Ageing Workforce Strategy Attraction and Retention

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AGEING WORKFORCE STRATEGY ATTRACTION AND RETENTION

Allison Denny-Collins

+Some statistics

 Australia currently experiences workforce growth of about 170,000 each year.

 Workforce growth for the entire decade of 2020s will only be about 125,000.

  Between 2005 and 2020 the number of people aged 55 and over will increase by more than 50 per cent.

  By 2050, the number people aged 55 and over will have increased by over 200 per cent.

 by 2050, the number of people aged 18 to 54 is projected to grow by just over 7 per cent.

Australian Bureau of Statistics

+Some more statistics

+Even more statistics (sorry…)

  The number of older people working beyond the traditional retirement age has jumped by almost half in three years.

 A survey last November found that 22% of people aged 65 to 69 are still working, compared with 9% in 1989.

 Unlike younger workers, most mature age workers are working part-time, and their participation rates are rising fast, though at lower levels.

  Today, there are approximately six working individuals in Australia for every person over 65 years(6:1); during the next twenty years, it is estimated that ratio will be reduced to 3:1

Australian Bureau of Statistics

+Skill supply vs. demand

Confronting the Talent Crunch 2008 – A Manpower White Paper

+Why should you employ them?

 They are already skilled.

 An organisation can maintain corporate memory.

 They are loyal, reliable and have a good work ethic.

 They stay 2.4 times longer than a younger person and therefore there is lower turnover.

 There is a wider pool of applicants.

 They add diversity to a workplace.

  They are highly productive.

National Strategy for an Ageing Australia, Employment for Mature Age Workers Issues Paper, November 1999.  

+Try this model

The New Agenda for an Older Workforce – A Manpower White Paper 

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 To have a detailed understanding employee demographics, and of what key positions or job categories may be at risk in the near future.

  Identify potential opportunities for attracting and retaining mature workers using part-time or alternative work arrangements.

  Investigate a strategy for retraining mature workers as part of the learning and development strategy.

 Develop strategies to preserve critical knowledge before it walks out the door.

 Review how effectively age-related issues are addressed within the organisations overall diversity strategy.

Strategies for your organisation

+Strategies for your organisation  Attraction and Retention Strategies

  Flexible working options   Training and development

  Being a mentor to younger staff

  Being mentored by younger staff on new technology   Use flexible remuneration and conditions, i.e. additional leave for

caring purposes.   Being on a contact list for short term employment and projects.

  Being part of an alumni for mentoring and networking opportunities.

 Knowledge Transfer   Identify employees in critical roles who are about to retire. Find a

replacement approximately three months before the planned retirement date. Allow this time for knowledge transfer and mentoring.

+References    Australian Bureau of Statistics

 Defence Personnel Environment Scan 2025

 Addressing the challenges of an ageing workforce - A human capital perspective for firms operating in Asia Pacific; 2004, IBM 

 The New Agenda for an Older Workforce – A Manpower White Paper, 2007, Manpower Inc 

 Australia’s Ageing Workforce, Dr Karen Hall, Chief Policy Adviser, Health Chamber of Commerce and Industry

 Confronting the Talent Crunch 2008 – A Manpower White Paper, 2008, Manpower Inc

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 Allison Denny-Collins alli@shiftedhr.com

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