As the first wave of baby boomers turn 60 this year, the overwhelming message to employers is that members of this huge generation do not want a traditional retirement.
They are fit, vital and keen to make a contribution, with statistics from the U.S. suggesting continued work leads to healthier, happier people, and places far less strain on economies, HealthCare and Welfare systems.
The benefits of leveraging the talent pool
Employers should embrace this global trend enthusiastically with policies to leverage this latent talent pool.
By retaining employees past traditional retirement age and hiring mature workers, employers reap these rewards:
- It’s a solution to a looming global skills shortage
- It leverages knowledge and experience
- Saves on recruitment and training
- Provides a stable, blended workforce environment
So far there’s been little evidence this is appreciated, with mature workers and workseekers frustrated and disillusioned by a lack of response to their efforts to keep or find meaningful work after 50.
The benefits of employing mature workers
In the U.S. it’s not unusual for enlightened companies to have employees in their 70s. Among the benefits they experience from retaining and hiring mature workers are:
- They have advanced problem solving skills due to life experiences
- They tend to be reliable and have a great work ethic
- Their communication skills are well developed, they’re good listeners
- They’re good patient team players
- They value the opportunity to work, and are loyal
- They don’t practice politics, they’ve nothing to prove
- They can often work outside office hours because their family commitments are less
Receding brain power myths dispelled
Given intellectual stimulation mature adult brains are less likely to suffer mental decline, and can continue to react in the same way as their much younger counterparts.
Recent research has dispelled many myths about the complex ageing brain. It shows that even though after age 40 our brains shrink in volume and weight by 5% every ten years, when asked to do tasks that require a wealth of knowledge and experience the elders have it over their younger colleagues.
Flexible WorkChoices suit mature workers
There’s no disputing that the workplace has changed forever and “jobs” aren’t necessarily the way to go.
Organisations need to be flexible and quick to react to change and innovation by hiring on an as-needed basis.
This suits mature workers many of whom don’t want a “job” and welcome contract, casual, and part-time projects, and are prepared to leverage their functional skills rather than job titles to gain meaningful work.
With employees approaching retirement age the new WorkChoices legislation allows for more flexible working arrangements, allowing employers and employees to plan a transition that will ensure skills, experience and wisdom are transferred and meets both parties needs.
Attractive new superannuation rules
New transition rules that apply to superannuation also make it attractive for employees over 55 to access their super and continue to work part-time, easing into a changing lifestyle without losing tax benefits.
How to tap into the talent pool
Until now individuals who had taken redundancy, either forced or by choice were frustrated by “the gate-keepers.” HR Departments and Recruitment Agencies who seemed reluctant to put them forward for advertised opportunities.
To overcome this obstacle they’re organising themselves into networking groups to make it easier to find employers who will value their contribution.
Pave the way for your own retirement phase
When 65 was nominated as the legal retirement age in the late 1800s, life expectancy was only 49!
In 2006 when we can expect to live another 20-30 active years after retirement age, we should ditch those antiquated beliefs and stop consigning vital, experienced and talented individuals to the scrap heap.
Take a leadership role and pave the way for your own retirement phase of life by reviewing your policy today.