One in ten employers introduce assist for retaining over 50s

A brand new report by Aviva – one of many UK’s main Insurance coverage, Wealth, and Retirement companies – has discovered one in ten (10%) employers surveyed have within the final yr launched assist for retaining staff aged over 50 years previous.(1)

One of these assist might embody apprenticeship programmes, mid-life MOTs, job-sharing, and alternatives for ‘part-tirement’ – semi or partial retirement.

Aviva’s Working Lives Report 2023: Match for Future which launched immediately discovered over three-quarters (76%) of employers assume you will need to retain staff aged over 50, with nearly a 3rd (32%) of these saying it is rather vital.

Debbie Bullock, Head of Wellbeing at Aviva stated, “Staff over 50 could be a invaluable asset to an organisation, bringing a breadth of expertise and abilities. It is necessary they’re supported by employers in a approach that recognises their particular person wants.

“Enhancing retention charges may be supported by apprenticeship programmes, which provide a chance to re-skill, and mid-life MOTs, that are a free check-up of your wealth, work, and wellbeing. It’s also value contemplating choices for job-sharing, ‘part-tirement’, and seasonal working to cowl peak instances.”

Within the 2023 Spring Price range, the federal government introduced a ‘Again to work Price range’ which included £70 million funding in assist for over-50s staying in or getting again to work.(2)

The Workplace for Nationwide Statistics (ONS) did a examine into 50 to 65 yr olds who left or misplaced their job for the reason that begin of the pandemic and would now contemplate returning to work. Crucial elements when selecting a paid job had been versatile working hours (32%), good pay (23%), and with the ability to make money working from home (12%).(3)

The ONS additionally discovered that over 50s with a bodily or psychological well being situation or sickness who would contemplate returning to work, would accomplish that for the cash (67%), and second to that, for the social firm or a job they’d get pleasure from (46%).(4)

Debbie Bullock stated, “It’s generally felt that careers ought to comply with a linear upward trajectory, transferring up the ranks with age. Nevertheless, it appears some older employees additionally worth flexibility, the social firm, enjoyment, and common wellbeing that comes with a job, reasonably than fulfilling promotion aspirations.

“It’s time to break down the taboo that profession success essentially means promotion, particularly in later working lives. Employers have a job in encouraging their folks to make use of their abilities in much less pressurised roles and jobs they get pleasure from. Apprenticeships usually are not only for the younger and are one other method to reskill older employees into various roles.

“Staying in work and coming again to work has some clear advantages for older employees apart from the monetary safety, which they seem to recognise. The social side of labor and the act of going to work can contribute to improved psychological and bodily well being. Except for the constructive implications for people, it has potential advantages for society and the financial system.”

In recent times, there have been some huge step modifications in employers introducing different sorts of insurance policies for his or her folks which recognise people and the assist they could have to thrive within the office.

Aviva’s Working Lives Report 2023 discovered that within the final yr, round one in ten employers have for the primary time launched different new initiatives to assist their folks.

These embody assist for:

Range, Fairness, and Inclusion (DE&I) (9%)

Retaining over 50s staff (10%)

Menopause signs (6%)

LGBTIQ+ staff (7%)

Neurodiverse staff (7%)

Staff experiencing fertility points (5%)

Debbie Bullock stated, “Offering assist for a various vary of wellbeing wants is not only the appropriate factor to do, it additionally makes sound industrial sense. When folks really feel supported by their employer, it helps to alleviate the strain they is perhaps beneath and permits them to be their genuine selves when coming into work. This in flip improves morale and motivation, which in flip improves productiveness and efficiency.”

-ENDS-

References

Incorporates public sector data licensed beneath the Open Authorities Licence 3.0.

(1) Aviva Working Lives Report 2023: Match for Future | Methodology: 18+ employers (excluding sole merchants) had been interviewed by Censuswide between 03 and 05 Could 2023. Censuswide abides by and employs members of the Market Analysis Society which is predicated on the ESOMAR ideas. All interviews had been carried out on-line. The pattern was focused, and information weighted again to those targets, to make sure a complete cross-section of the UK working inhabitants. The place applicable, some statistics have been mixed to make a internet rating, for instance ‘Strongly Agree’ and ‘Barely Agree’ mixed to make ‘Agree’.

(2) Gov.uk | Mar 2023 | ‘Again to work Price range’ supporting folks to return to the labour market

(3) Workplace for Nationwide Statistics (ONS) | Sept 2022 | Causes for employees aged over 50 years leaving employment for the reason that begin of the coronavirus pandemic: wave 2

(4) Workplace for Nationwide Statistics (ONS) | Dec 2022 | Returning to the office – the motivations and obstacles for folks aged 50 years and over, Nice Britain: August 2022

Media Enquiries