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Business loan for experienced workforce
Reported on Fri, 19 May 2006
Companies are increasingly seeking to keep their older staff as the way of ensuring higher quality operations, according to a new report, and taking out a business loan could help boost the workplace environment to encourage employees to stay on.
A study by the Chartered Institute of Personnel and Development (CIPD) claims that employers are increasingly seeing older workers as more "reliable, committed and productive" than their younger counterparts and are trying to keep them on longer at their firms.
The group's research claims that 25 per cent of UK businesses are hoping to offer retirement packages and work conditions that would encourage their senior staff to stay in employment beyond the standard retirement age of 65.
Calling on the government to raise the mandatory age of retirement in its forthcoming pension reforms, Charles Cotton, adviser to the CIPD, suggested that for many firms an older workforce was a non-negotiable option.
"Demographic changes mean there are fewer younger people in the workforce, so employers will need to employ more older workers in the future to compete in an increasingly tight labour market," he said.
Companies could take out a business loan to improve workplace facilities and devise new employment packages for their staff to ensure loyalty beyond the existing retirement age.
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