More support needed for women planning to work beyond retirement age
June 13, 2022
Employers are being urged to give more support to older women in the workplace following reports suggesting that more than half plan to work past their retirement age.
A poll conducted by Working Wise reveals that 52 per cent of women approaching retirement age believe they will have to continue working to support their pension to meet a financial shortfall.
Nearly three-quarters (71 per cent) of respondents said their reduced pension payments were a likely result of going part time or taking a career break, with two-thirds (64 per cent) saying they chose to stop paying into their pension altogether because they either went part time or took time off work.
The survey also suggests:
- A third (34 per cent) needed to reduce their working hours due to a health issue
- 28 per cent said their progression was held back due to the menopause
- Caring responsibilities have affected 63 per cent of respondents
- Of those currently employed, 25 per cent felt their current employer was unsupportive of older women in the workplace
- Re-entering the workplace was a challenge in terms of the process for 31 per cent of older women looking for a new job in the last five years.
However, with a huge positive shift in work/life balance over the past couple of years and greater flexibility, Peterborough-based Anne Corder Recruitment says older women can and will add value to your business.
Experience, life skills, a sound work ethic and confidence are among the qualities that can put older workers in the driving seat – as well as being sought-after traits by employers, says the recruitment specialist.
Recruitment specialist Rebecca Moore said: “The results of this poll make for some difficult reading, particularly when looking at the reasons many of the respondents are giving for taking a career break or reducing their hours.
“Older workers offer a wealth of benefits to the workplace including an already sound work ethic, and the confidence and/or experience to take on any task and succeed.
“There is much to be gained mutually for employer and employee. Many organisations are keen to retain and reward staff of a high calibre, regardless of age – and the member of staff can in turn reap the benefits of incentives like flexible working and performance-related rewards.”
Rebecca added: “Employers themselves have had to adapt to changes in the working landscape over the past two years, with the pandemic and its aftereffects a learning curve for many.
“The workplace is vastly different to how it used to be. Flexible working and working from home have meant that people have become more personally accountable for their own work/life balance, and no age group should be overlooked when recruiting.”