Who wants to take it easy anyway?

Viv Du-Feu, Partner

Compulsory retirement at 65 could soon be a thing of the past.

With a Government review expected next year (12 months earlier than originally planned), lobbying groups are hoping for changes to the law which will extend the working lives of people across the UK.

A great thing for those who want or need to work - and there are lots of us about. According to one survey, 85% of people don’t intend stopping work altogether after they reach retirement age.

But for employers, an older workforce presents its own issues. The part of this I’m really interested in is people management; understanding what makes employees of different ages tick and, crucially, how to help them tick in time.

Take a look at the figures. Our oldest generation, the Matures (currently aged between 62 and 82), make up just 5% of the workforce. Most employees these days are Generation X (30-42) and Baby Boomers (43–61). This is the workplace balance we’ve become used to. So how would tipping this in favour of older workers affect overall dynamics?

Here’s what I think.

Matures think and behave very differently from other generations. They’re dedicated, patient and dutiful. They’re not workaholics like Baby Boomers. They’re not “work to live” Generation Xs. And they couldn’t be less like the high maintenance Generation Y who live by the “It’s five o’clock – I have another life to get to” philosophy. Generally speaking, of course.

So an older workforce brings stability? The wisdom of experience? Yes, there’s a lot to be said for retaining these qualities in the workplace for as long as possible. But the really interesting change will happen in years to come when, sadly, our Matures, who may have been a moderating influence on those workaholic Boomers, are no longer there. Baby Boomers, with their “live to work”, competitive spirit and fear of retiring, will become the oldest generation at work. Will their long working life keep the spark of business burning bright, or will they find themselves butting up against the “work to live” generation Xers? And what people management challenges might that create?

One thing’s clear in all of this: it will pay for employers to get to grips with these generational differences now. Knowing your Boomers from your Ys will really help you plan your business for the future - and for many more of us, it looks set to be a long one. At the start of the boomers’ working life one certainty was that men retired at 65 and women at 60. How times have changed. If present predictions prove accurate, it seems some of us will be toiling well towards our 70th birthdays.

For more information please contact Viv Du-Feu.  E: v.du-feu@capitallaw.co.uk  T: 029 2047 4418