Recognising businesses that are adapting for the future by responding to our ageing population and intergenerational workplaces.
Our population is ageing: 10 million people in the UK are over 65 years old. The latest projections are for five and a half million more older people in 20 years’ time, and around 19 million by 2050. Between 2000 and 2050, the proportion of the world's population over 60 will double, reaching approximately 22%. This is creating demand for new products and services. Longer working lives will become normal, as will workplaces and teams spanning up to four generations. This is a new challenge for responsible businesses that want to maintain fair and productive workplaces.
The Aviva Award for Championing an Ageing Workforce identifies those businesses that are responding to these emerging needs and in turn are maximising the business’ resilience to a growing ageing workforce.
Bolder Apprenticeship Programme
Having regularly turned away over-24s for apprenticeships, Barclays decided to act. The bank founded Bolder Apprenticeships, setting no upper age limit for their seven-week training and work placement programme. More than four in five (82%) of its uptake were previously unemployed for more than a year, and almost two thirds of its total entrants are women. The scheme, which has also recruited over 60s, is serious about supporting hard to reach members of society and part of this commitment has seen them partner with Age UK, Age Concern Liverpool and Sefton, and the lone parent group Gingerbread. Transferable soft skills and greater empathy are two of the benefits the multinational has seen in its drive to harness the potential of older workers.
Making the Most of Mid-life
The Financial Services Compensations Scheme protects consumers when financial service organisations fail and has worked to offer their own staff financial planning and lifestyle support in health and wellbeing – and including advice on caring for older people and surviving ‘empty-nest’ syndrome, ensuring a resilient workforce. Last autumn the company launched Making the Most of Mid-life: a culmination of much of its work on an ageing workforce and have experienced a 60% increase in the retention of older workers. Setting firm recruitment targets is also paying dividends – over 45s now account for 30% of its employee base.
Lloyds’ network for experienced colleagues has gone from strength to strength and now has more than 3,000 members who form part of a social network with webinars and information sharing activities. A recent partnership with Age Scotland supported Lloyds’ employees to make major life decisions. Peer-to-peer support has been offered on the menopause, caring responsibilities, and health issues, whilst Pension Clubs have sprung up across the country. The initial need for the project was identified by the bank, which found that over 60% of the workforce were over 40 and 20% were over 50. The hope now is to showcase the initiative to a wider audience to inspire other organisations to take similar action to support their older workers.