There have been some positive trends within the sectors in terms of making better use of the 50+ worker talent pool in recent years. Workers aged 50 and over now comprise more than a third of the hospitality industry’s workforce, with 165,000 joining the sector between 2020 and 2023.
But there are still many more people in their 50s, 60s and beyond who could offer much to employers. Among the more than 3 million people aged 50-64 currently economically inactive in the UK, at least one in seven of these would be keen to return to the workplace with the right support.
Hospitality, travel and leisure businesses who employ more older workers will reap the benefits, with research showing that companies with multigenerational workforces are more productive and innovative.
Employers who have signed our Age-friendly Employer Pledge tell us that one of the benefits from having a greater proportion of older workers within their organisation is that their workforce better reflects their customer base. Many customers feel more at ease being served by a peer or someone of a similar age who they can identify with.
And that older customer base is one that sectors should be courting because of their significant spending power. For example, retirees are spending more on holidays than people who've yet to retire, at £2,673 as opposed to £2,512 for people who are yet to retire.
More than 500 employers, including 47 hospitality, travel and leisure companies, already signed up to our Age-friendly Employer Pledge are now taking concrete actions to improve work for people in their 50s and 60s and help them flourish in a multigenerational workforce.
The pledge offers support and advice on how employers can create an age-friendly culture by hiring age-positively, being flexible about flexible working, encourage career development at all ages and ensuring that everyone has the health support they need.