The UK’s Boomer Quagmire
Older workers are dropping out of the workforce at a sharp rate. Why that should worry corporate leaders.
Getting a job in Britain should be mostly down to candidates' skills and know-how. For instance, if the company is hiring a banker, that person would be expected to have experience in finance. But one group appears to be left out more: older people.
Research shows that as British people age, fewer get hired and leave the workforce out of frustration. The United Kingdom’s Department of Work and Pensions showed Britain’s employment rate at age 66 falls to 29% from 42% just one year before, at age 65. And those people in their 50s and 60s looking for work feel that the system is stacked against them. While retirements accounts for some of these figures, The Centre for Aging Better reports 36% of 50-to-69-year-olds “feel at a disadvantage” applying for jobs because of their age.
“The UK does have a real issue with age,” says Grant Duncan, Korn Ferry’s senior client partner, managing director and sector lead for the Consumer practice. Age, he says, is associated with higher cost and resistance to change and a lack of “fire in the belly,” typically an indicator of a “can-do” attitude. But other experts say many older people have the capabilities corporations need. These include judgment, resilience, pattern recognition, and the ability to lead under pressure. “They all improve with age,” says Drew Hill, a Korn Ferry senior client partner based in London.
To some HR pros, the goal is not to choose between hiring older workers versus younger workers. It's to bring in older workers who have new ideas as well as judgment and context, Hill says. “Savvy executives want to hire older people,” he says. “They do so by measuring skills rather than tenure.”
There are some sweet spots for older workers, says Rory Singleton, a Korn Ferry senior client partner for the Global Industrial Market team. He says we are increasingly seeing interim staff as a critical part of every workforce. Those considering retirement may also want to retain the sense of purpose, engagement, and social connectivity that work offers. At the same time, companies can draw on the skills of more experienced workers in a setting that might be more conducive to the work-life balance they are seeking. “It should be a win-win if used well,” he says.
Some smart companies are hiring seasoned workers to harness their skills as amplifiers for the next generation. That’s where they’ll have the opportunity to pass down institutional knowledge to younger employees. This also enables senior execs to phase down their work versus leaving via a pure cliff edge. “It’s about stopping the knowledge gap,” Singleton says.
The key for any executive who still wants to work in their sixties is to have a continuous learning mindset, Singleton says. The world is changing at an ever-faster rate, so staying relevant at any age is hard and requires concerted effort. People who keep up with new tech, such as AI, will help ensure they stay curious. “Age shouldn’t be the blocker,” Singleton says. “But curiosity, a learning orientation, and desire to have an impact are likely far more relevant things to look at.”
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