“Those aged 65 and over in the workforce will increase in number, however by 2029 there will be fewer people in the labour force than not.Thus, the balance that employers need to strike between retaining highly-valued, well educated and experienced older workers, and recruiting and developing the next generation of employees. However, the ultimate goal, according to Hays, is to focus on the recruitment, development and training of staff at all levels and of all ages.
“Given the impending shrinking of the workforce, it makes sense to retain mature age workers for as long as possible.
“But we must not do so at the expense of training and developing new entrants to the labour market. If we look to the future, in order to maintain our competitive edge we need to ensure the country has a future pipeline of talent who have the skills and experience necessary to replace our ageing workforce when they do eventually retire. Otherwise there will be a skills vacuum that will take many years and a huge amount of investment to fill."
Hays further explores the topic of the aging workforce in "Mind the Age Gap," published in the Hays Journal Issue 8.
Source: Hays Press Release (November 5, 2014)