According to the Active Population Survey (EPA) for the second quarter, The unemployment rate for workers aged over 55 in Spain fell to 9.97%, its lowest level since 2008. These data highlight the growing participation of seniors in the Spanish labor market, who are consolidating themselves as a relevant and increasingly active group in the professional field. The contribution of seniors to the labor market has increased considerably, reflecting a the evolution of policies and the aging of the population, which favors longer retention in employment.
Demographic aging and recent pension reforms have tightened pre-retirement and early retirement conditions, encouraging workers to postpone retirement until the official retirement age. This trend is reinforced by the growing demand for older workers in sectors such as banking, insurance, healthcare, pharmaceuticals and commercewho began to design specific products and services for this segment of the population.
Last ‘III Monitor of Senior Businesses in the Economy’ prepared by the Ageingnomics Research Center of Fundación MAPFRE reveals that Workers over 55 now represent 26% of the working population in Spaina figure that reflects an increase of almost 10 percentage points compared to the 16.8% recorded in 2023. The INE’s annual census counted 48,085,361 inhabitants in Spain at the end of 2023, of whom 7,324,613 had between 55 and 64 years old, a population group that will join the over 65 group over the next decade.
This demographic panorama illustrates the impact of the aging of the Spanish population on the labor market. With 20.1% of the Spanish population aged over 64, more and more companies are adapting their services and strategies to meet the needs of this growing sector, particularly in the banking and insurance sectors. , health, pharmacy and commerce. Given the difficulty of filling vacant positions and a labor market faced with an increasingly aging population, The weight of seniors is becoming more and more evident.
This change is partly in response to recent pension reforms that have made it more difficult to retire early and retire early, pushing workers to stay in the workforce until age 65. In addition, The aging of the population means that the group of workers over 45 plays a decisive role in the sustainability of the labor market, a trend that Spain hopes to mitigate, at least in part, thanks to the contribution of immigration.
THE Talent acquisition and retention has therefore become a crucial challenge for small and medium-sized enterprises (SMEs) in Spain. according to a recent report from the General Council of Economists (CGE) and the Foundation for Strategic analysis and development of small and medium-sized businesses (Faedpymé). Currently, 62% of SMEs express concern about finding the professional profiles they need, a figure that contrasts radically with the rare 3% ten years ago. Added to this growing challenge is demographic aging, which also has a significant impact on the structure of the labor market.
The report also reveals that 19% of companies in Spain have already adopted specific initiatives for hiring senior workers, while 40% have implemented strategies to retain and manage talent in this group. Data from the Employment Survey (EPA) for the second quarter of 2023 reinforce this trend, with the unemployment rate for those over 55 falling to 9.97%, compared to 11.05% in the previous quarter. This figure marks a historic low since 2008 and highlights the growing presence of older workers in the labor market.
Ageism: a persistent barrier to senior talent
Despite these advances, prejudice against older workers – known as ageism – remain a major obstacle. They are often perceived as less tech-savvy or less flexible than their younger colleagues, which limits their employment opportunities. However, this group offers a blend of experience and stability that is very valuable to businesses. Public employment policies also do not offer significant incentives for hiring older people, unlike programs that benefit young people.
The report “Ageism and its impact on the job market” of Gi Group Holding highlights that almost 90% of Spaniards recognize the existence of age discrimination in the workplace. Furthermore, even if 80% of workers believe that age is not an obstacle to productivity33% of young people aged 18 to 34 think that young workers are more productive than seniors.
Prejudices and perceptions: a generation gap
Attitudes towards ageism also vary by age group. According to the study, more than 70% of young people between the ages of 18 and 24 report having experienced discrimination because of their age at some point in their career. In contrast, less than half of workers aged 55 to 65 report similar experiences. 6% of young people say they have felt direct discrimination from companies, a situation which highlights the complexity of the phenomenon of ageism, which affects both ends of the generational spectrum.
Seniors: a strategic advantage for growth
The Ageingnomics Research Center of Fundación MAPFRE highlights the distinctive qualities of senior employees and their key role in business development. These workers are characterized by their strong commitment to the organization, which promotes less job turnover and greater stability in teams. He phenomenon of deferred retirement, which has increased considerably in recent years, reflects the vocation of those who choose to extend their professional life beyond the legal age.
Additionally, the extensive experience accumulated throughout their careers makes them valuable assets for making strategic decisions and solving complex problems. Their capacity for adaptation and resilience is also remarkable, as evidenced by the pandemic, where they were the group that best adapted to teleworking, according to the “III Senior Talent Map”.
Another of their relevant contributions is their role as mentors to younger generations, facilitating the exchange of knowledge and promoting synergy between different age groups. This the combination of talents contributes not only to the training of the youngest, but also to the strengthening of the companytaking advantage of experience and innovation.
