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Aviva have found, analysing new data from the Office National Statistics (ONS), that businesses could face a shortage of up to 3 million workers, if they do not start to support older workers.
They estimated seven million new workers could enter the UK labour market in the coming decade, but 10 million could exit, driven by retirement and a drop in employment participation from older workers, leaving a shortage of 3 million workers. Moreover, recent statistics from DWP, highlighted that there had been a sharp decline in employment rates among those over 50.
These findings highlight the importance of organisations providing the support for older people, in order to ensure they remain in employment. Due to an ageing workforce, it is likely that some older workers may have caring responsibilities. So to ensure that they can balance their work and home life, it is important companies offer options such as agile working. Moreover, the experience and knowledge they have needs to be fully utilised by companies in order to ensure they stay competitive. This could be through schemes such as mentorships, which would help address inter-generational working and promote more inclusive environments.
To read more about Aviva’s analysis, you can read the People Management article here.