The insurer claimed that the availability of flexible work would keep 34 percent of those over 50 in the workforce longer — and another 28 percent could be lured out of retirement if they simply had the option to work from home.
Despite this, data from Timewise showed that only 12 per cent of job postings in the UK offer part-time hours and many of these jobs are much lower paying.
The same report found that only 30 per cent of job vacancies in the UK advertise some form of flexible work such as remote working, working from home or part-time hours.
It comes after the Bank of England expressed concerns that a marked rise in economic inactivity among the over-50s could hamper growth, with 386,000 leaving the workforce since the pandemic. New findings from Zurich suggest that less than a quarter of this age group have enough savings for a comfortable retirement
Meanwhile recently The House of Lords committee found that early retirement was the main driver of economic inactivity in Britain.
The government recently announced a £70m support package to tackle mass migration, and Zurich research suggests efforts could be boosted if flexible work opportunities were made available from more employers.
More than 50s will benefit from the changes announced in spring budget These are to be delivered by the Department for Work and Pensions (DWP).
Measures include increasing the number of people who can access a midlife MOT offer via their local job center and a new digital MOT that will be introduced to help older workers understand what their employment options mean in the long term and for their finances. .
Propulsion and flexibility are important to the over 50s
While pay is an important factor for nearly a third (32 percent) of people in encouraging them not to let go of work, flexibility to work appears to carry equal weight (31 percent).
Timewise research found that 8.4 million of those who work part-time do so out of necessity due to ill health, managing disabilities, or caring for relatives.
The Zurich study showed that for more than one in five people, ill health or a disability was a trigger for retirement, as well as mental ill health for another 16%. Caring responsibilities were also a trigger for 16 percent of those surveyed; That number rose to 26 percent for those between the ages of 50 and 55, suggesting that this group may be sandwiched between the care of different generations.
With so many companies struggling to fill job vacancies, nearly a third (30 percent) of older workers believe companies don’t welcome their skills and experience. Almost one in four said a workplace culture where they feel valued and welcomed would encourage them to extend their working life.
Steve Collinson, Chief Human Resources Officer based in Zurich, UK, said: “More than one in four of our UK employees are over 50 and we know for them flexibility is key. We have been a flexible employer for over a decade, All new roles are being advertised as available on a part time or work share basis.
“The feedback we hear is that people want to continue working, but in a different way. Our people tell us they have other needs such as caring responsibilities, but they also want balance and time off for hobbies, volunteer work or travel. Our policies take this into account and include wellbeing, mental health and menopause support Recently. “
Employment Minister Guy Oppermann MP said: “Older people have a lot to offer and we know that work provides financial security while the economy is growing.
“That’s why we’re helping more older workers by removing barriers, encouraging employers to offer flexible roles, and promoting the tools over 50s need to stay or return to work.
“The investment is key in supporting adults of all ages to return to work and gives businesses the skilled workforce they need to be more productive.”
Dr Carol Easton Opie, CEO of the Better Aging Centre, said: “If employers want to address skills and labor shortages, they need to take an open approach to flexible working. We recommend that employers advertise all roles as flexible for all, for any reason, and where possible, as well. Make it clear that flexible, hybrid or remote working is welcome from day one, not on demand.It is also essential that employers support line managers to develop and manage a flexible working arrangement that works for the benefit of the employer, manager and wider organisation.
“Some employers are already showing that they really value the vital contribution older employees make and we are very impressed with the policies Zurich Insurance has put in place to support their experienced workers. If other employers want to know how they can create a more attractive work environment for older workers, they can follow the trail Zurich insurance and subscribe to our site Employer’s Undertaking Appropriate for Seniors. “
Gillian Berry, a regional principal and complex loss manager, has been in the insurance business since she was 18 although she started working in Zurich during the pandemic. She compresses her hours so that she can spend one day a week taking care of her two-year-old granddaughter, Izzy.
Jillian added, “We go on special trips and I enjoy all the things I’ve been busy doing with my kids. I get the best of both worlds.”
In addition to being flexible at work, Jillian talks about a culture of confidence, as she is empowered to take on her job. She comments: “When I think about my own role and the qualities I bring to it, I think life experience is very important. It helps me build relationships with clients and communicate effectively with them. Sometimes I need to pass on bad news which becomes easier with age – I am more relaxed and empathetic.” I think I saw it all from the claims perspective.”