As someone who has been employed for more than 35 years, I know firsthand the value that experienced workers bring to the workforce.
In this blog, I want to highlight the importance of older workers in today’s job market and how their skills and experience should be used to help close the employment gap.
It’s no secret that we have an aging population – and we’re crying out for workers. When skilled and experienced workers “retire”, their departure can have a significant impact on their industry and the economy. In fact, according to a study by Deloitte, the loss of highly skilled workers in Australia due to retirement could cost the economy up to $11 billion per year.
Thankfully, there are organisations who recognise their value and are making concerted efforts to keep them onboard. It’s worth noting that the Australian Human Rights Commission found that the participation rate of workers aged 55 and over has increased from 8% in the 1990s to 22% in recent years.
What Older Workers Want
When older workers search for jobs, it’s not just about the paycheck. They’re more than their number of years and they want to feel valued and supported in their roles. They want opportunities for professional development and growth, and they want to work for employers who recognize and celebrate their experience and contributions.
Simple strategies to diversify your Workforce
By embracing the value of older employees, organisations reap the benefits of their experience, knowledge and work ethic, while also creating a more diverse and inclusive workplace.
Learning and development
- Provide opportunities for mentorship and knowledge transfer, allowing older workers to share their expertise and experience with younger employees. This not only helps to preserve institutional knowledge but also fosters a culture of learning and development within the organization.
Flexibility
- Another strategy is to offer flexible work arrangements, allowing the organization to benefit from the worker’s skills and experience while also providing the worker with greater work-life balance and job satisfaction.
Employers can seek out retired professionals who are willing to return to work on a part-time or project basis. This can be an effective way to tap into the knowledge and experience of retired professionals, without committing to a full-time hire. Many retired professionals are eager to stay engaged in their field and are open to short-term or part-time opportunities.
Employers will continue to face the challenges and opportunities of our aging population. However, given a report from Deloitte Access Economics that found that retaining older workers offers a potential return on investment of up to $6 for every $1 spent on retention strategies, progressive organisations are making space for workers who see age as just a number and aren’t ready to down tools.