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News - 12 March 2012

Future Employment Deficit to be filled by aging workforce

Research from the Chartered Institute of Personnel and Development (CIPD) indicates that a higher number of 'essential' older workers will be needed if the UK is to fill its widening employment gap.

The CIPD goes on to add that employees in the UK will need to fill a projected 13.5 million job vacancies in the next decade, and with only seven million young adults expected to leave education in this time period it is likely that employers will rely older workers to fill these vacancies.

To further reinforce these predictions, the Government Actuary's Department (GAD) also predicts that the UK's population will increase by 2020, with 36 per cent of the working population aged over 50. In addition, the number of those aged over 90 will triple by 2035.

Dianah Worman, a spokesperson for CIPD, commented:
"The business case for older workers is strong and research shows their impact and experience within the organisation enables better customer service, enhanced knowledge retention and can help to address talent and skills shortages. All of this will help to guard against potential age discrimination claims, thereby mitigating damage to the brand and any associated costs. With the removal of the Default Retirement Age last October, employers are freed up to adapt their workforce to the labour needs of the market."

Previous research indicated that older workers were increasingly looking to extend their working lives, with 54 per cent of those aged 55 and above planning to work past the state retirement age, although major factors in this were financial reasons and a need to retain the social interaction experienced in the workplace.

If you need any help and advice on retirement planning or a similar matter don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning and business advice.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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