Many of Yorkshire’s youngest workers believe that older colleagues are in danger of stifling their career prospects by retiring later, according to a survey by KPMG, and that the prolonged presence of Baby Boomers and Generation X in the workforce could damage productivity.
As the number of over 65s in the national labour force tops one million,* KPMG’s UK-wide survey of 1,500 people, including more than 100 in Yorkshire, carried out by OnePoll, reveals that workplace tensions may rise, as the need for employees to stay in the labour force for longer grows, due to social and financial pressures.
The research suggests that more people in Yorkshire than anywhere else in the UK believe the interests of younger employees are could increasingly become pitted against those of their older colleagues, with more than half (52%) agreeing that older members of staff need to retire so that younger workers have a genuine chance of career progression. (Compared to the UK average of 46%.)
Questioning their contribution to the workforce, half of those surveyed in this region agreed that a much older workforce would drain productivity. Worryingly, less than one in five in Yorkshire believe that employees will want to retain older workers to learn from their experience – suggesting that many are unconvinced about the benefits that older workers can bring.
Yet, while younger employees feel they may bear the brunt of their older colleagues’ extended stay in the workplace, there is also a growing acceptance that older workers will have to continue working for longer. The majority of people in the region believe that insufficient pensions will become more commonplace due to longer life expectancy, with four in five saying that as a result of living longer, more people will end their lives in poverty. As rising long term care costs drain retirement funds, six in ten also believe that people will be forced to work until they die.
Chris Hearld, KPMG’s Leeds office senior partner, said:
“As people remain in the workplace for longer, older workers will inevitably constitute a larger proportion of the workforce.
“This may breed the perception of a younger generation losing out, but it’s not necessarily the case. An older workforce brings a wealth of experience and can mentor those entering the workplace. Successful companies will take advantage of what older workers can bring to the table, finding a way for the Baby Boomers in their workforce to be enablers for the young rather than blockers.”
Younger generation unafraid to challenge their employers
The survey goes on to suggest that a UK generational divide is also emerging in terms of attitudes towards work; 58% of those from Generation Y, for example, are more likely to be content earning ‘enough’, rather than constantly striving for more – a figure that drops to 48% amongst Baby Boomers.
Ethical credentials of a company also seems to matter more to younger generations, with 55% of Generation Y saying that the CSR record of a company would influence their choice of employer, compared to 45% of Generation X.
Younger generations are also less likely to be attached to a single employer with nearly 40% of Generation Z believing that individuals will increasingly work for more than one organisation at the same time, compared to 25% of Baby Boomers.
The survey suggests that some aspects of what makes a company a great place to work won’t change – flexibility in the workplace is important for all generations, with two thirds saying the option to work beyond the narrow nine-to-five boundaries drives their choice of employer.
Hearld concludes:
“New entrants to the jobs market are increasingly unafraid to challenge the status quo. Some employers may be concerned about this changing attitude, but actually good leadership is – in part – about challenging, as well as innovating and striving to boost performance. Employers should welcome these traits given, properly guided, today’s challengers may be tomorrow’s business leaders.”
