Retiring

There are some huge social changes happening across Britain.

A recent survey by Friends Provident revealed that most people expect to retire at 67… a year passed the new default retirement age.

There are some other interesting (interesting, that is, if you’re a bit sad, like me) facts that have come to light as a result of this survey.

The first is that, although we expect to retire at 67, conversely we would like to retire at 62, meaning that there’s about a 5 year gap in expectations.  However, the story doesn’t end there… a significant minority of us (40%) saying that we’re going to work beyond the age of 70.

And, for many of us (24%) this is a positive decision.  More than half worry that we’ll get bored when we retire and many of us enjoy the social contact we get from going to work.

Add to this the worry that many have of getting so bored that we’ll die too young and working longer is becoming more and more attractive.

Finally, for the rest of us, there is no choice.  67% of people in Britain don’t have adequate pension provision in place which means, either, keep working or have a lower standard of living.

All very interesting.

And very, very interesting for EB because it’s also statistically proven that older workers are more reliable, are a positive influence on younger team members and have the experience to add real value to a business.

The thing is, they are often overlooked in the recruitment market, although there is legislation in place to prevent this happening.

But an ageing workforce represents a huge release of talent, much of which is available to us.  I work with a network of accountants and many of the practice owners don’t have time to do the accounts; they are too busy building businesses.  So, they employed experienced accountants who have, perhaps retired from their own firm but don’t want to give up work.

They become valued employees, bringing a wealth of experience and know-how to a business in return for a salary, often for the first time in their lives.

The ageing workforce is a huge opportunity for EB and we should be exploring the opportunity as quickly as we can.

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