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Pictured: PwC Channel Islands Chief Strategy Officer Leyla Yildirim<\/p>\nCreating a \u2018Lifelong Employment Commissioner\u2019 to help businesses build a better workplace for older people is one recommendation of a new report which suggests ways Jersey can disarm its \u201cdemographic ticking timebomb\u201d.<\/p>\n
Authored by professional services firm PwC and addressing the particular challenges facing the Channel Islands, the report argues that a more inclusive workforce would increase employment rates and could contribute significantly to sustaining long-term prosperity and growth.<\/p>\n
It emphasises that a shortage of skills is the biggest threat to local business\u2019 prospects, while ageing demographics and a potential decline in the working age population is set to \u201cseverely constrain\u201d economic growth in the years ahead.<\/p>\n
By 2040, it is projected that for every ten people of working age in the Channel Islands, there will be four islanders aged over 65. <\/p>\n
In Jersey, the percentage of young people aged 15 and below slipped from 18% of the population in 2001 to 15% in 2023, and is expected to fall to below 13% in 2040.<\/p>\n
Boosting workforce numbers through increased employment rates within our existing population, particularly among women and older workers, could contribute significantly to sustaining long-term prosperity and growth in our islands<\/p>\n
Leyla Yildirim, Chief strategy officer, PWC channel islands<\/p>\n
In PwC\u2019s latest piece of research, several reasons are identified as to why people leave the workforce or limit their participation, including sector-specific forces; employer perceptions and unconscious bias; a lack of flexibility, skills and confidence; and financial pressures.<\/p>\n
In response to these challenges, the report makes the case for policymakers, employers and islanders to all play their part, including establishing the Commissioner role, making childcare more affordable, work more flexible, and promoting a culture of lifelong learning.<\/p>\n
PwC Channel Islands Chief Strategy Officer Leyla Yildirim said: \u201cWe\u2019ve known for a long time about the looming issue of an ageing population, but measures to mitigate against it have been limited. It is now of critical importance to focus on workforce participation if the islands are to avert a demographic ticking timebomb and achieve their growth potential in the coming years.<\/p>\n
Pictured: PwC Channel Islands Chief Strategy Officer Leyla Yildirim<\/p>\n
\u201cThe good news is that a big part of the answer is right here on our doorstep. Boosting workforce numbers through increased employment rates within our existing population, particularly among women and older workers, could contribute significantly to sustaining long-term prosperity and growth in our islands.<\/p>\n
\u201cOur report brings to life the reality of just how significant a focus on workforce participation could be, with the islands\u2019 economies potentially benefiting to the tune of almost \u00a3700m each year.\u201d<\/p>\n
Addressing why an independent Lifelong Employment Commissioner would help, the report argues that the role-holder would provide hands-on support to employers to create better workplaces for older employees.<\/p>\n
It also calls on policymakers to create more financial and tax incentives to encourage people to work longer, make childcare more affordable and to help islanders improve and diversify their skills.<\/p>\n
It adds that islanders should \u201cadopt a mindset of lifelong learning\u201d and \u201creconsider the societal notion of retirement being fixed at a certain age\u201d.<\/p>\n
\u201cIslanders should lead the charge against ageism by living the proof,\u201d the report suggests.<\/p>\n
\u201cOffer to mentor or buddy with younger colleagues, highlighting the two-way productivity gains of mixed-aged teams.\u201d<\/p>\n
It also advises islanders to \u201cstay engaged and connected with the community as you become older\u201d through volunteering or paid employment, which can also help to promote happiness and health, especially when moving into retirement.<\/p>\n
Commenting on the report, Education and Lifelong Learning Minister Rob Ward said he welcomed any suggestions to help keep the workforce relevant, motivated and productive.<\/p>\n
He added that his department would be responding to its recommendations.<\/p>\n
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