prime mobilising the full potential of those aged 50+ through self- employment and enterprise laurie...
TRANSCRIPT
pr i
me
Mobilising the full potential of those aged 50+ through self-employment and enterprise
Laurie SouthChief Executive – [email protected]
What is PRIME?Prince’s Initiative for Mature Enterprise
~ a charity / not for profit organisation linked to Age Concern England
MissionTo ensure everyone aged 50+ has the
opportunity for financial, social and personal fulfilment through
sustainable self-employment, business or social enterprise.
pr i
me
pr i
me
The size of the issue in the UK
50 - State Pension Age (Retirement): Economic Activity in the UK
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
Econ. Inactive /Unemployed
Employees Self-employed
Economic Activity
Labour Market Detachment for 2.7 million aged 50-SPA (source SEU 2004)
Incapacity Benefit,
49%
Caring, 17%
Retired inadeqate pension,
18%
Job seekers
Allowance , 7%
Retired adequate pension,
9%
pr i
me
Different characteristics of 50+
who are detached from the labour market p
r im
e
The hard to reach and persuade
Those who need sign-
posting
Most able, knowledge-able and confident
pr i
me
Business Cycle
Business Background
No Business Background
Recruitment & Awareness Raising
No Outreach
Mentoring Nice Essential
Personal Development
No Ideas, confidence, skills, accreditation
Technical Support from agency of
enterprise
One size fits all Bespoke
Finance Bank Community Development
Finance Institution
Post Start-up Support
Nice Essential
Exit Support Nice Essential;
Disadvantaged Groups
No Specialist Support
So what does PRIME do? p
r im
eRecruitment & Awareness Raising ( community work-shops /
outreach / internet / work with partners & intermediaries )
Mentoring (from the point of recruitment)
Personal Development (workshops / self-help pamphlets)
Sign-post on to Partner enterprise agencies (over 130 partners)
Loans of last resort (temporarily suspended)
Business club (just starting www.primebusinessclub.com))
Exit support (pensions information)
Research into 50+ self-employment and enterprise
Funding & Impactp
r im
e
Turnover
c 1 million euros p.a.
Impact
* 80% contacting PRIME detached from labour market* 43% contacting PRIME start a business (27% decide it is not for them )
ConclusionCan we afford to do
nothing?p
r im
e
• Growing number of over 50s
• Ageism in the labour market
• Fewer under 30s for labour market
• Unemployed becomementally illphysically sicksocially isolated
• Potential social welfare bill in 10 years time
Is the PRIME model a way forward?
ProLinked to client needNot a government agency FlexibleMultiple entry pointsComplements rather than competesPromotes partnershipResearch & campaign
ContraLack of funding – postcode lotteryFunder impatienceNo curriculum
pr i
me