Executive Summary& Contents
Even as the UK remains mired in a talent shortage that has left 80% of UK businesses struggling to secure the talent they need, more than 3.5 million people aged 50-64 years have opted out of the workforce in an ‘economically inactive’ trend that is still accelerating. This cohort of ex-workers contains some of the most experienced and skilled talent in the UK, and their ‘brain drain’ is creating a vast hole in the UK labour force that businesses cannot adequately fill – as demonstrated by the more than 1 million open vacancies that persistently remain.
Seasoned workers are those in the UK workforce over the age of 50 years – this includes employees and the self-employed.
However, although many of these seasoned workers have quit their job because of retirement, sickness or disability, a large proportion have left the labour force for other reasons – and they could be enticed to return to work if the role and conditions met their personal criteria. According to a 2022 Government report, nearly 760,000 people aged between 50 and 64 years are either actively seeking work, or are inactive but are willing or would like to work. This is an eager and waiting workforce that could almost wipe out the UK’s current labour shortage in one go - if businesses and seasoned workers worked together to resolve the myriad of issues that are keeping this cohort of highly-experienced workers inactive or forcing them to leave work in the first place.
When retirement, sickness and disability are factored out, the reasons seasoned workers are exiting the labour force, (or refusing to return), are many and varied, with combinations of problems applying in most individual cases.
This makes the task of recruitment and retention more complicated and potentially resistant to ‘broad-brush’ incentives. Instead, nuance and agility will be needed to coax seasoned workers back to work or to extend their career, with customised incentives and employment packages being deemed as essential. Lack of flexible working, excessive stress, obsolete roles, few opportunities for career progression and poor work/life balance are among the top reasons for the seasoned worker exodus – problems that can be countered with effective workforce planning, outcome-based training and reskilling programmes, and adaptations of conditions to provide improved workplace flexibility.
Simple demographics reveal that the number of seasoned workers in the UK will continue to grow as the population ages. Fewer younger workers and more seasoned workers means businesses will have no choice but to give veteran employees the working arrangements and skills they need to be successful. In return, organisations may reap the material and intangible benefits of a vast pool of experience – valuable transferable skills that can be reshaped to expand the capabilities of the business and aid the bottom line – (as well as the security and productivity gains achieved by workers who have been proven to show high levels of reliability and consistency).
Accommodating the focus switch to seasoned workers will not be easy for many organisations, but the potential rewards are significant. According to PwC, the UK could secure a long-term GDP gain of £105 billion if it were to raise employment rates for those aged 55 and over to match current New Zealand levels.
67% want a four-day week40% want to choose their start and end times76% want a supportive manager66% want to find meaning in their daily work61% want to know their work positively contributes to society
Source: ManpowerGroup 2022
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When seasoned workers leave, productivity and the bottom line suffer
The loss of seasoned workers has left UK businesses struggling
It doesn’t have to belike this
Many seasoned workers would choose to stay – if the role were more attractive
Turning seasoned workers into future workers
It’s all about workingwith the seasoned worker
Real-lifecase study
An example ofseasoned worker success
The Talent Solutions approach – a results-driven philosophy
Talent Solutions as part of your seasoned worker programme
