The UK’s Maturing Workforce & Succession Planning
Did you know that by 2025 there will be a projected 13+ million job vacancies but only 7 million people will leave school or college over the same period!
The UK Labour market is undergoing significant demographic shift and recruiters need to be ready to help organisations respond to it. With only 1 in 5 employers currently discussing age in the workplace, nearly a quarter admit to being unprepared for the change. With a third of the workforce now being over 50 and labour market participation for the 50-64 having increased in the last 15 years, there is a still a sharp decrease at the age of 55 and beyond and that is ominous for the supply model.
The squeeze on skills and experience at the top of this demographic, is compounded by the fact that there is fewer school/university leavers coming along to replace those people leaving the workforce. And while human resources make it their business to understand these challenges in shifting demographics, they are also very dependent upon senior leadership taking responsibility but that can be a big part of the challenge.