Three-quarters of UK firms think it’s important to retain employees aged 50+

New findings have revealed that more and more businesses are making a conscious effort to retain their employees who are aged 50 and over.

Aviva’s ‘Working Lives Report 2023: Fit for Future’ shows that one in ten employers have introduced support for retaining workers aged 50+ in the last year.

Of the businesses surveyed, 76% believe it’s important to retain these employees, and 32% say it’s ‘very important’.

Commenting on the findings, Debbie Bullock, Head of Wellbeing at Aviva said, “Employees over 50 can be a valuable asset to an organisation, bringing a breadth of experience and skills. It is important they are supported by employers in a way that recognises their individual needs.

“Improving retention rates can be supported by apprenticeship programmes, which offer an opportunity to re-skill, and mid-life MOTs, which are a free check-up of your wealth, work, and wellbeing. It is also worth considering options for job-sharing, ‘part-tirement’, and seasonal working to cover peak times.”

The Aviva report found that in the last year, around one in ten employers have for the first time introduced other new initiatives to support their workers.

This includes support for:

• Diversity, Equity, and Inclusion (DE&I) (9%)
• Retaining over 50s employees (10%)
• Menopause symptoms (6%)
• LGBTIQ+ employees (7%)
• Neurodiverse employees (7%)
• Employees experiencing fertility issues (5%)

Debbie added, “Providing support for a diverse range of wellbeing needs is not just the right thing to do, it also makes sound commercial sense. When people feel supported by their employer, it helps to alleviate the pressure they might be under and allows them to be their authentic selves when coming into work. This in turn improves morale and motivation, which in turn improves productivity and performance.”

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