Research has revealed a "neglected generation" of older workers, that are not being invested in due to being over...
the age of 60.
A poll of over 500 CEOs, commissioned by Skillsoft, found that 92% of UK business leaders admit to not investing in training and development for employees over 60.
Conducted by Opinion Matters, the survey focused on businesses with more than 250 employees, across 13 business sectors.
Of the businesses surveyed almost half (43.1%) of CEOs claim to invest in training in staff of all ages, however only 8% said such training investments are made for staff over 60.
Kevin Young, general manager, EMEA at Skillsoft, said with an estimated two billion people expected to be over 60 by 2050, organisations need to re-think their training plans to accommodate this growing aging workforce.
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“The older generation can add so much value to an organisation with their experience and failing to complement this with the latest key training, could potentially damage the future development of any business,” he said.
Young highlighted that changes to the retirement age and uncertainty over pensions, means many over 60s want to work longer than the required 65.
He said that British businesses are putting their future at risk: “With nearly 85% of British bosses not considering training the over 60s as a priority, the problem appears more deep-rooted than just a short-term cost-cutting exercise.”
Three-quarters of small businesses are more likely to invest in training for all, whereas less than half of larger businesses are prepared to cough up for employee development, according to the survey.