We are the voice of insurance and long-term savings | Contact us

Inclusive Excellence Blog Series

22/08/2024

Part 1: Retaining and supporting older workers with the Centre for Ageing better

In today's rapidly evolving workplace, fostering diversity, equity, and inclusion (DEI) goes beyond traditional measures. Progressive firms recognise the importance of inclusive policies that support and account for life whether that be caring responsibilities, ill-health or another change of circumstance.

In our new blog series "Inclusive excellence: Incorporating life into equitable workplaces," we will delve into thought leadership and best practices from member firms, associate partners, and other stakeholders on these topics.

In addition to addressing major life events, we will also explore other crucial but perhaps less widely discussed topics that impact the workforce. Through this series, we aim to raise awareness and provide practical insights for employers in the insurance and long-term savings sector to ensure that employees can bring their full selves to work and be supported by policies that acknowledge and accommodate the significant events and circumstances in their lives. Join us as we explore how inclusive DEI strategies can create more resilient and compassionate workplaces, benefiting both employees and businesses alike.

We’re excited to kick off this five-part series with a guest article from Tracy Riddell at the Centre for Ageing Better, who shares insights on the importance of supporting and retaining experienced workers.

 

The multigenerational workforce of today

Author: Tracy Riddell, Centre for Ageing Better

Inclusive Workplace - Workers over 50.jpg

The workplace does not look the same as it did 20 years ago – and neither does the workforce. Today, there are almost 11 million workers aged 50 or over in the UK. That’s a third of all workers and four million more than 20 years ago.

In 2019, the Centre for Ageing Better reported that just 11% of employees in the financial and insurance industry were aged 55-64 – among the lowest amongst all service industries.

Older workers provide balance and diversity to a multigenerational workforce, which has proven to be more productive and innovative. But older workers receive significantly less opportunities for training and development in the workplace, and it’s crucial for employers to shift their thinking about offering more opportunities to employees who are in their 50s and over.

Challenges and age discrimination

Many of those who fall out of the labour market in their 50s and 60s do so because of care responsibilities, or health issues. 

A lack of flexibility in the workplace and age discrimination in hiring practices can mean that once they have left the labour market, people in their 50s and 60s struggle to return.  

Others may leave the workplace before they really want to – with some dropping out of work entirely when the opportunity to scale back hours and resources would have suited them better.  

As a result, employers and the economy are missing out on all that older workers can offer.

Unfortunately, many organisations still fail to consider age within their Diversity and Inclusion (D&I) strategies and therefore are not committing sufficient resource or taking effective action on an issue that will only become more significant as our ageing population grows.

Reframing an age-friendly future

It’s time to reframe how we think about working in our 50s, 60s and beyond. 

Not everyone wants to work longer, but a sizeable proportion of us want to work for longer than society has grown to expect. For many of us that work needs to be designed differently than the jobs we occupied in our youth. In a nutshell, work needs to be more age friendly.

>Age-friendly policies – like flexible working, open conversations about health, and de-biasing recruitment processes – benefit us all. And age inclusion in the workplace does not compete with other diversity efforts.  Get it right for older workers, and you get it right for everyone.

Centre for ageing better.jpg

The Age-friendly Employer Pledge

The Age-friendly Employer Pledge, launched in November 2022, is for all employers who recognise the value and importance of older workers and commit to improving work for people in their 50s and 60s. The pledge commits firms to taking the necessary action to help older workers flourish in a multigenerational workforce.  

Research commissioned by the Centre for Ageing Better, and based on the experience of leading employers, identified five key areas where employers can make changes to create multi-generational workforces:

  1. Create an age-friendly culture.
  2. Hire age-positively.
  3. Be flexible about flexible working.
  4. Encourage career development at all ages.
  5. Ensure everyone has the health support they need.

Employers signing up to the pledge commit to taking one action per year and join a network of around 375 employers who receive a monthly newsletter, invites to regular webinars (covering the five areas of the framework), the opportunity to join Centre for Ageing Better’s exclusive LinkedIn group, as well as many other benefits.   

Since launching, the network has convened three webinars on the topic of ‘flexible working’ – including two masterclasses looking at job design and organisational change, with plans to run more as part of its programme of work.   

And last year saw the launch of the network’s second Good Recruitment of Older Workers (GROW) guide filled with practical new tools to help reduce age bias in firms' recruitment process.

Three ways employers can take action now:

  • Create more inclusive job ads
    Remove stereotypical language and images, be upfront about flexible working options, and be fully transparent on the recruitment process. Resources available here.

  • Engage with 50+ workforce and support line managers
    Promote flexible working options and make sure line managers are being supported to be confident in having these conversations. Resources available here.

  • Be visible with your support
    CEO’s and senior managers can use the intranet and internal communications channels to share a message of intent about their commitment to age-inclusion. Firms could also attend existing staff networks to listen to the needs and experiences of their workforce. If a firm doesn’t have a network for older workers, one could be set up.


Resources for ABI Member firms

Aligned with the ‘Attract’ theme of our DEI Blueprint, the Association of British Insurers (ABI) is committed to addressing the challenges faced by career-changers, returners and older workers. Our goal is to tackle these barriers and ensure that our members can provide more opportunities for these groups.

This commitment resonates with the Centre for Ageing Better’s emphasis on tackling age discrimination and promoting an age-inclusive environment. This blog highlights that flexible work practices are key to retaining experienced workers and keeping them engaged and productive. By embracing these practices, we’re not just supporting older workers—we’re creating a more inclusive environment that meets the diverse needs of our entire workforce.

At the ABI, we proudly support our Making Flexible Work Charter, a sector-wide initiative where organisations pledge to foster a culture where everyone can excel, regardless of their personal circumstances. For more information on how to sign up to the Charter, visit the ABI DEI Hub.

 

 

 

Last updated 23/08/2024