The over-50’s spend £320billion a year, which accounts for around 47% of all UK consumer spending. This has increased quite significantly from 41% in 2003i.
By 2030, half of all adults will be over 50. Both your customers and your workforce are ageing. The successful organisations of the future will be those who can adapt and respond to the needs of an ageing population. As this business case will demonstrate, being able to retain, retrain and recruit older workers will be essential to future business and economic success.
Find out more about the compelling business case for employing older workers:
- Boost the economy
- Reduce discrimination to retain skills for the future
- Understand consumers and improve customer service
- Minimise group think and maximise innovation
- Reduce staff turnover and absence costs by employing older workers.
What is the target of one million more older people in work by 2022 and where did it come from?
In September 2016, the Government appointed the Business in the Community Age at Work Leadership Team, led by Andy Briggs, CEO of Aviva UK Life, as Business Champion for Older Workers. The role is an opportunity to support employers adapt to the needs of our ageing population through better retention, retraining and recruiting of older workers.
In February 2017, the group announced a strategy of activity and a target of one million more older people in employment by 2022. This equates to a 12% increase in older workers for each UK employer.
Learn more about the Business Champion for Older Workers: Strategy and 2022 Target >>
[i] Saga and Centre for Economics and Business Research. 2014. Consumer spending key trends among the over 50s