12 May 2010
Friends Provident reveals shift in power for the 2020 workforce
Britain's older workers look set to hold the aces in 2020 , says Friends Provident in its latest Visions of Britain 2020 report, conducted with the Future Foundation.
The report, the second in the Visions of Britain series, unveils the three types of worker who are set to dominate Britain's 2020 workforce. It shows the workforce will be comprised of; older workers, sandwich-generation workers and graduates.
The findings have profound implications for businesses and HR professionals in particular as they seek to create a productive workplace for workers with a range of very different needs.
Trevor Matthews, chief executive officer of Friends Provident, said:
"Our new report highlights significant challenges facing three key groups within the workforce of 2020, and shows that each group will have its own unique requirements within the workplace. We believe employers need to develop targeted policies and benefit packages for each audience to manage the needs of an increasingly diverse workforce.
"For older employees, there will be more opportunities in the workplace than ever before; for others, finding the right opportunity will be a significant challenge."
2020: the age of experience
The 'grey workforce' will grow significantly, with an extra 2 million people aged 55 and above in the workplace (7.16 million people compared to 5.14 million today).
The employment experts consulted for the report agree that a lack of talent and skills shortages in the workforce will ensure that these older workers are more valued in the future than today. In addition, the recession has vividly demonstrated the value of experience, and the research predicts employers will place more of a premium on those with years under their belts.
A challenging decade for graduates
The report also shows that an extra 2.5 million graduates will be forced to resort to more enterprising and innovative approaches to finding work in the businesses of 2020, as the job markets becomes more competitive.
Graduate opportunities in finance and the public sector will decline by 2020, forcing applicants into roles in other sectors such as the creative industries.
Sandwiched by responsibility
Workers who have both dependent children and parents who require care, the 'sandwich' generation, will also come to the fore. These workers will require increased provision for flexible working, and this will affect the jobs they choose.
Ian Brinkley, Director, The Work Foundation says:
"One of the great shocks of this downturn was the realisation that hardly anyone, particularly in the senior reaches of companies, remembered what the last recession was like. I think a lot of firms have found that the loss of corporate memory from their older and more senior workers is quite a difficult problem, which this report examines."
- Ends -
Journalists requiring further information should contact:
Jo Swift, Cohn & Wolfe - 020 7331 5476
Emma Wylie, Friends Provident - 0845 268 4909
Keith Nolan, Friends Provident - 0845 641 7835
Ref: K041
Notes to Editors
The report - the second in the Visions of Britain 2020 series – combines a survey of 1,000 Britons with the opinions of several high profile experts in the employment industry.
For further information on the Visions of Britain 2020 series and to download copies of the report, please visit: www.visionsofbritain2020.co.uk
About Friends Provident:
Friends Provident was originally founded in 1832 to alleviate the hardship of Quaker families facing misfortune. Friends Provident's strategy today is to operate in markets where it can deploy its award-winning strengths in technology and service to gain competitive advantage. Since its demutualisation in 2001, Friends Provident has developed strong offerings in pensions and protection to complement its historic With Profits business, and now prioritises international growth. Friends Provident is fully committed to the principles of the FSA initiative 'Treating Customers Fairly'.
Friends Provident distributes its products through intermediaries in the UK and around the world. Its key business lines in the UK are protection and corporate pensions. Friends Provident International develops competitive savings, investment and pensions products for a broad and diverse range of markets including Hong Kong, the United Arab Emirates and Germany.
Friends Provident wholly owns the Luxembourg-based company Lombard, a leading pan-European life assurance company which specialises in the use of life assurance as a wealth management solution for high net-worth investors, and Sesame Bankhall Group, a leading UK supplier of intermediary support services to financial advisers providing services to over 7,500 financial advisers across the UK offering life assurance, mortgages and savings arrangements.
Since 5 November 2009 Friends Provident has been part of the Resolution group of companies.
For more information on Friends Provident including, photos, awards, fast facts, presentations, and media contacts please visit the media section at www.friendsprovident.com/media.
Important
This news service is for information purposes only and does not provide any form of advice, recommendation or financial promotion. Any opinions expressed by third parties are those of the third party concerned and not of Friends Provident. Friends Provident does not accept liability for any errors or omissions or for loss incurred because of reliance on information or opinions given.
The content of the news items set out above are accurate only as of the date of issue and Friends Provident does not undertake any obligation to update them.
