Grey is the new growth: Why Jersey’s ageing workforce could power its economy

Jersey’s economy is undergoing a quiet but consequential shift. More than a quarter of the island’s workforce is now aged 55 and over, a demographic change that, according to business experts, may be less a looming crisis and more an untapped opportunity.Figures released by Statistics Jersey show that 25.3% of those employed at the end of December 2024 were aged 55 and above, up from 21.1% in 2019. The data points to a steadily aging workforce, a trend mirrored across many developed economies, but one that carries particular implications for a small island with finite labour resources.Business consultant Kevin Keen, who has held several senior roles in Jersey companies, believes older workers could play a crucial role in sustaining and even improving productivity. “One of the issues that the island has got is we’ve got an aging population, and when people stop working, there is a need to have more immigration to get jobs done,” he said to the BBC. “If they don’t, our economy becomes less productive.”Speaking to the BBC, Mr Keen argued that encouraging older residents to remain economically active could ease labour shortages while reducing over-reliance on inward migration. “One way [to increase productivity] is to encourage more people to work,” he said.The Statistics Jersey report highlights how sharply the age profile of employment has changed in recent years. The most significant growth was recorded among those aged 65 and over, with employment in that group rising by 51% between 2019 and 2024. At the other end of the spectrum, the number of workers aged 20 to 24 fell by 16% over the same period.Economists say this imbalance raises questions about long-term workforce renewal, but it also highlights the immediate value of retaining experienced staff. As younger cohorts shrink or delay entry into stable employment, older workers increasingly provide continuity and institutional memory.Mr Keen sees this experience as a major asset. “There’s a lot of experience out there, and so taking on older workers can bring a lot of experience,” he said. In sectors where training costs are high and mistakes can be expensive, that depth of knowledge can translate directly into higher productivity.Beyond experience, employers may also find that older workers bring practical advantages. Mr Keen noted that many are more flexible in their availability. “They can be more flexible, they don’t need school holiday time off and things like that,” he said.There is also a difference in motivation. “Very often they are working because they want to and not because they have to,” he added. For businesses, that can mean greater commitment, reliability and a stronger work ethic, qualities that are difficult to quantify but deeply felt on the ground.Studies throughout the UK and Europe have consistently debunked the myth that productivity drops as one gets older. Although a physically demanding role might be limited due to age, cognitive skills, judgement and problem-solving have been shown to continue to grow even in later working years. In knowledge-based and service-driven economies such as Jersey, these are the very skills that are most needed and valued.Nevertheless, a full and effective utilisation of older workers' potential might still necessitate a cultural change among employers. Recruitment practices are most often aimed at young people, sometimes even without the recruiters' awareness, through job descriptions, norms in the workplace, or preconceived notions about adaptability and technology.Experts argue that businesses could retain skilled workers for longer through age-inclusive hiring, flexible hours, and part-time or phased retirement options. These measures may also attract older employees who wish to stay engaged without the heaviness of full-time roles.The data presents major questions about workforce planning to policymakers. If employment among younger adults continues to decline and participation of older adults rises, then training, health support, and workplace design will have to change accordingly.An economic lever hiding in plain sight. While Jersey is struggling with productivity pressures, housing constraints, and debates over immigration, the increasing number of older workers is a lever that is already available.As Jersey grapples with productivity pressures, housing constraints, and debates over immigration, the growing presence of older workers offers a lever that is already within reach. Rather than viewing an ageing workforce solely as a challenge, Mr. Keen believes it should be seen as part of the solution.The Statistics Jersey figures suggest the island is already moving in this direction, whether by design or necessity. The question now is whether employers and policymakers can move fast enough to turn demographic reality into economic advantage.In a labour market where experience is abundant but often overlooked, Jersey’s older workers may yet prove to be one of its most valuable resources.