New data from the ONS reveals that older people are working later into life than ever before, while the unemployment rate among over-50s is at a record low.
Around 750,000 over-50s are looking for work as changes to the state pension age and rising living costs have drastically reduced the economic inactivity rate of older people.
Novo Constare, CEO and co-founder of Indeed Flex, suggests this is good news for businesses that are struggling to recruit and in need of experienced workers.
Businesses struggling to recruit should untap huge pool of older workers
Novo Constare, CEO and Co-founder of Indeed Flex, said, “Men and women are working later into life than ever before due to an increase in the state pension age and the fact that they are living longer.
“The unemployment rate among the over-50s is at a record-low after falling to 2.4% over the past 12 months, while the economic inactivity rate of the over-65s has plummeted from 73% to 58% in the last 10 years.
“Furthermore, three quarters of a million older people are seeking employment or have expressed a keen interest to find work. This is a huge talent pool that is available to businesses that might be struggling to recruit or are in need of experienced workers.
“While we have seen a steady decrease in the proportion of older workers in part-time employment over the past decade, the proportion in full-time work has shot up, particularly among women.
“For employers looking to attract valuable, experienced workers, flexibility is often the key. Older workers can be drawn to temporary positions as they value the freedom to pick when and where they work, and to avoid being tied down to a long-term position.
“Whatever their situation, it’s encouraging to see so many older people are finding the work that they need and that there is still significant untapped resource available to employers.”
