More than a third (37%) of employers are seeing people working longer and entering retirement later compared with five to 10 years ago, according to research by Canada Life.
Its Building longevity-ready workplaces in the UK report, which surveyed 500 private sector employers and 3,200 UK employees, found that a fifth (21%) of respondents have seen people who had previously retired subsequently return to work.
One-fifth (18%) of employer respondents said they are going to have to think differently regarding their workforce strategies and plan to review the profile of their workforce, while 83% are conscious of increasing longevity and believe people will need to work for longer. However, more than half (56%) are unsure whether they will need to think differently about their workplace strategies.
Four-fifths (82%) of private sector employees value older workers for their experience, while 84% feel they bring a different skillset to other generations. Almost six in 10 (58%) felt older workers are especially valuable in customer-facing roles.
However, just over half (55%) are consciously building multigenerational teams, whereas 38% described their workforces as multigenerational.
Nick Harding, chief people officer at Canada Life UK, said: “We are witnessing a profound shift in the UK workforce. As people live longer and work beyond the traditionally defined retirement age, we are seeing changes in attitudes, openness and motivations for work in later life, alongside the emergence of a growing ‘un-retiring’ population.
“Multigenerational workplaces hold immense potential for innovation and collaboration. By fostering open conversations, responding to the evolving needs of employees, and adapting roles to suit changing motivations, businesses can create inclusive, multigenerational teams that thrive. Embracing this shift isn’t only about meeting the needs of today’s workforce, it’s a vital step in building stronger, more inclusive businesses in the future.”
