Skillsoft: CEOs admit to not investing in older workers
Senior business leaders have openly admitted that they don't invest in training and development for employees over 60, new research has revealed.
The study commissioned by innovation pioneers Skillsoft has exposed a worrying negligence of older workers.
As more and more employees opt to work past the traditional retirement age of 65 in an attempt to make up the shortfall in pension pay-outs, the report by Skillsoft has shown that UK businesses and senior directors are ignoring valuable skills and choosing not to invest in the growing trend of older workers.
Kevin Young, general manager EMEA at Skillsoft, believes that if businesses don't intervene and halt this trend, it could be damaging for them in the long run.
"Two billion people will be over 60 by 2050, many of whom will remain in employment for longer, so organisations need to re-think their training plans to accommodate this growing ageing workforce. 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.
"With nearly 85 per cent 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. Changes to the retirement age and uncertainty over pensions means that many over 60s want to work longer and remain an integral part of a company for years to come."
While nearly half (43.1 per cent) of the 503 UK CEOs surveyed claim to invest in training of staff of all ages, the reality is that this isn't happening. A mere eight per cent of bosses admitted to investment in training for staff over 60. The perception is big business is generally to blame, with three quarters of smaller companies (>500 employees) most likely to invest in training for all and less than half of larger businesses (<1,500) prepared to spend on employee development.
"British businesses are putting their future at risk by not investing in the older generation and this potential change in employee demographics should be a catalyst for businesses to rethink their training solutions and budget allocation before a wider skills gap emerges," Young concluded.