Survey Indicates UK Businesses at Risk by Neglecting Growing Older Workforce

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17th January 2013 16:41 - Business Support

According to a recent survey by e-learning solution provider Skillsoft, UK employers are missing out on valuable skills and experience by overlooking older workers.

The market research, which questioned over 500 CEOs of UK businesses comprised of more than 250 employees across 13 different sectors, discovered that 92% of the respondents admitted to not investing in training and development for employees over the age of 60.

This contradicts the finding that nearly half (43%) of the CEOs who took part in the study also claimed they invest in training for staff of all ages.

The survey indicated that ‘big business’ is generally the worst culprit - three quarters of small employers are most likely to invest in training for all employees, while less than half of larger employers are prepared to spend on employee development.

Meanwhile, the fact that UK businesses are losing out on valuable skills by opting not to invest in the growing generation of older workers is made apparent by the rise in employees who are choosing to work past the traditional retirement age of 65 in order to boost their pension pay-out shortfalls.

General Manager at Skillsoft, Kevin Young, commented: "Two billion people will be over 60 by 2050, many of whom will remain in employment for longer, so organisations need to re-think their training plans to accommodate this growing ageing workforce.”

He added: "The older generation can add so much value to an organisation with their experience, and failing to complement this with the latest key training, could potentially damage the future development of any business."

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