More than a third (37%) of workers aged 55 and above would consider leaving their job if their ability to work flexible hours was significantly reduced, according to research from the Standard Life Centre for the Future of Retirement. One in four (25%) over 55s would take a pay cut in exchange for more flexible working options.
The research, based on a survey of 4,000 UK adults, highlights the critical role that flexible working plays in job satisfaction and workforce retention. This is particularly important for older workers, with 26% of 50-64 year olds in the UK economically inactive. Standard Life’s Centre also found that three in 10 (30%) workers over the age of 55 and nearly half (48%) of all workers would think about quitting if their employer limited their ability to work flexibly in different locations, such as working from home.
This has significant implications for the economy, especially in light of the Centre’s recent report, Counting on Experience, which found that sectors key to delivering the UK Government’s Industrial Strategy are heavily reliant on workers over 50. Yet, these sectors lose 440,000 over 50s each year through early exits, often due to factors that could be supported by better flexible work.
Currently, more than 3.4 million workers aged 50 and over are employed in these strategic sectors—including 450,000 aged over 65. The report warns that these industries, from advanced manufacturing to life sciences, are ageing faster than the wider economy. The premature loss of experienced over-50s is estimated to cost the UK economy £31 billion annually in lost output. Policy recommendations. The report highlighted a number of possible policy solutions to support workforce plans and explicitly factors in the needs of over-50s.
Key recommendations include:
• Introduce more flexible working options and improve job design to support longer, more fulfilling working lives.
• Expand access to occupational health and in-work support for those managing health conditions.
• Improve availability of midlife training, career guidance and financial advice to help workers plan and adapt.
Patrick Thomson, Head of Research Analysis and Policy at the Centre, commented: “Flexible work can be the difference between retaining skilled employees or seeing them walk out the door. It can help many workers in their 50s and 60s to balance their work with factors such as health or caring responsibilities. If we want to drive growth in the economy, we can’t afford to lose their experience.
“As people live for longer, it’s important that employers and policymakers continue to make it easier for people to work for as long as they want or need to, so they can save enough for a good quality retirement. That means normalising age-diverse recruitment, investing in lifelong learning, and offering the flexibility people need to balance work with health and caring responsibilities. At a national level, the benefits are just as clear. Retaining experienced workers boosts productivity, eases pressure on public services, and supports long-term economic growth. Backing older workers isn’t just the right thing to do—it’s smart economics
|
.gif)
