It's never been a better time to get older & module 1 tasksheet
Objective:
In this section, we want to spell out some of the shifts happening in society and in the wider workplace that help us see so much of what we may want to do going forward will be met with a much better reception than it might have done previously. There are many reasons to be optimistic about the future and we want to share and impart some of that optimism. (Sources and links are at the bottom of the page).
Task:
We have a workshop coming up towards the end of this section. As you are reading this list, can you try and think of other reasons and add them to the discussion? If you want, you can print off this task sheet to keep a track of your thoughts and bring them to Workshop 1.
1. The covid silver lining: increases in hybrid and flexible working
The global pandemic has had a seismic impact on how organisations have adapted to and accommodated flexible working practices. In order to appreciate the impact, we don’t have to travel back in time that far. In 2019 (only one year prior to the pandemic), the Chartered Institute for Personnel and Development (CIPD) produced a report indicating more organisations were offering flexible working – but relatively few employees were working on a flexible basis:
“…the proportion of employers offering a wider range of flexible working arrangements increased during the years running up to the financial crisis. However, there has been little change in either availability or take-up during the last decade. In 2017, 27% of employees had one of a set of specified flexible working arrangements …”
In comparison, a report in 2021 by the same organisation found 63% of organisations have said they will continue with flexible working practices because of the pressure by employees not to return to the office 5 days a week. (1)
It’s hard to speculate how quickly society would have adopted flexible working practices without the pandemic, but there is little doubt a leap of significant proportions has created a shift which has fundamentally changed how people view and accept flexible working. This is a huge boon to the 50+ population as research has repeatedly shown the need for the 50+ worker to access flexible working is much greater than their younger counterparts. A YouGov survey 2015 indicated flexible working was the number one thing employers could do to help employees work for longer. (2) This new cultural norm benefits those of all ages (let’s be honest – did anyone like the crush and struggle of commuting 5 days a week?) the reality is an employee in their 20’s does not shoulder the same burden as those in their 50’s with both ailing and elderly parents with dependent children both calling for and demanding time and attention.
2. The internet & technology
Marti moved from London to Poole and within days was trading as an electrician. He didn’t need a ‘shop front’, he didn’t need an employer, he didn’t need previous customers. He needed an internet connection, a website and some basic understanding of marketing and sales in order to ensure a customer wanting an electrician would be able to find him. The tools to ‘learn’ all of this are all free and online – and the cost to build and host a website is far cheaper than the cost of setting up a physical retail business and leasing premises. The internet has opened up opportunities in a way that democratises access to a customer base.
Like Marti, anyone who has a desire to be their own boss can more easily access customers, suppliers and other collaborators than ever before. This creates a snowball effect. It my sector (business psychology) it used to be the norm to work either in house for a large organisation or externally in a large consultancy. Initially, a few people started to set up ‘on their own’ doing freelance work ‘in association with’ a large consultancy. The popularity of this model has since expanded as businesses realised they didn't need to carry the burden of full time staff when the pipeline of new client business can neither be predicted or guaranteed. Around half of psychologists now work on this associate model basis. We see this happening more widely: the ‘self employed’ sector (ie those who own their own company either as a ‘sole trader’ or ‘limited company’) has experienced significant growth. According to UK based research organisation (IPSE) the sector has grown by 53% and now accounts for 14% of the entire UK workforce. The over 60 age group is the fastest growing (73% since 2008 by comparison). Of the nearly 4.6 million people who are self employed, nearly 45% of them are over 50. (3) This is hardly new territory and anyone starting out down this road now, has the benefit of treading a well trodden path, with significant amounts of associations, networks, advice, guidance and online learning around them to support their efforts.
Undoubtedly, some of this growth is ‘push’ driven but the fact there is a strong, viable and thriving alternative is cause for celebration.
For anyone considering setting up their own business, this article gives a great overview of how to do this and the tax implications: How to pay taxes as a freelancer - Times Money Mentor (thetimes.co.uk)
3. The end of the ‘traditional’ or ‘lifelong career’
Anyone reading this book in their 50’s started their career at a time when it was not unusual to expect a lifelong career with one organisation: to work 9-5, 48 weeks a year and progress up through the ranks following an ‘upwards’ career trajectory and retire at 60 with a gold watch if you were lucky. Thanks (largely to the increased connectivity provided by the internet), new ways of working are on the increase.
• Portfolio careers (people doing a ‘range of jobs’ and not limiting their time to one employer, service or skill.
• Part time working
• Job shares
• Flexible working
• Freelancing/self employed
Bearing in mind the caveat that no one has the power of a crystal ball to see the future, PWC are predicting by 2030 only 9% of the US workforce will be employed in traditional full time employment. (4)
That future is starting now. In 2022, Gartner (a large consultancy business specialising in workforce consultancy to large enterprises) shares some of its research into workforce changes:
“Our research finds that 32% of organizations are replacing full-time employees with contingent workers as a cost-saving measure,” (5)
It may feel callous, but if we look at the UK perspective, there has been Brexit, Covid and a Ukraine/Russia war in less than 5 years. When an organisation falls victim to market forces, employees who have only ever worked for one organisation with one set of skills and a limited network can be particularly vulnerable. The model of the ‘traditional’ career might create a sense of security but with increased life expectancy and working lifetimes needing to span a much longer time period, that security blanket can become a straight jacket. Even without succumbing to market forces, organisations do not always operate with the integrity we would like. We are writing this book in the year P&O ferries chose to sack 800 staff over a zoom call with one day of notice. Sadly it isn’t the first horror story you’ve heard of and it won’t be the last.
(for your interest, here is an article from the Sun newspaper) Shocking moment P&O Ferries fires all 800 crew by VIDEO (thesun.co.uk)
If all those employees however had other jobs, earned income via some ‘gig’ work they were doing on the side, perhaps the blow and impact of their unscrupulous employers would have had less impact. Acknowledging we are ‘on the journey’ and not there yet, we do not blame any employee but with more options for how people can and do work, we do anticipate a brighter future. With more options comes more chance to build, craft and shape your career around your unique needs and values and these models of work are available to us all now in a way in which they weren’t the norm just a short time previously.
4. Change is happening.
We hosted a global summit recently where Yvonne Sonsino – a partner at Mercer and advisor to the World Economic Forum was speaking about the huge growth in companies talking to and seeking advice on how to become better at attracting the older age demographic.
Lyndsey Simpson, the CEO of 55 Redefined (a recruitment jobs board targeting the over 50’s in the UK) has found an increasing audience in the employers she talks to who understand those over 50 have an amazing work ethic, they take fewer sick/mental health and duvet days and they can transfer their skills to new roles with enthusiasm.
The sheer and increasing size of the 50+ demographic is also waking people up to the consumer possibilities this demographic provides. In percentage terms, population growth in the US in 2018 was the lowest since 1937 BUT the little growth there was was in the 65+ demographic. Those consumer markets focused on the 65+ demographic were (are) experiencing growth. The RV market for example grew by 8% (far outstripping average GDP growth). This growth in the over 65’s market is expected to continue beyond 2030 (6). With faster growth of the senior population, more companies will ‘sell’ and provide services to this demographic meaning the balance of power will shift towards the older consumer. We can already see this trend happening. Vogue is legend in the fashion world and in 2019 they published the ‘non issue’ featuring Jane Fonda on the front cover to welcome applause:
(7)
The spending power of the 50+ consumer has never been greater. In the UK, the over 50’s market is 1/3rd of the population but holds 80% of the wealth (8). Over the next 20 years, the 65+ demographic in the UK will grow from 12.2 million to over 17 million – growth of 40%. (9)
When a market provides that much opportunity for growth, you can be sure organisations with anything to sell will get far more savvy about how they think about and target their older consumers. As organisations and society more broadly starts to see this demographic in a more positive and opportunistic light, we predict the currency of the 50+ employee will shift in our favour.
5.You are doing this course
Doing this course suggests you are not a passive bystander. Your interest in this subject is because you care about your future which makes you highly valuable to anyone who follows in your footsteps.
Change is a shared responsibility. Each time we have someone on a cohort or workshop who tells us they’ve been rejected for being ‘over qualified’, we gently (but assuredly) ask them what they will do about it. The small gestures we each make, such as going back to a recruiter, pointing out to them their reasoning is in fact ageist helps to pave the path for those behind us. It is always those who do first and go first who require more bravery to act. Those who follow may take for granted the work and the effort we collectively put into this, but there is no other route. The first explorers stepped into the unknown. They were the pioneers of their day. It takes bravery and a will to change things and by doing this course, that change is you. You are a career pioneer: by taking control, initiating, and acting, you make it better for yourself whilst making it easier and building a path for others who follow.
SOURCES:
(1) https://www.cipd.co.uk/Images/flexible-working-lessons-from-pandemic-report_tcm18-92644.pdf
(3) https://www.ipse.co.uk/static/cca002d0-c1b3-4875-a4a03210a23343d9/Kingston-Report-2020.pdf
(5) https://www.gartner.com/smarterwithgartner/9-future-of-work-trends-post-covid-19
(8) https://www.campaignlive.co.uk/article/50+-age-group-grey-area-brands/1429270
(9) Living longer: Evidence cards | Centre for Ageing Better (ageing-better.org.uk)