25NovHow to keep your older workers and why?
Posted on 25/11/2013 by Nine2Three
The Financial Services Council of Australia reports that the demographic of over sixty year olds, is growing at approximately four times the rate of other age groups in Australia.
We have known for a long time that Australia has an aging population and with the exit of the baby boomers, from the work force, there is a substantial hole to fill.
With an aging population, the pool of employees that you have to choose from is getting smaller, so smart and savvy businesses are looking at ways to maintain their older employees in their roles.
You only have to look at the Superannuation changes this year in regards to accruing super for those over 70 to realise that there are obviously a fair amount of over 70 employees who want their super thanks very much!
Age is all relative – when you are a child, 20 seems old; When you are a teenager 30 seems old, suddenly when you are 50 – 60 and 70 don’t seem that old at all!
The Australian Bureau of Statistics use 65 as the threshold for old age.
We are living longer and more energetic lives than ever before. Our quality of life is great and many intend to work at least part time for many years to come.
I do not have to highlight the business case for retaining your older workers – there is so much data available that clearly defines the positives of this process, including retaining valuable IP, fostering a multigenerational workforce, employing the same demographic that you will be selling to, keeping your business highly productive etc, etc, etc.
But how do you retain them? What does the new generation of grandparents want?
The Wharton School at the University of Pennsylvania looked at this issue in one of their research papers and came up with some key items for you to consider.
Included was the importance placed on a friendly work environment and the chance to use the skills they have acquired over their long work life.
A feeling of appreciation by others and the ability to make a change to the work place and be an active member contributing, were highly important.
Of course work- life balance was high on the list, and it is not only the older workers who are looking for flexibility. That is a current trend for many workers regardless of age, that will not be going away any time soon!
Don’t forget training and personal development. These workplace initiatives are so important for retaining your current workforce from Gen X through to Baby Boomers. Even the older workers still want to learn new things and develop personally.
Healthcare benefits could be a strong retention tool that would appeal to this demographic as well as health and wellbeing programs.
Age is simply a relative thing and as I said to a client once, I have met 50 year old candidates, who are progressive, technologically advanced, driven and show great initiative, while I have met 21 year olds who are staid, lack initiative, have no interest in progression and poses very little drive or ambition. Look at the individual – not the number!
What is age anyway? Look at Warren Buffet – CEO of Berkshire Hathaway at 83 years – Way to go Warren!
Kathryn MacMillan
Important Note: These articles have been prepared for general circulation and are circulated for general informational purposes only; these articles should not be regarded as business or investment advice. The articles represent the views of the writers and are subject to change without notice. Additionally, while every care has been taken in the preparation of the articles no representation or warranty as to accuracy or completeness of any statement is given. An individual or organisation should, before any business or investment decision is made, consider the appropriateness of the information in this document, and seek professional advice, having regard to objectives, situation and needs. This document is solely for the use of the party to whom it is provided.
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