Sir Keir. Our 50+ knight in shining armour?

The UK’s new PM, Labour leader Keir Starmer has bucked the trend of older unemployment by taking on a new role at the age of 61. Fifteen years older than his departing, but still fresh-faced predecessor, Rishi Sunak.

Starmer’s new position serves as an inspiring example that age need not be a barrier to new opportunities. And that the experience and skills of older individuals remain valuable assets in the workforce. Fingers crossed.

Government Efforts and the Skills Gap

Despite concerted efforts (or was it rhetoric) by the Tories, the skills gap among over-50s in the UK remains a significant issue, exacerbating unemployment rates in this demographic, and creating an unnecessary burden on society as a whole.

Government initiatives like the constantly relaunched Midlife MOT have achieved little impact. Whilst the principle of the MOT remains valid, it fails to capture the attention of employers and of the 40, 50,and 60 year olds it is intended to inspire.

Skills bootcamps

Recent data indicates that while initiatives such as skills bootcamps have been launched to address these challenges, their impact on older adults has been minimal.

The bootcamps, introduced to provide sector-specific training in fields like healthcare, construction, and digital industries, have seen low participation from older workers.

Only 5% of attendees are aged 55 to 67, a concerning figure given that this age group represents a substantial portion of the working-age population.

The Conservatives had hoped the bootcamps would be a pivotal solution to upskilling the older workforce and reintegrating them into employment.

Employment Trends. Economic Impact

The unemployment rate for older adults continues to rise. As of the latest reports, the employment rate for individuals aged 50 to 64 was 71.3% in 2023. Down a little from 72.6% in early 2020.

This decline is concerning as it coincides with a broader trend of increasing economic inactivity, driven in part by long-term sickness and early retirements, ageism, and, of course, COVID.

Jonathan Ashworth, the new Secretary of State for Work and Pensions, has criticized previous efforts, stating that thousands of over-50s have been “abandoned to the scrapheap.”

Meanwhile statistics continue to ignore the obvious truth that as life expectancy increases, so does the need for people to work longer.

Most data is misleadingly still rooted in the 50-64 age group, when pensionable age is already 66, and soon predicted to be closer to 70.

Silver Academy’s Perspective

At Silver Academy, we understand that the skills and experience of older adults are invaluable assets that can greatly benefit the modern workforce.

Our mission is to bridge the skills gap by offering tailored training programs that cater specifically to the needs of individuals over 50.

Unlike generic skills bootcamps that failed to understand the specific needs and challenges of the 50+ population, our courses are designed and curated with a deep understanding of the unique challenges and strengths that older learners bring to the table.

Labour’s Policy on Older Workers

The new Labour government promises to introduce several policies aimed at improving employment prospects for older workers. These include increased funding for retraining programs specifically designed for the over-50s, enhanced incentives for businesses to hire older workers, and initiatives to promote flexible working arrangements.

Labour has also committed to reviewing the current pension age and considering the introduction of phased retirement options to allow older adults to gradually transition out of full-time work.

A Step in a positive Direction

At Silver Academy, we welcome these changes and believe they are a step in the right direction.

However, the importance of making these policies and promises stick is obvious. (witness the failure, to date, of the Midlife MOT.)

We advocate for continuous dialogue between policymakers, businesses, and training providers to ensure that the specific needs of older workers are met.

Our focus remains on providing high-quality, flexible training programs and supporting businesses to create inclusive workplaces that value the contributions of older employees.

And in provoking a debate about the 50+ workforce, their value to society, and the unacceptable reality of ageism.

Realising the Potential

We believe that harnessing the potential of the 50+ workforce is not just a necessity but an opportunity to create a more robust and dynamic economy.

By recognizing and valuing the contributions of older workers, the UK can pave the way for a more inclusive, innovative, and prosperous future.

The secret to the UK’s economic and cultural renaissance lies not just in 61 year old Keir Starmer, but in a renewed understanding of the talents and needs of the of the entire 50+ population.