Productivity
Our Business Advisor, Susan George, is a highly effective economic development professional with extensive senior management experience in both the private and public sector. We wanted to make the most of Susan’s wealth of experience and she hints and tips on relevant topics throughout the year.
We asked Susan:
Who are Wisdom Workers and how can they support your business growth?
As the UK workforce continues to age, employing workers over 50 has become a strategic advantage for businesses seeking a competitive edge. This demographic brings a wealth of experience, reliability, and a strong work ethic, all of which contribute to a thriving workplace. Moreover, with the UK government encouraging longer working lives to address labour shortages and bolster the economy, tapping into the over-50 talent pool is a smart move. Businesses that embrace age diversity often find themselves with a more dynamic, balanced, and innovative workforce. There is even a new name for this demographic, Wisdom Workers. Plus, research shows that by 2040 63p in every pound spent by consumers in the UK will be spent by someone aged 50 plus. That is £555 billion!
Here are 10 reasons why hiring workers or freelancers over 50 is not just good for your business but essential for long-term success.
10 Reasons Why Employing Workers Over 50 is Good for Business
- Experience and Expertise
Workers over 50 often have decades of experience and industry knowledge, making them valuable assets for decision-making, mentoring, and problem-solving. - Strong Work Ethic
This demographic is known for their reliability, dedication, and consistency, often setting a high standard for performance in the workplace. - Loyalty and Retention
Workers over 50 tend to stay longer with employers, reducing recruitment costs and fostering a more stable workforce. - Mentoring and Knowledge Transfer
Their experience allows them to mentor younger colleagues, bridging knowledge gaps and ensuring vital skills are passed down. - Enhanced Customer Relations
Older employees often excel in building rapport and trust with clients, offering a mature and empathetic approach to customer service. - Broader Perspectives
Age-diverse teams foster innovation by combining the fresh ideas of younger workers with the seasoned insights of older employees. - Adaptability
Contrary to stereotypes, many workers over 50 are highly adaptable and eager to learn new skills, including mastering new technologies such as embracing AI. - Economic and Social Insight
Older employees often have a better understanding of the needs and preferences of an aging customer base, which is increasingly important in the UK. - Improved Team Dynamics
Age diversity creates balanced teams, reducing generational divides and fostering a culture of respect, collaboration, and inclusion. - Positive Corporate Image
Companies that value age diversity demonstrate their commitment to inclusivity, which enhances brand reputation and attracts customers and clients who value ethical practices.
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