STEM Sector Ageism Is Holding Us Back…

People worldwide are living longer. Every country in the world is experiencing growth in both the size and the proportion of older people in the population. According to the World Health Organisation, by 2030, 1 in 6 people in the world will be aged 60 years or over, increasing from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double to 2.1 billion.

But an ageing population is more than just an older society – It is a trend that is shaping the global workforce as 50-65 year olds look to retire, taking their skillset and experience with them

Can We Reengage the 50-65 Workforce to Solve the STEM Talent Shortage?

Up to 19.5% of engineers and technicians are expected to retire by 2026, leading to a lack of skills, knowledge, and experience. Employers need to keep professionals engaged in the workforce up to and beyond retirement to retain specialist skills. Further benefits of hiring and retaining older workers include employee longevity, higher productivity and lower absenteeism. Older workers tend to stay in a job longer than younger colleagues, meaning both reduced turnover and hiring costs. Employee turnover is 4% lower at companies with a 10% higher than average share of workers over 50. In the same companies, productivity is improved by 1.1% (0.6% direct effect and 0.5% through collaborating with younger colleagues).

There’s no such thing as an average worker, but most fall into one of six archetypes. There are far more Artisans and Givers in older age groups. Artisans are primarily motivated by mastering their craft and they value autonomy. For Givers, work is about service. They feel rewarded by seeing their actions make a positive impact in the lives of others. This provides an ever increasing opportunity for effective on the job learning. In a 2019 study 70% of leaders said that the most valuable method of skills development was mentorship, closely followed by coaching.

Research from Ageing Better has shown that workers over the age of 55 are more likely to not take days off work for a health condition than their younger counterparts.

Overall, compared to their younger counterparts, STEM professionals over 50 are more likely to say they are dissatisfied with elements of their working life (29% are satisfied with their current role), This also includes how engaging and inspiring they find their day to day work (19%). Despite these lower job satisfaction figures, 58% of 50-65 year olds are much less likely to look for a job in the next 12 months compared to their younger counterparts. This suggests most survey respondents are satisfied enough with the status quo of their role and the workplace to ride it out until retirement.

Undoubtedly, there is significant value in the contributions of an ageing population, if employers want to retain or hire talent to lessen the skills gap, they must:

• Listen to and understand the needs of the current STEM 50-65 workforce.
• Plan how to retain and hire sought-after talent past the average retirement age with attractive roles, purpose-driven environments and remuneration packages.
• Offer professionals the ability to upskill through projects or training in innovative technology. According to a survey 65% of those aged between 50-59 had received at least 1 day of training in a given year, compared with 45% among those aged 65 and over. Yet despite the lower incidence of training among older workers, they are no less satisfied than other workers with the training they do receive and with opportunities to develop their skills.
• Foster an inclusive mindset. 62% of over 50s describe themselves as feeling as fit as ever, with structural and other people's attitudinal barriers preventing their ability to stay involved. Age does bring increasing risk of chronic health conditions, so employers need to support workers with good rehabilitation and return to work practices if necessary.

According to the Centre for Aging Better, 36% of 50-69 year olds feel at a disadvantage applying for jobs due to their age. And yet, there are currently over 11 million people aged 65 and over in the UK, and in ten years’ time this will have increased to 13 million people - 22% of the population. Within this population are professionals that have left the industry over the last few years, for a variety of reasons, that are now looking for a way back in, and with retirement ages creeping up it makes logical sense for more employers to take on workers in the over 50’s age range, to benefit from the vast array of skills and experience. To address the challenges older people have when looking for a new opportunity, businesses must ensure that recruitment processes are free from age discrimination and actively promote an age-diverse workforce.

Demographical changes resulting from the retiring generation are set to widen the skills gap further. Equally, living a longer life, thanks to advance in healthcare and technology, means we need to support ourselves for longer - financially and mentally. Being productive and contributing through work is critical in the way we can provide for ourselves into later life.

Members of this retiring workforce have worked their whole life toward retirement and if employers want to retain them, then they need to make it an attractive proposition. To ensure business continuity in an ageing workforce, businesses must ensure there are robust knowledge transfer programmes in place so retiring professionals can mentor, guide and pass on their expertise to future generations. We need to make sure that candidates, in the 50+ age range, that are looking to change careers feel as though they will be welcomed by potential employers, and that their skillset and experience are recognised and valued.

MD Comment

The current STEM skills shortage shows no sign of easing. Indeed when you look at UK demographics all sectors will see fewer workers in the coming years. Having recruited in the STEM sector for approaching 30 years, I’ve seen firsthand the “over the hill” after-50 mentality in selection decisions, often cloaked with the phrase “not a fit”. Being in the “over the hill” category myself I can see the benefits of actively engaging with older age groups who can offer amazing perspective, reliability, context, cool heads, mentorship and encouragement. Despite the real upsides far outweighing the perceived downsides, sadly I still see ageism on a weekly basis. So I ask of leaders, what are you doing to promote age diversity in your organisation?