Why Skilled Workers in Their Fifties Are Leaving and How to Keep Them
Helen Robertson
Blossom Virtual Assistant Executive PA/Virtual Assistant FEPAA/ Associate CIPD HR/ Winner of PA Scotland Community Spirit Award 2024
In recent years, we have seen a growing trend of skilled workers in their fifties stepping away from full-time employment. This shift is often driven by a desire for better work-life balance, health considerations, new opportunities or caring responsibilites and is across all sectors not just administrative roles.
According to a recent survey, nearly 60% of workers aged 50-64 are considering leaving their full-time jobs within the next five years. This represents a significant portion of the workforce, with over 20 million individuals in the UK alone. Their departure can lead to significant gaps in skills and experience, which are not easily filled.
These experienced professionals/colleagues bring a wealth of knowledge and expertise to their roles, making them invaluable assets to any organisation. For example, workers in their fifties often have over 30 years of industry experience, knowledge and networks which is crucial for mentoring younger employees and maintaining high standards of work.
It’s crucial for businesses to recognise the importance of retaining these employees. To keep hold of skilled staff, companies should consider offering more flexible working arrangements, opportunities for part-time roles, or possibly offering consulting or contracting positions. Providing a supportive work environment that values their contributions and addresses their needs can make a significant difference in their decision to stay.
By investing in the retention of skilled workers, businesses can maintain a strong, knowledgeable, productive workforce that continues to drive success and innovation and helps businesses thrive. Studies have shown that companies with higher retention rates of experienced employees see a 20% increase in productivity and a 15% reduction in training costs.
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