UK / 13.5 million job vacancies, but only 7 million school and college leavers

British employers are not planning to adapt their HR policies to accommodate a greying workforce despite an imminent skills shortage, a report by Talentsmoothie, in association with HR magazine, has found. (Chosen excerpts by Job Market Monitor)

During the next decade, there will be 13.5 million job vacancies in the UK, but only 7 million school and college leavers – leaving a gap that immigration cannot plug.

‘The Ageing Workforce – What’s Your Strategy?’ found 60% of baby boomers plan to extend their careers beyond the conventional retirement age, but 80% of employers were not planning any HR policy changes in response to this demographic challenge.

“Older workers are the main untapped source of hidden labour talent, but most organisations aren’t equipped to recruit and retain them. This has to change given the predicted future skills shortages and the proven business benefits older workers offer,” said Justine James, the report’s author.

The ‘R’ word

The report surveyed 850 baby boomers and 13 organisations about their views on retirement and how to manage an ageing workforce. It also features case studies from Barclays Wealth, BMW, Coursera, GSK, Sodexo and Vita Needle.

Only 45% of employers and 20% of employees openly talk about retirement, which highlights poor talent management of the advanced career stage.

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via HR Magazine – Older workers key to managing skills shortage, new research.