Rest Less calls on organisations to adapt flexible working practices and in-house training schemes to suit all ages.
There are 712,000 additional people aged over 50 who are economically inactive compared with the same period three years ago (pre-covid pandemic), according to new analysis from Rest Less, a digital community and advocate for people in their 50s, 60s and beyond. Rest Less is now calling on organisations to ensure their flexible working practices and in-house training schemes are suitable for all age groups and not just targeted at younger people.
Rest Less analysed data from the latest Office of National Statistics (ONS) Labour Force Survey (issued Tuesday 11 October) and found that there are now 14,597,000 economically inactive people aged 50 and older – a record level. This is an increase of 1% compared with the same time period last year, a 3% increase compared with two years ago and a 5% increase compared with three years ago, before the pandemic began.
By comparison, the number of economically active people aged 50 and older has not grown and now stands at 10,846,000 compared with 10,845,000 three years ago. The employment rate has fallen from 42.3% to 41.6% during this time period, reversing a long-term growth trend.
Chart 1: Economic Activity and Inactivity Levels Amongst People Aged 50+, June-August 2012-2022
Flexible working is key for those thinking about returning to work says ONS survey
In a recent survey by the ONS which questioned more than 10,000 people aged 50-65 who do not currently work, 42% said they would consider returning to paid work or self-employment in the future. More than one in three (38%) said they would like to move to a new occupation or sector.
When asked what was important to them when looking for a paid job, 69% said the right location, 65% said a job which suits their skills and experience and 57% said flexible working opportunities. These three factors ranked higher than salary: 52% said a job that paid enough was important. When provided with a list of employer schemes relevant to midlife employees, flexible working was the most popular. One in three (30%) people said flexible working was important to them, followed by good pay (21%) and a job which fits around my caring responsibilities (13%). When asked whether they’d like to return to full time or part-time work, 67% of respondents said part-time.
Stuart Lewis, Founder of Rest Less, a digital community and advocate for people in their 50s and 60s commented: “We know that there was an exodus of people in their 50s and 60s from the workforce as a result of the pandemic. Our latest analysis shows that there are an additional 712,000 economically inactive people aged 50 and older compared with three years ago – a shocking increase which reverses a decades-long trend of employment growth amongst this demographic and highlights the long-term scarring of the pandemic on this portion of the workforce.
‘With the cost of living crisis biting hard and significant volatility in financial markets impacting pension savings, we are hearing more and more from our members about their plans to delay retirement or return to work and ‘unretire’ in some capacity.
‘Amidst a widespread talent shortage, this presents an opportunity for businesses struggling with staff shortages to entice experience and talent back to work. Recent reports suggest the hospitality sector has already woken up to the benefits of hiring an older workforce and we are beginning to see other industries follow suit. For organisations who haven’t already done so, HR policies, support packages and Diversity and Equality strategies need to be adjusted with specific sensitivity to the needs of workers of all ages to ensure they have the support they need to return to work.”
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About Rest Less
Rest Less (restless.co.uk) launched in early 2019 and is a digital community for people in their 50s, 60s and beyond. Rest Less is on a mission to help its members get more out of life and offers content guidance and resources on topics spanning Jobs and Careers, Volunteering, Learning, Money, Health and Lifestyle and Dating.