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As belts continue to tighten across the country, Australians are being forced to reconsider their expectations of retirement. In fact, Randstad’s 2023 Workmonitor report suggests as many as one in five workers have already pushed back their retirement plans, indicating that the pool of mature-aged workers seeking employment will continue to grow.
This should come as good news to business and HR leaders and talent acquisition specialists looking for solutions to the current skills and talent shortage, but the research suggests Australian employers are reluctant to invest in attracting and upskilling older talent. According to the report, only 15 per cent of 45- to 67-year-olds have received training and development opportunities in the last 12 months. This is in stark contrast to 50 per cent of 18- to 25-year-olds.
Yet in a fast-moving job market, with an average national tenure of just 3.3 years, I see little difference in value, upskilling ambitious youth who may move on quickly, over older workers who are delaying their retirement plans.
The benefits of hiring older workers.
Stereotypes often suggest that mature-aged workers are stuck in their ways and uninterested in learning new skills, but it’s simply not true. According to the report, training and development is important to as many as 70 per cent of 45- to 67-year-olds. What’s more, those aged 18 to 25 are twice as likely to be searching for a new role compared to their 45- to 67-year-old counterparts.
Let us not also forget that experienced older workers can draw on decades of knowledge and expertise and a personal network that younger generations simply haven’t had time to accrue. Consequently, they can make great mentors to younger or less experienced employees and play a crucial role when it comes to upskilling and training the wider team.
Mature-aged workers often bring stability to the workplace as well, with high levels of punctuality, less absenteeism and lower staff turnover. They also bring greater resilience, as they’ve had time to develop their emotional maturity and intelligence, leading to improved productivity, better teamwork and conflict resolution.
But above all else, age inclusion is an essential ingredient for driving diversity of thought and bringing new, creative, and innovative thinking to a business.
How to attract and retain older workers
Like all diversity, equity, and inclusion (DEI) efforts, HR leaders should be actively considering how to create an inclusive offer that will attract and retain mature-aged workers. This is true for all businesses wishing to improve the employee experience, but particularly so for those struggling to plug skills or talent shortages.
A good first step is to talk with mature-aged workers already in the business about how culture and belonging could be improved, as well as understanding the spaces in which they want to learn and grow.
Following on from this, be mindful of inclusive or non-exclusion behaviours, language, and values. Invest in policies that embrace different working preferences; for example, mature-aged workers might prefer part-time work, split shifts or job sharing.
Traditionally, older workers, especially those re-entering the workforce, are less likely to have experienced hybrid working. So, offering upskilling in this area, in terms of the technology and processes designed to help facilitate people working from home, are essential to help mature-aged workers thrive in this scenario.
There’s also research that suggests older workers value the social aspects of work. So, ensuring that workplace culture takes into account different interests to create environments where all workers, no matter their age, feel comfortable getting involved and socialising with their peers can help set a business aside from the rest.
Ultimately, the world we create for mature-aged workers is one we will probably work in ourselves one day, and if we want to benefit from a more secure and, importantly, more inclusive workplace, we need to act now. Times might be tough from an economic perspective, but businesses that invest the time, money and effort to establish and grow a diverse workforce when times are hard will reap the rewards in recruitment and retention when times are easier.
By David Owens, managing director at HR Partners by Randstad
