to accommodate child rearing, eldercare, health needs, upskilling, reskilling and lei- sure. It’s a multi-stage career. This change requires very different corporate policies to the past around recruitment, retention, and promotion paths.
Extend working lives/return to work – on ramp/off ramps – older workers will grow as a portion of the workforce – the “great un-retirement” versus “great resig- nation”.
l Nearly 75 per cent of workers expect to work past their retirement age – cost of living pressures. Pensions fail to keep up with cost of living.
l “Returnships” to incentivise older retired workers to come back to the workplace to share expertise and alleviate skilled labour shortages. But data shows people nearly 40 per cent of people over 55 have not had any skills training in last five years. Need a significant shift in train- ing and development strategies in busi- nesses. Increased adult education should therefore focus on upgrading existing skills, providing new skills for new roles, and supporting individuals through career transitions.
l Take on ageist stereotypes – unbiased recruiting practices only used by six per cent of employers (OECD). This corporate ageism is a problem because it makes older workers more likely to lose their jobs and less likely to be hired than their younger counterparts, which contributes to the decline in employment before retirement age. In the face of such cor- porate ageism, there is a growing trend of older workers moving into the contingent economy (e.g. part-time, gig economy, or contract work) and entrepreneurship. In the UK, over 40 per cent of working people aged 65 years or older are self-employed, which is much higher than for any other age group. And we now have record num- bers of over 65-year-olds in employment.
Multi-generational workforce l Five generations in the workforce – huge demand for intergenerational con- nection. Generations are of about equal size now.
l Research shows that multi-genera- tional teams are the most productive because the generations learn from each other on the job. That’s the main message of a detailed international study pub- lished by the Organization for Economic Co-operation and Development (OECD) in 2020, Promoting an Age-Inclusive Workforce: Living, Learning and Earn- ing Longer.4
(The report is based on data
from six countries over 15 years, from 2002 to 2017.) “The benefit of age diver- sity is that it enables workers of different ages to collaborate, share knowledge and support each other in complementary ways. Age diversity has the potential to make a firm’s productivity greater than what the sum of its workers’ individual productivities would suggest.”
Use of Mid Life MOTs
Over 70 per cent of workers want a mid- life MOT. The midlife MOT5
is free, online
support to encourage people in their 40s, 50s and 60s to make more active plan- ning in the key areas of work, wellbeing and money. It is aimed at both employees and employers and can help people make choices that will ensure the future retirement they want. Programme recently expanded in the UK to more regions as part of a £22m investment to help the over-50s find new careers and earn more money. Legal & General have linked up with The Open University to promote the mid-life MOT resource.
40 INFORMATION PROFESSIONAL References
1. Number of those over 65 years doubles in the next 30 years –
www.un.org/en/development/desa/population/publications/ pdf/popfacts/PopFacts_2019-6.pdf
2. Mercer data on running out of money –
www.mercer.com/ content/mercer/global/all/en/our-thinking/career/redesigning-later-life. html
3. World Economic Forum – Redesigning Retirement: Planning for the 100-Year life
www.mercer.com/events/webcasts/
redesigning-retirement-planning-your-100-year-life.html
4. Organization for Economic Co-operation and Develop- ment (OECD) – Promoting an Age-Inclusive Workforce: Living, Learning and Earning Longer. –
www.oecd.org/ employment/
promoting-an-age-inclusive-workforce-59752153-en.htm
5. UK Government Mid-Life MOTs –
www.yourpension.gov.uk/ mid-life-mot/
January-February 2023 Mid-Life MOT questions cover:
l My work: Am I confident I can con- tinue in my current job, or do I need to protect myself by reskilling? Will caring responsibilities or other priorities mean I need to work more flexibly?
l My health: Am I taking the right steps to maintain or improve my health? Would workplace adjustments make it easier for me to stay in my job for longer?
l My money: Do I have enough sav- ings to maintain my current lifestyle? I’m confused about pensions, what are my options?
Conclusion
The challenge for library, information and knowledge professionals is to re-imagine longevity in an age-inclusive world. Employers and service providers need to embrace a new multi-genera- tional workforce.
CILIP RPG will be following up on issues raised to ensure that change is driven across CILIP and beyond. IP
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