Older workers ceasing employment earlier due to COVID
Older workers have been exiting the workforce earlier in their lifespan since March 2020, according to new Department for Work and Pensions (DWP) analysis. Its new report which focused on workers over 50 years old, found that being sick, injured or disabled was the main reason why employees left the workforce. In 2020, the average age of exit for men was 65.3 years and women 64.3 which was a decrease in age from previous years.
Often, mature employees possess a goldmine of skills, pragmatism and lived experience, all of which contributes to team diversity and productivity. It is important that employers focus on knowledge transfer between younger and older employees to prevent organisational knowledge loss and capture that precious corporate memory. There are many ways in which employers can retain valuable skills in their more mature employees, looking at flexible or part time working options and with the reported shortage in labour and skills in the UK currently, a part time, experienced worker is better than no worker.