Age discrimination blighting finance sector, say FDs

The majority of people working in financial services executive roles have witnessed or experienced ageism when it comes to hiring and firing, according to research by FD Recruit

The overwhelming majority of respondents -  87% - knew of instances when an individual’s age had counted against their chances of being recruited.

The best job opportunities are available in the 40s, when 78% enjoyed their largest financial rewards, with earnings dropping as workers entered their 50s.

However, FD Recruit says companies should challenge the assumption that younger workers are automatically better suited to the demands of an FD’s role because they are more familiar with modern technology and more prepared to work unusual hours.

The recruiter claimed that professionals over 50 are often more flexible in their work than their younger counterparts as they have fewer family and financial commitments, and may be specialists in part-time, ad hoc and interim work.

Phil Scott, director of FD Recruit, said: ‘We found that companies want to recruit younger workers so that they are more likely to stay in the role for a longer period.

'However, these same younger workers are more likely to up and leave for a better position or to change location, whereas those over 50 usually stay settled for longer. So, in reality, recruiters wanting stability should target older workers.’

The survey sampled 400 senior finance executives in companies across the UK with a turnover of more than £5m.

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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