Vision of the future workforce

Friends Provident and the Future Foundation have recently released their "Visions of Britain- The Workforce 2020" report. In it, it states there are currently 5.14m "older workers" (defined as aged 55-70). This will increase to 7.16m in 2020, a pretty significant increase.

It has concerned me for some time that when older workers retire,and their will be significant numbers doing this over the next 15 years, that companies lose both tacit knowledge and corporate memory, both areas you can't easily document in a procedural manual for future workers. I was therefore very interested to read that the "recent recession has made business leaders appreciate the merits of retaining experience, placing older workers in a more powerful position than ever before". This has been partly triggered by the fact that most/ a lot of today's key managers have never had to deal with a recession before and the ones who have the experience are either no longer in the workforce or have been marginalised.

The other key point from the report was that older workers' contribution to productivity for example cannot be easily measured and that the "value of experience needs to be calibrated on a separate scale".

I hope this report helps us to focus more on the need to retain older workers in the workforce both for the mutual benefit of the employer and the individual employee.Both parties can win.