© copyright prime 2011 prime prime presentation to london employment and skills policy network ~...
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© copyright PRIME 2011
pr ime PRIME
Presentation to London Employment
and Skills Policy Network
~Peter Bennie
Director of Development
www.prime.org.ukwww.primebusinessclub.com
© copyright PRIME 2011
pr ime PRIME
Established in 1999 as an Initiative ofHRH The Prince of Wales
© copyright PRIME 2011
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PRIMEThe only national organisation dedicated to
promoting 50+ self-employment and enterprise
Originally a wholly owned subsidiary ofAge Concern England
CORE CLIENT GROUPOver 50s who are unemployed or under threat of
redundancy
© copyright PRIME 2011
pr ime AGENDA
• Impact of ageing population
• Why self-employment can be a good option
• The PRIME Programme, supporting Welfare to Work initiatives
© copyright PRIME 2011
pr ime Demographic Change
• Life expectancy in Britain increased by about 30 years in the 20th century.
• In 1950 a 65 year-old man could expect on average to live until 76. Today he can expect to live until 85.
• The number of people over age 50 is expected to rise from 19.8 million in 2005 to 24.5 million in 2020, an increase of 23.5%.
(The Age and Employment Network, January 2007)
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pr ime Impact on the Workforce
Over next 20 years, through demographic change and postponed State Pensions:
extra 3.23m people aged 50+ in UK workforce
proportion of workforce that is 50+ grows from 25% to 33%
London 50+ workforce grows by 560,000 (59%) – highest of any UK region
Work Programme period, growth of 155,000 (16%)
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pr ime Self-Employment for Older Workers
Benefits:
• Personal - control, flexibility, sustainability
• Economic - additional jobs, retains skills
• Financial Independence (higher earnings)
• Health and social benefits
• Realisation of an ambition
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pr ime Self-Employment for Older Workers
Around 1-in-5 of working over-50s is self-employed, and increasing
Business survival rates are better than for younger people
They research and plan more thoroughly, have more experience and a ‘get it right first time’ approach
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pr ime What’s needed for the 50+
Tailored interventions taking account of:
• Health conditions and caring responsibilities
• Conditioning/institutionalisation
• Lack of enterprise awareness or business idea
• Reluctance to engage with youth initiatives
Framework recognising higher initial cost and time to establish sustainable business
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What does PRIME do?
Raise Awareness of the Self-Employment option
Inspire and Stimulate Interest in Self-Employment
Inform, Support, Motivate
Train, Mentor and Advise
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PRIME ‘Client Journey’ 2011
• Awareness• Interest• Information
Reaching out to clients
• Advice• Business support• Mentoring• Finance
Start up support
• Mentoring• Networks• Giving back
Post start support
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PRIME ‘Client Journey’ 2011
PRIME Client
Liaison
Packs & Online
Workshops and Training
Business Advice ServiceMentoring
Finance
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pr ime Supporting Welfare to Work initiatives
• DWP: self-employment an ‘eligible job outcome’
• DWP ESF ‘Flexible Routeways’
• Flexible New Deal
• Work Programme (London, MAXIMUS and CDG)
• Opportunities to support other initiatives
© copyright PRIME 2011
pr ime Contacting PRIME
www.prime.org.uk
Call:0800 783 1904
Email:[email protected]