey, owner & medical director of ONE Aesthetic Studio in Alderley Edge, Cheshire has long been an advocate for employing older staff citing the “extensive experience in patient care, clinical skills and the mentorship they provide to younger colleagues combined with their calm, reassuring presence”.
Victoria Tomlinson, CEO of Next-Up, experts in 50-plus employees, says “I’ve employed 56 people over the age of 50 at Next-Up, getting unretired people to mentor tech entrepreneurs, and it’s incredibly successful. The most profitable companies are intergenerational – companies like Airbnb – and employers are missing out on the amazing benefits that come with the combination of the vigour, ideas and energy of younger employees and the experience of older ones”.
In his last role as vice president of HR for the intellectual property services division of RWS, David Leech, 63, prided himself on recruiting people in their late 50s. “Age was not a particular consideration – I was looking for substance and a positive legacy in these hires.”