SMEs must tap into benefits of older workers

‘Age diversity in SMEs: reaping the benefits’ surveyed nearly 600 senior decision makers in UK SMEs and found that, on the whole, they recognise the skills that workers of different ages bring. The benefits include improved knowledge sharing (56%), better problem solving (34%) and enhanced customer service (21%).    Yet, despite the default retirement age being abolished in 2011, and an increasingly age-diverse labour market, employees over the age of 65 represent just 5% the UK’s SME workforce. Some 60% of the SMEs surveyed have never employed someone over the age of 65.    SMEs do believe that training older employees is a good return on their investment. Yet, 34% provide no support for the extension of working life and almost half (46%) report that their organisation has no activities in place to ensure access to enough skilled and diverse people of all ages.   Dianah Worman, public policy advisor at CIPD, said: “Our research into age diversity in SMEs paints a largely positive picture.  It’s good to see that small businesses, just like their large business peers, clearly see the benefits of an age diverse workforce.  Some are working hard to cater for different workers of different ages but, on the whole, we found that small businesses have a lot more to do if they are to tap into the full range of benefits an age diverse workforce can bring.” __________________________________________