|By Marketwired .||
|February 4, 2014 02:00 AM EST||
LONDON, UNITED KINGDOM -- (Marketwired) -- 02/04/14 -- Working beyond the traditional retirement age is having a positive effect in the British workplace as older people stay on in work because of high living costs and uncertainty about the future, a survey commissioned by Nationwide Building Society shows.
The research gives an insight into why people may be working later in life, with more than two fifths (41%) of workers believing they will not be financially secure in retirement, while nearly three-quarters (74%) were concerned that their pension alone won't be enough for them to continue at their current level of personal spending.
Despite this, more than two thirds of all UK adults (68%) think having a person in a team at work aged over 60 has, or would have, a positive impact. Furthermore, nine out of ten people (88%) believe those aged 60 and above can be excellent mentors or role models to those in their 20s and 30s. The research also shows that while 78% of people polled think that it is important that younger colleagues help those in their 60s to use new technology at work, more than two thirds (71%) believe the introduction of gadgets such as smartphones and tablets has forced those aged 60 and above to keep up with younger peers.
The survey highlights some surprising results regarding sickness records at work, with 45% of workers aged 55 and above having not taken sick leave over the past 12 months, compared to 36% of 18-24 year olds. Just over one in four (26%) of those aged 55 and above have taken up to three days off for illness, compared to 40% of 18-24 year olds. The poll also shows that 35-44 year olds are the age group most likely to take time off work for a hangover (8%), compared to just 1% of those aged 55 and above, and that 70% of those aged 55 and above usually arrive early to work compared to 47% of those aged 25-34 and 50% of those aged 18-24.
Early retirement has become an unlikely prospect for the overwhelming majority, according to the survey, with just 3% of workers believing they will be able to retire at the age of 55. However, some 13% of those polled expect to retire at 60, while 16% expect to retire at 65 and 15% believe they will only be able to give up work aged 70. A further 2% believe they will not be able to retire until after they are 75.
Nationwide was the first major UK organisation in 2005 to change its employment policy to enable employees to work until the age of 75 and, in 2011, the Society removed the retirement age completely. The Society employs around 17,000 people, of which 16% are aged 50 or over, and 2% are aged 60 or above.
Alison Robb, group Director at Nationwide, said: "As far as Nationwide is concerned, employing older workers is a good business decision - they tend to be experienced, conscientious and hardworking. The decision should always be whether that person can do the job and has the right values.
"Having a diverse workforce which reflects our customer base makes sound commercial sense and helps Nationwide deliver high standards of service."
Case Study: Joan Bevan
You're only as old as you feel, according to Nationwide employee Joan Bevan, who maintains you should only feel obliged to give up work when you stop enjoying it.
Joan has been working at Nationwide for over 19 years as a personal assistant, and currently looks after a number of senior staff.
When Joan reached retirement age some years ago, she decided to ease herself into it by gradually decreasing her working hours, becoming part time - 25 hours across three days. It wasn't until Joan's manager relocated to work at the then new Bournemouth offices that she decided to take full retirement.
Joan remained retired for two years before receiving a phone call from Nationwide, with an offer for her to return to work. Joan had a strong reputation for fantastic service at Nationwide, and the offer reflects the Society's position as a flexible employer. In 2005, Nationwide became the first major UK company to change its employment rules to enable employees to work until the age of 75, and in 2001 it became one of the first to introduce flexible retirement up to 70.
Joan took up Nationwide's job offer because she enjoyed her time at the UK's biggest building society, and the prospect of returning was hugely appealing since she knew the organisation, how it runs and the systems in place. She said: "I felt I still had something to offer Nationwide and I'm not out of energy yet! I love the buzz of Nationwide and being able to use my brain. The day I wake up and think I don't want to go into work is the day when I'll retire permanently."
As an older worker and a woman, Joan does not feel as though she is treated any differently at work, and although she absolutely values Nationwide's flexibility as an employer, she is equally adamant that she echoes that value by working to exceed expectations and is always willing to put in any extra work.
She said of her job: "I like having the responsibility that I have within my job. My role is more than managing calendars; I often have to be the decision maker for my managers. I also feel incredibly appreciated within my role, I was recently asked whether I could be a PA for someone else as well and I felt that was a huge compliment to me and the work I had been doing."
When it comes to Nationwide, Joan loves how it is a "people company" where everyone is respected and cared for. She admires the culture in place; if anyone requires support, the company is willing to help in any way it can, having a good support network in place. She said that it is "team Nationwide" - everyone being part of a working community.
Joan's advice to people approaching retirement and unsure on whether to continue is that "while you feel able to stay in work and still enjoy what you are doing and want to do it, then don't retire", adding: "The three main important things you should get out of your job are fulfilment, satisfaction and achievement. I think it is also invaluable to get your work/life balance correct, which I think I have managed to successfully do."
Notes to editors:
-- All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,170 adults. Fieldwork was undertaken between 16/12/2013 - 18/12/2013. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+). -- Image of Joan Bevan (case study) available on request
Older Workers at Nationwide:
-- Nationwide's current workforce statistics show that 16 per cent of staff are aged 50 or over. Moreover, two per cent of employees are aged 60 or beyond -- Older workers at Nationwide fulfil roles right across the organisation including Legal and Compliance, Treasury, Strategy and Planning, Marketing, HR and Customer Experience, with the majority in customer facing roles within our branches and contact centres -- The Society was one of the first organisations to introduce flexible retirement back in 2001 to allow older employees to work until 70 -- In 2005, Nationwide became the first major UK company to change its employment rule to enable employees to work until the age of 75 -- At Nationwide, everybody is entitled to 'stay on' - there are no procedures to follow or 'gatekeeping' criteria, with employment continuing on the same terms and conditions as before, so benefits such as private health insurance and critical illness cover, which some companies believe would be too costly to provide to older workers, remain -- The Society has seen a sizeable increase in employees staying on beyond 65, which resonates with wider UK figures showing that since the start of the recession, numbers have increased by 240,000 and since 2001 have nearly doubled -- The primary criteria for selecting candidates at any level within Nationwide is based solely on that person's merit, ability and experience. Age is not seen as a barrier to employment, just as gender, ethnicity, faith and disability are not.
Nationwide is the UK's largest building society as well as a top-three provider of household savings and mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million retail customers. Customers can manage their finances in a branch, on the telephone, internet and post.
Nationwide's head office is in Swindon, with an office in Threadneedle Street, London, and with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Sep. 30, 2016 01:15 PM EDT Reads: 1,280
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Sep. 30, 2016 01:15 PM EDT Reads: 268
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Sep. 30, 2016 01:15 PM EDT Reads: 5,158
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Sep. 30, 2016 01:00 PM EDT Reads: 4,230
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Sep. 30, 2016 12:45 PM EDT Reads: 4,485
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Sep. 30, 2016 12:45 PM EDT Reads: 2,697
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
Sep. 30, 2016 12:30 PM EDT Reads: 3,265
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Sep. 30, 2016 12:30 PM EDT Reads: 2,257
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Sep. 30, 2016 12:30 PM EDT Reads: 482
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Sep. 30, 2016 12:15 PM EDT Reads: 3,220
Apache Hadoop is a key technology for gaining business insights from your Big Data, but the penetration into enterprises is shockingly low. In fact, Apache Hadoop and Big Data proponents recognize that this technology has not yet achieved its game-changing business potential. In his session at 19th Cloud Expo, John Mertic, director of program management for ODPi at The Linux Foundation, will explain why this is, how we can work together as an open data community to increase adoption, and the i...
Sep. 30, 2016 12:00 PM EDT Reads: 1,205
"We have several customers now running private clouds. They're not as large as they should be but it's getting there. The adoption challenge has been pretty simple. Look at the world today of virtualization vs cloud," stated Nara Rajagopalan, CEO of Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Sep. 30, 2016 12:00 PM EDT Reads: 2,521
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Sep. 30, 2016 11:15 AM EDT Reads: 1,570
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
Sep. 30, 2016 11:15 AM EDT Reads: 3,095
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Sep. 30, 2016 11:00 AM EDT Reads: 511