Greater engagement of older workers will help to fill skills gap says Barclays.
Action and Impact
Barclays has been working hard to actively engage and retain its so-called ‘midlife’ staff, acknowledging the need for its employees to better reflect its customers.
In the UK especially, the over-50s age bracket is the fastest growing segment and one where there is a steep drop in employment. The looming skills gap is estimiated to be 7.5 million by 2020, and changes to the state pension age put added pressure on companies to plan for the future.
The bank’s Midlife Colleague Proposition is designed to offer opportunities for people to build their career within the company. The initiative offers career MOT workshops, as well as being a platform to foster a sense of community and a way to build long-term health and wellbeing.
It is working, the majority (98%) of workshop attendees gave positive feedback, while the latest employee engagement survey results point to increased engagement among the three target age groups (40-49, 50-59 and 60+) – up 2 percentage points to 76% engagement.
“This initiative has helped Barclays by expanding our talent pool, increasing brand value, and gaining a greater understanding of older customers’ needs,” says Steven Cooper, CEO of Barclaycard Business Solutions.