Over 50s Return to Job Market
91% of unemployed UK professionals over 50 considering returning to the job market
An exclusive survey of over 50s by the UK’s leading independent job board, CV-Library, has revealed that an overwhelming 91 per cent of inactive workers in the age bracket in-tend to return to work. The job board suggests that cost-of-living increases, pension worries, boredom and record vacancies are fueling the surge.
The Office for National statistics (ONS) recently found that the number of people aged 50-64 who are economically inactive has increased by 3.6 million, a rise of 10 per cent since before the pandemic. CV-Library’s survey results support this with 41.5 per cent reporting that they either left a job or have been out of work since then, but a turnaround looks imminent.
At the same time, 72 per cent of the 2,250 surveyed state the reason for returning is due to necessity over the cost-of-living increases and worries about their pension, with a further 36 per cent stating boredom and another 25 per cent citing the intention to take advantage of the record number of job vacancies available.
Interestingly, the majority (68 per cent) are looking for a full-time role but 70 per cent want flexible working patterns. Other revelations include the fact that 65 per cent expect a higher salary given their age and experience but only 32 per cent expect a more senior job title.
With a breadth of experience, 43 per cent still feel that they’ll require some addition-al training in their next role but more than 60 per cent feel more confident as they’ve gotten older.
“With many vacancies still unfilled it’s great news that a significant number of experienced workers are planning on returning to work,” said Lee Biggins, Founder and CEO of CV-Library. “It’s fair to say that every business in the UK has their costs under review and when it comes to the hiring process, the needs of the company and role should come be-fore anything else but employing staff in the 50+ bracket can add experience and stability as well as diversifying the workplace.”