Asking if over 50s are responsible for rising inflation ignores the larger problem at hand
Dame Sharon White, the head of John Lewis, commented earlier this week that over 50s leaving the labour market is contributing to rising inflation.
Here, Luke Price, Senior Evidence Manager for Work at Ageing Better looks at the importance of supporting older workers
The boss of John Lewis – Dame Sharon White’s – recent comments on the challenges facing the UK economy hit on a very important point: it is crucial that government and employers do more to support older workers – especially those in their fifties and sixties – to re-engage with the labour market.
Despite growth in the employment rates for over 50s being strong in the decade leading up to the pandemic, COVID-19 caused a mass exodus of these workers from the labour market, and many of these individuals have remained unengaged even as job rates recover amongst other age groups.
For many of these individuals it will have been an active choice to leave the labour market – many see themselves as retired – but all too often this choice hinges on employers not offering work that is suitable or appealing to this age group. Ongoing labour shortages and high numbers of vacancies make shifting working practices to entice older workers back all the more important.
There’s a lot that employers can do to stand out from the crowd to both attract and retain older workers. For starters, employers should at a minimum be providing genuinely flexible working arrangements and offering carer’s leave – we know that people aged 55-64 are most likely to be caring for a loved one and people in this age group themselves are more likely to be managing a health condition as they get older.
What’s more, employers should be thinking about making their recruitment processes and working environment age inclusive. Ask yourself would you, as an older employee, feel valued, secure and comfortable working here?
By making these small but significant changes, businesses will find themselves far better off.