Workers aged 50 and above set to become the largest group in employment by 2024, research suggests

Older workers are likely to represent the largest group in the UK workforce by 2024, a recent report by insurance company Aviva has been able to suggest. And, as a result, investing in them and make good use of their skills would prove highly beneficial for employers and the overall UK GDP, a separate PWC paper suggest.

Statistical figures recently released by the ONS have suggested that almost 10 million workers aged 50-plus are now in employment in the UK. The figures show the proportion of over-50s in the workplace has increased from 21 per cent in 1992, when these records began, to 31 per cent in 2016.

Further research published this week by PwC estimated that the UK could add around 5.8 per cent to its GDP (around £105bn) if employment rates of workers aged 55 and above matched that of the highest-performing EU country, Sweden.

Claire Williams, director at Inclusive Employers, said companies should also consider how to manage the fact they now have five generations in the workplace, with different expectations, ambitions and skills. “Organisations should create positive and inclusive environments where diverse skills and ideas are valued,” she said.

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If you’d like to find out more about the range of skills management and Time and Attendance solutions supplied by Tensor, just contact us or Book a Demo, our representatives will be more than happy to answer any questions or queries you might have.