Arctic Shores were honoured to be involved in a jam-packed day of conversation at the Age Pioneers event organised by 55 Redefined in London.The intimate event, hosted in the London Bridge offices of EY, had an incredible atmosphere throughout the day. The main topic of discussion centred around why so many people over 50 are leaving the workforce, and why this is detrimental to business growth, employee wellbeing and diversification of senior leadership. There was also further discussion about what employers can do to support and retain their workforce. You can read more on these topics via 55 Redefined’s Action Panel Report on reskilling and retraining older workers, and understand the impact of people over 50 leaving the workforce through this ONS study.
Did you know, the proportion of the population aged between 50 and the state pension age (SPA) will increase from 26% in 2012 to 34% in 2050 (Future of an Ageing Population, Government Office for Science)? As more of the population reaches retirement age this will have huge consequences for recruitment - the UK’s shrinking workforce will exacerbate the skills shortages and make it more challenging for businesses to hire using traditional, experience-centric methods like the CV.
At the Age Pioneers Event Robert Newry, CEO & co-founder of Arctic Shores, focused on outlining the practical steps organisations can take to hire for potential. The over-50s workforce has gained a wealth of experience over their careers, that isn’t necessarily highlighted within the experience written on their CV. During the Age Pioneers event, there was a large focus on the transferable skills that people over 50 have for roles they may not have previously held, particularly tech roles. Scrapping the CV is an important step in hiring for potential as it can showcase these skills gained by more mature candidates in a way a CV can’t.
Why do we need to scrap the CV? Recent research has shown that when a recruiter or hiring manager screens CVs, there can be up to 150 different biases in action (Mevitae, 2019), and large-scale academic research has shown that past experience is a poor predictor of performance. So, while CV-less hiring can sound like a massive shift, it’s a very necessary one, as organisations are still recruiting as they’ve always done – screening candidates out based on a lack of experience, rather than screening in for potential. We’re stuck in an experience trap, and the only escape is a total rethink of how we hire.
For practical advice and to find out more on the six-steps to hiring for potential, download our free playbook here.