Businesses are failing to recognise the benefits associated with keeping older workers up to date with training.
Research by Skillsoft – which saw 500 chief executive officers based in the UK across 13 different sectors questioned – has found 92 per cent of UK firms do not invest in training and development for employees over the age of 60.
This means that companies using serviced office space may be damaging the productivity of their operations because of this reluctance to invest in mature workers. The issue is particularly bad in big business, while three-quarters of smaller organisations are likely to invest in training for all.
Kevin Young, general manager of Skillsoft, said: “Two billion people will be over 60 by 2050, many of whom will remain in employment for longer, so organisations need to rethink 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.”
Mr Young went on to note that businesses in the UK are risking their long-term future by failing to invest in the older generation. While many firms may be treating the move as a short-term cost-cutting measure, ultimately it is their organisation that will suffer.
With the state pension age set to be pushed back further in the coming year, most companies can expect to see the age of their workforce increase. However, if office workers feel devalued, then they are unlikely to work to their full potential.
This is why it can be a worthwhile exercise for firms to invest in training and development for all members of the workforce.
The study discovered that 93 per cent will maintain or increase training budgets in the future, while nearly one-third (31 per cent) of companies will swell their budgets by ten per cent.