The productivity gap is a major issue for UK Plc and investing in mid-lifers is a crucial part of the answer.
According to BITC, older workers are vital to the economy and are becoming the majority not the minority. They argue that support for older workers results in increased loyalty and retention, improving productivity and reducing recruitment costs – in short we need to retain, retrain and recruit (BITC, 2016).
Here are some fascinating facts for you to enjoy …
High engagement, high productivity. It is well established that businesses with high engagement outperform their peers (by up to 3.8% a year). Older workers are the most engaged if they are able to make their employment work. Engagement is also higher for younger workers in workplaces that employ more older workers.
Better decisions – Research has shown that teams which are diverse on the basis of gender, age and geography make better business decisions 87% of the time.
Retain and develop crucial skills. By avoiding early exits, crucial skills and knowledge can be retained. Older workers are just as willing and able to learn new skills. 91% surveyed still wished to progress their career but training spend for over 50s is half that of younger workers
Work that works – Designing work that works for older workers increases productivity- productive and purposeful jobs as well as support and flexibility around home circumstances (such as caring) make a real difference.