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News Report Page 15 of 18
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62% of over 55's have been overlooked for promotion

2 in 3 white collar workers over the age of 55 have been overlooked for a promotion in the last year; compared to 37% of professionals under the age of 30, who have received a promotion.

The findings; from an upcoming Diversity and Inclusion report from recruitment consultancy Robert Walters; highlights how in spite of a fiercely competitive hiring market, over 50s are being overlooked for opportunities in favour of much younger and less experienced workers.

In fact, in a survey of 6,000 professionals, a 3rd of over 55's stated that they are not at all aware of what they need to do to receive a promotion, in comparison to just 12% of Gen Z professionals.

Chris Poole, UK Managing Director at Robert Walters, comments:- "With professional job vacancies continuing to climb at near record levels, causing a severe skills shortage, we cannot afford to overlook such a crucial part of our workforce. Workers over the age of 50 come with bags of experience both professional and personal, and have a well sought after resilience to economic upheaval considering the number of financial or political changes they have weathered in their career."

Since 1971 the rate of economic inactivity across the UK has been decreasing; with the number of employed increasing decade on decade. However, post Covid19 rates have shot back up and now 21.4% of the population are classed as economically inactive (unemployed).

The Office for National Statistics estimates that 50 to 64 year olds will soon account for almost ¾ of the UK's economic inactivity, further adding to concerns of a:- 'silver exodus' of older workers leaving workplaces at a faster rate than usual and not chasing further employment opportunities.

Statistics from an upcoming report from Robert Walters show that Boomers (56 to 75 yrs) and Gen-Xers (41 to 55 yrs) are in a better position to take early retirement; with double the number of older professionals receiving higher pension contributions as a key workplace benefit compared to Millennials (26 to 40 yrs) and Gen-Z (aged up to 25yrs).

Not only that, but the same research found that 17% of over 50's feel their manager doesn't take the time to understand their personal challenges; the highest % of all the age groups surveyed.

According to the survey, the 3 main challenges for over 50s progressing in their career are the lack of opportunities (41%), difficulty in balancing work and personal lives (33%) and lack of training (21%).

In place of traditional work, a new phenomenon is working its way up the age bands; with more people over 50 taking on casual work or a:- 'side hustle' to avoid the challenges of full time employment.

In a recent poll by Robert Walters, 45% of over 50's said that they are open and actively looking for part time work outside of their full time job with freelancing, consulting roles, and project based work aligned to their main professional skillset being the most popular part time roles.

Increasingly we are seeing more over 50's step into the social media and influencer space; where not only are older professionals using TikTok to explain complex areas in their field of work like finance, real estate, or law, but also providing lifestyle tips to their age demographic around fitness and style.

The push for a focus on over 50s role in the labour market comes off the back of John Lewis' CEO Sharon White calling for older workers to return to the workforce to prevent:- 'stagflation,' the economically dangerous triad of rising prices, rising unemployment and slow economy growth.

Recruitment consultancy Robert Walters warn that employers must act now to retain older workers if they want to avoid over paying less experienced workers to fill a skills hole.

The top 5 workplace perks appealing to over-50's include:-

  Flexi hours (55%)

  Company pension contributions (40%)

  Training Opportunities (34%)

  Bonus Schemes (30%)

  Private health insurance (32%)

Chris Poole adds:- "Employers should be concentrating on resolving the issues deterring over 50's from work. They need to compete with the allure of early retirement and more casual work options by implementing skills sharing schemes to help stimulate promotion opportunities for mature workers, or establishing more accessible hybrid working options to accommodate the need for flexible working. If we have learnt anything from the past few years it is the importance of employers being receptive to the needs of employees; both current and prospective. In times of economic uncertainty and a global skills shortage, we simply cannot afford to lose our most experienced and skilled mindsets."

Fraud warning from SLC as new academic year approaches

THE Student Loans Company (SLC) is urging students to be aware of fraud and phishing scams as the new academic year starts. SLC will pay more than £2billion to 2 million students over the coming weeks and is reminding people to be vigilant. As payments make their way to students, the company is warning Freshers and returning students to not be tricked into disclosing personal details or clicking on links in emails or text messages, as they could be installing malware.

In the last 3 years alone, SLC's dedicated Customer Compliance teams has stopped £1.2million being lost to fraudsters from students' bank accounts. The expert teams have a range of methods and fraud analytics to stop scammers in their tracks, but students need to know that they are the best and 1st line of defence.

Spotting a phishing email or SMS isn't always easy, but the Student Loans Company has some fraud facts to help:-

  Check the quality of the communication:- misspelling, poor punctuation and bad grammar are often tell tale signs of phishing.

  Keep an eye out for any emails, phone calls or SMS messages you think are suspicious, especially around the time you're expecting a payment.

  Scam emails and text messages are often sent in bulk to many people at the same time and are unlikely to contain both your 1st and last name. These commonly start:- "Dear Student," so be on guard if you see one like this.

 "Failure to respond in 24 hours will result in your account being closed" as these types of messages are designed to convey a sense of urgency to prompt a quick response.

  Think before you click. If you receive an email or SMS that contains a link that you're not sure of, then hover over it to check that it goes where it's supposed to. If you're still in any doubt don't risk it, always go direct to the source rather than clicking on a potentially dangerous link.

  Scammers can use a variety of methods to try get students to pay money or share their personal details, including the use of fraudulent phone calls, social posts and direct messaging on digital platforms. If you are suspicious of being contacted, always use official phone numbers, your online account and official communication channels to verify the contact you received is genuine.

   Students should also be mindful of the information that they share about themselves on social media, and elsewhere online, to help guard against identity theft. Identity theft happens when fraudsters access enough information about a person's identity, such as:- their name, date of birth, customer reference number, course information or their current or previous addresses to impersonate them online and over the phone.

· Check out our guide to identifying a phishing scam at:- Gov.UK.

Bernice McNaught, Executive Director, Repayments and Customer Compliance at the Student Loans Company, said:- "It's no surprise that at this time of year students, especially Freshers, have a lot on their minds; getting to grips with classes and campuses, making new friends or exploring new surroundings. With so many things taking attention, it's easy for students to drop their guard when it comes to mindfulness over online scams and fraudulent phishing. Unfortunately, digital scams, phishing and identity theft have become an everyday part of modern life, and scammers are all too aware that the three student finance payment periods in September, January and April each year are a prime time for them to try to trick students. Keeping money in students' pockets is a high priority for SLC. Our Counter Fraud teams work to keep on top of the constantly evolving digital scams, to support students who may be in danger of losing their funds to fraudsters. The 1st line of defence against fraudsters is always students themselves. They can keep their account safe by following our simple tips."

Customers in England should be aware that whenever their bank details are changed, they will receive an SMS from Student Finance England (SFE) to confirm the change. If a customer hasn't changed their details but receives a message, they should log into their online account to review their information and also get in contact using an official telephone number as they could be the victim of identity theft and future payments may be blocked if they don't.

There is also a range of additional advice and information on recognising and avoiding scams from Take Five, a national campaign aimed at stopping fraud:- "Take 5 To Stop Fraud." You can find out more now at:- TakeFive-StopFraud.Org.UK.

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