James Pinchbeck, partner at Streets Chartered Accountants, considers the changes we face at work as we grow older.
It might be said that being in your 50s is now like being in your 40s and the 50s are the new 40s. However, when it comes to the work people do, and the jobs they have, there can be significant changes and challenges.
Perhaps the most obvious change is getting older and the challenges that present themselves in terms of health and the energy and ability to work. Certainly, those with a more physically demanding job can often find it more and more challenging.
More generally though as we get older, we can be more prone to illness and the overall ageing process. For women especially, going through and managing the menopause can and does have a significant impact on their ability to work. We may also face the need to support more elderly family members.
Older workers are also often, very wrongly, stereotyped as being less agile and resistant to change. Whilst in terms of more physically demanding work, agility may be an issue, the ability to learn and adopt new ideas and new skills certainly is not age limited. How many world leaders, business people and academics are well into their 70s and even beyond?
Burnout can also be a challenge for older workers, with work becoming or seeming monotonous, a chore and even a burden, as opposed to a rewarding activity, with a real sense of purpose and value.
As people approach retirement and perhaps more recently with the cost-of-living crisis, thoughts more often turn to, or are more focused on, managing or coping with financial strains and burdens as well as providing for the future.
Taking all this into account, what might those aged 50 and over, as well as employers, look to do to manage some of the challenges and to improve the lives of individuals.
Perhaps the starting point for many employers is simply recognising the situation and the needs of an aging workforce, and then looking how it can support and manage team members. Whilst there is unlikely to be a one size fits all solution, there are a number of things that might be considered including:
- The provision of flexible working to accommodate individual circumstances and needs, as well as to accommodate those with caring responsibilities
- A review of individuals’ roles and responsibilities, along with perhaps the potential to offer alternative roles that are more suited to any one individual
- More routine and structured assessments of skills, knowledge and competency and how any gaps can be addressed or provided for
- Consideration to mentoring for employees to support them both in and outside the workplace
- A review of working practices and environment, considering changes to accommodate employee needs
- Adopting a more obvious culture and positive mindset for understanding and supporting employees of all ages, but specifically the over 50s
For some individuals this time of life can be one that gives rise to total career change, whether to pursue a new interest, secure greater financial stability or to have a job that may be more suited to their health and personal circumstance.
For others it is the time to switch from employment to self-employment and start their own business, which seems to be the choice for a growing number of people.
So, whilst the 50s might not be the new 40s, those aged 50 and over certainly do have a lot to offer and have significant roles to play in our organisations and society.
See this column in the November issue of East Midlands Business Link Magazine.
