Senior Talent
Throughout history, older people have been treated, from a professional and social level, in different ways, but in general for all societies and especially for Eastern society, Age has been a hierarchical determinant both socially and culturally.
The elderly were fully respected within the families and were considered source of wisdomAlthough this isn't about the elderly, it is about how wisdom and accumulated experience have been relegated to the background due to a societal evolution characterized by immediacy and a marked digital emphasis.
Well, if we were to apply this reflection to the world of the labor market, we could observe certain similarities, although at first glance the labor situation of the Senior workers over 50 years old might seem better than that of other workers, since their unemployment rates are lower than those of other groups, 10.5% compared to the average of 11.9% (EPA data November 2023).
On the other hand, the employment rate is close to 67% which is very similar to that of the group of workers between 16 and 64 years old. And finally The salaries of this group are higher and their employment is more stable than average.
However, When a worker over 50 years old is unemployed, the probability of returning to the labor market in the following quarter is much lower. to the population as a whole (14.4% compared to 25.3%).
Delicate situation in an unemployed senior
Therefore, we could say that An unemployed senior talent is left in a very delicate employment situation with a high probability of remaining in this situation for a longer time than any other group.
According to various studies and specifically one prepared by Randstad Research on the senior talent labor market, 55% of the people in this group see their careers cut short or stagnated., and in 60% cases the reason is connected to the attitude that companies have towards this type of talent (dismissals due to poor performance, lack of promotion or barriers to hiring seniors).
Today in Spain, having one of the highest unemployment rates in Europe with
special focus on youth unemployment and taking into consideration the composition of the population pyramid and therefore its aging, Doing without the knowledge and experience of senior talent is a luxury that no company can afford. Neither for operational, strategic, nor purely ethical reasons.
A business strategy based on dismissing (or early retirement) senior talent to replace it with younger talent is doomed to failure, among other things because the relative availability of young talent is limited (only 7 young talents for every 10 seniors).
Besides, Different studies claim that 6 out of 10 jobs will change in the coming years as we know them today., so implementing a strategy based on multigenerational balance and focused on recycling the knowledge and skills (reskilling) of all professionals, but especially seniors, to increase their productivity, may be the best path for everyone (workers, companies, and society as a whole).
Therefore, companies and those affected that best understand and adapt to this new reality will be better prepared to face the challenges of the present and future, where I have no doubt that trained and adapted senior talent will be the lever for economic growth for companies and societies in general.
Yeah you are interested in training and developing professionally in the field of human resources you can find out about our Professional Master's Degree in HR: People Management, Talent Development, and Labor Management.
