Unfortunately, many employers still have preconceptions about mature-age workers and often see their younger counterparts as more energetic and tech savvy workers who will be employed for much longer than older staff members.
But most often this is not the case and some employers are now starting to wise up to these assumed stereotypes and are beginning to embrace older workers, reaping the economic and other rewards that their wisdom and resilience can bring to an organisation.
Recruiting and retaining mature-age workers can be beneficial to businesses in many ways, including:
- It is a smart response to a shrinking labour pool, especially if you are facing skills shortages.
- Mature-age workers bring a fount of knowledge and experience. You will not only receive the benefit of this knowledge and experience, your younger workers will, too, as they learn from their colleagues.
- Mature-age workers have high retention rates. According to the Australian Bureau of Statistics (ABS) Labour Mobility Survey 2013, workers aged over 45 who have been employed at a business for more than 12 months are far less likely to change jobs than workers aged 20–34 years.
- Based on current population trends, according to the ABS, the proportion of the population aged 65 and over is predicted to rise from around 12% in March 2015 to 28% by the year 2056 – that’s a large pool of talent that your business can tap into.
- By recruiting mature-age workers, you could have the additional benefit of eligibility for a government subsidy.
Recruiting mature-age workers pays in more ways than one
The Australian Government Intergenerational Report 2015 states that by 2055, on average men will live to 95.1 and women to 96.6 years old. For this reason, the Australian Government has implemented incentives and programs to help keep people in the workforce longer.
The Government launched two programs; the Restart Wage Subsidy program and the Career Transition Assistance program to encourage employers to recruit mature-age workers. Financial incentives up to $10,000 can be paid to employers who retain mature-age employees of 50 years old or over.