Britain ‘running out of workers’

Published on in Banking News by

Businesses need to change the way they deal with an ageing workforce, according to the Government.

retirementAttitudes to employees in their 50s and 60s are in urgent need of revision from employers as Britain faces a shortage of qualified staff, meaning that people can expect to continue working right up until the ripe old age of 70.

Pensions Minister Steve Webb has claimed that older workers must be viewed as “an untapped resource” and that they can bring benefits to companies that encourage them to keep working for longer into their old age.

“People have often said, ‘how are we going to tackle ageist attitudes amongst employers?’ The demographics are going to sort that out for us,” Webb said.

He was referring to moves by ministers aimed at limiting the number of immigrants allowed into Britain.

The Department for Work and Pensions (DWP) suggests that employers will have 13.5 million job vacancies to fill over the next 10 years, but in fact only 7 million young people will leave school and college during that period.

“Over time there will be a whole set of jobs where employers need experienced older workers and a firm that doesn’t change its attitude to older workers will be left behind,” the minister explained.

The DWP has gone so far as to publish guidelines for companies on how to hire and retain a “multi-generational workforce” including older workers.

At the present time 27% of the workforce is made up of those aged over 50 but this is expected to rise to one third by 2020.

The risk of skills shortages and future age discrimination claims are warnings contained in the guidelines for employers who fail to recruit and retain workers beyond the age of 60.

“This isn’t ‘work ‘til you drop,’” Mr Webb said. “This is actually enabling people to carry on and in most cases that is good for their wellbeing as well.”

The longer you work for, the more important it becomes to save money into a good bank account. This way, your hard-earned cash will earn interest, which can considerably boost your income.

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