The greying labour force
Peter Hoskin 10:03am
As a follow-up to my post yesterday on the number of new jobs being occupied by the over-50s, I should point out that there’s a good piece on the matter by Melanie McDonagh in today’s Times. McDonagh rightly argues that an increasingly grey component of the labour market is a positive development: “The notion that people are still being hired as they head for what was once, laughably, called the retirement age should cheer us up. A workforce that brings together energetic Poles and hardy Brits of the war generation seems rather a good combination given the dearth of skills and any discernible work ethic among many school leavers …. It's also a hopeful trend, given that we're all heading for an extended old age. Average life expectancy for a professional man is 80, an increase of seven years since the 1970s. By comparison with previous generations, we're so many Methuselahs; we may as well work.”
What I wondered yesterday is why it’s the case that the over-50s filled over 50 percent of the new jobs created between September and November, 2007. After all, this level is pretty-much unprecedented (for the corresponding period in 2006, the over-50s occupied around 30 per cent of the new jobs created in the labour market). Are the over-50s just more keen to work than they were in 2006? Or are they responding to the tough fiscal times predicted for 2008?
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Richard Ciechan
January 18th, 2008 11:16amAs we begin 2008, it is worth reflecting a little on the state of play in the over-50s arena. Much is happening but much has yet to happen. The demographics are obvious and irrefutable, the world over. On the one hand, people are living longer and, on the other, we are reaching a point where that great population wave, the “baby boomers” are approaching retirement and leaving the employment field without the requisite replacements from the younger generations coming through. Gradually governments and individuals are taking in the consequences of increased life expectancy. Organisations, with the notable exception of pension provision, are adapting much more slowly. People will have to finance many more years than previously anticipated and this means some or all of the following; greater savings in earlier years, lower lifestyle aspirations, a longer working life, and novel ways to unlock and consume accumulated personal wealth which previously was seen as the ultimate protection and potentially to be left to future generations. Furthermore, we must not just be concerned with length of life but also quality of life, physically, mentally and in those later years when we cannot look after ourselves. But the good news is that we are not “old” until much, much later and a whole cultural shift is taking place about what being 50 means. We have even added our own in my prime contribution, our book “Primetastic – 50 tips for life over 50”. The world of commerce, populated as it is by young, dynamic and extremely patronising go-getters, is also beginning to realise that life exists past 50 and that there are a lot of them who’ve reached their half-century, and that they are a force to be reckoned with. Some are also starting to understand that 50 to 100 is not one age group and that we are not all frail and vulnerable and confused. Quite the reverse: we have money, we have experience and we’re not afraid to stand up and be counted. The fact that many of us can work a computer is not a miracle at all – we’ve been using them for years. The fact that we want our lifestyles to be both comfortable and stylish is no great revelation – not to us anyway. So we are beginning to see social networking sites for the over 50s developing. We are seeing newspaper and magazine articles lauding the over 50s and we are seeing products and advertising geared to those over 50. We are also seeing, heaven forbid, marketing executives realising that being 50 is a whole load different from being 80. All these things are happening. Unfortunately only slowly is the workplace changing – but here too, change must come. We live in interesting times! www.inmyprime.co.uk
Austin Barry
January 18th, 2008 12:22pm"Brits of the War Generation"? Anyone old enough to have served in WWII would now be at least 79. Do the math, as our American chums say.