Older, wiser — and less employable?

Financial Management (UK), March, 2001

People over 50 years old regard themselves as being on top of the jobs scrap heap, according to research which found that the vast pool of knowledge and experience in this section of the workforce is largely untapped. The Open University Business School found that fewer older workers are being employed -- and the growth in corporate and retail financial services is unlikely to benefit people in this group, who will find themselves priced out of the market by younger, less skilled workers.

Many jobs in the financial services industry are being de-skilled as computer programs reduce the need for the personal knowledge and judgment acquired by older, more expensive, employees. "Often people who are over 50 years old come into agencies with an air of despondency, already thinking they will never be employed again," said Andy Farr, director of Nicholas Andrews & Temps Financial. "Employers have to realise that older workers can be receptive to change, and will bring with them a wealth of experience."