One insurance firm have predicted that workers aged 50 years and over will become the largest group in employment by 2024, as per new data from the Office for National Statistics (ONS).

The ONS found that approximately 10 million workers aged 50+ are now in employment in the United Kingdom, representing one in three employees.  The data reveals that the overall proportion of “older” workers in the workforce has dramatically increased since the 1990’s.  If trends continue, human resource experts are confident this age group will eventually dominate the workforce.

PwC also released some research that estimated the UK could add almost six percent to its GDP if employment rates of this age group matched the highest-performing EU country. 

What does this all mean for employers, though?  HR professionals explain that employers will need to adapt their rules to these older workers.  Companies may want to adopt flexible working policies, or consider redesigning offices and factories to suit older workers.

Age diversity should also be considered.  Employers should start opening up apprenticeships to this age group as opposed to targeting college students and millennials.  This is the time to capitalise on the experience that younger people just don’t have.

Businesses seem to believe that the future of their workforce lies in the millennial but this may not actually be the reality of the situation.