Tapping into the Ageing Population

Mature employees will become more of a feature of all our workplaces over the next decade.  Astute employers are working now to develop a strategy for how to be an employer of choice for mature age workers.  Phased retirement, training for new skills and flexible working practices, these are the buzzwords for mature workers and the way to capitalise on the growing presence of this group in all Australian companies over the next 10 years.

The Australian Bureau of Statistics estimates that 85% of all workforce growth will be supplied by people aged 45 and over by 2012. In Australia we have a double edged sword to deal with, a skills shortage and also an ageing population. 

Mature age workers (45+) have been proven to have lower absentee levels, higher productivity levels throughout the day and also obviously the benefit of longer term career experience (www.deewr.gov.au/experience).  Getting to know the needs of this highly productive group of employees can be your key to staying ahead of the game.

Did you know that mature age workers are as likely to want new challenges and stimulating projects as are your Gen Y employees?  They may place less value on career advancement, but they are looking for job fulfilment and challenges, not an easy ride at work.

“Contrary to popular opinion, the vast majority of older workers are not seeking an easy transition to retirement, with 75% of our survey respondents preferring a challenging and rewarding role.” (Chandler McLeod White Paper, Coming of Age, The impacts of an ageing workforce on Australian business)

Perhaps your younger managers may feel uncomfortable about managing someone older than them.  However, this is a great learning opportunity for the manager and a chance for them to demonstrate level headed and objective management skills.  A skilled manager has the flexibility to work with employees from many different backgrounds and ages.

You could be finding that mature age workers just don’t apply for roles at your company.  Older applicants are less likely to use online job boards and services than younger workers.  This doesn’t mean they won’t have the skills for the job, however, if you’re phrasing your ads to appeal to a younger market, using terms like career opportunities, then you could be missing out on the benefits of hiring mature age workers into your organisation.

With a worldwide trend occurring of employees planning to delay retirement and work longer, it makes good business sense to get better at retaining these workers and keeping them happier for longer. Mature aged workers value training and new challenges at work, to keep them engaged and stimulated.  Having plans in place to facilitate a phased retirement with flexible working practices can be easier and less expensive than making a new hire. 

At Trevor-Roberts we talk to companies every day about workforce planning.  If you would like a confidential discussion about your people strategies for the next five years, call Deborah Wilson, Thought Leader and Client Services Director at Trevor-Roberts.