Are We Running Out of Workers? Harnessing the Older Generation

Looking Up Between Buildings
The ageing workforce has been reported on regularly by the CIPD and other publications in recent months. Our workforce is getting older and the CIPD wants us to harness the talent being skipped over at great cost. We look at what the CIPD suggests in regard to making the most of multigenerational talent and how the recent budget also supports the diversification of Britain’s workforce.

Plugging the Skills Gap

Current employer plans from the CIPD suggest that we’ll need to fill 13.5million job vacancies within the next ten years, however with only 7million young people predicted to leave school or college in this time, there’s a huge shortfall. In addition, with the state pension age rising and older workers choosing to stay in work rather than retire, there’s a strong argument for embracing our ageing workforce.

CIPD Recommendations

The CIPD recommends 5 essential components that should form part of organisational strategy in retaining and recruiting mature workers. These are:

  1. Ensuring they have inclusive recruitment practices
  2. Improving the capability of line managers to manage an age-diverse workforce
  3. Investing in training and development that is based on potential, not age
  4. Supporting employee health and well-being across demographics
  5. Embracing the talent attraction and retention benefits of flexible working.

Other points of consideration include; workforce planning & age-diversity monitoring, supporting employee wellbeing & work/life balance and tailoring solutions to meet individual needs. Organisations willing to foster inclusivity will benefit economically and be better placed to retain and attract key talent.

The Spring Budget

The recent budget delivered a number of elements applicable to professionals working in HR, one of which was related to returnships as chancellor Phillip Hammond pledged £5million in helping people return to work after a career break.

Much has been made about equal pay for men and women and encouraging women to return to work after a break, but a willingness to diversity our workforce can also include embracing the older generation.