As the global workforce evolves, at elphin, we believe it is time for experienced professionals to step into the spotlight. More people in later life are working than ever before, driven by factors like increased life expectancy, better health, and the need to supplement retirement savings. This demographic shift is reshaping economies and changing how we think about careers in later life.
The Statistics
The numbers speak for themselves: In the UK, for the first time, more women aged 60-64 are employed than not. In the United States, the over-50s population is so economically powerful that it ranks as the world’s third-largest economy. By 2050, people over 50 are expected to account for 61% of total consumer spending. Entrepreneurship among older adults is also on the rise, with the percentage of entrepreneurs aged 55-64 jumping from 15% in 1999 to 25% in 2019.
This trend isn’t slowing down. With better healthcare and longer life spans, older workers are increasingly engaged in the workforce and are expected to continue contributing significantly in the years to come.
Challenges Faced by Workers
Despite their growing presence, older workers face several challenges—issues that are often not openly discussed. At elphin, we aim to change that and bring these conversations into the light.
Ageism: Whether it’s unconscious bias or outright, blatant discrimination, ageism remains a significant barrier. At elphin, we frequently hear from people who feel invisible to recruiters and hiring managers once they reach a certain age.
Career Gaps: Returning to work after a break, whether due to redundancy or care duties, can be tough. People face hurdles such as updating their skills, rebuilding professional networks, or simply explaining a gap in their CV.
Fewer Senior Opportunities: It stands to reason that there are fewer senior roles compared to graduate or entry-level positions. This often means that older professionals are competing fiercely in a highly condensed market for the best opportunities.
But There Is Hope…
Despite these challenges, positive trends are emerging:
Encore Careers: Many over-50s are choosing second or third careers that bring personal fulfillment or contribute to social and volunteering causes.
Flexible Work Arrangements: Remote work and flexible schedules have become more mainstream, making it easier to maintain a work-life balance.
Valued Experience: Sectors experiencing skills shortages are beginning to recognise the benefits of the knowledge and expertise that older professionals bring.
Entrepreneurship: The entrepreneurial spirit is thriving among older adults, with many leveraging their experience to start new businesses.
Mentoring and Coaching: Older workers often make excellent mentors. At elphin, we provide a platform to connect mentors and coaches with others in need of guidance.
The Future Is Bright
The future of work for those over 50 is full of potential. Whether it’s pursuing a new or encore career, mentoring the next generation, or even starting a business, opportunities abound for those ready to believe in themselves and seize them.
Are you ready to embrace the future?