As employers wake up and start competing for mature age workers' talents, the only barrier to making the most of our ageing workforce will be the limitations we impose on ourselves.
It's hardly a newsflash that business is facing real skills shortages. Across all business sectors, companies continue to compete fiercely for the professionals they need to grow their business. A recent survey by specialist recruitment network Select Australasia confirms the state of play, with over 60 percent of respondents finding it hard to source talent for their organisation.
Similarly, the fact that we have an ageing population is also well known. Within 20 years around 10 million of us will be over the age of 45. This is old news in more ways than one.
What is potentially lost on many of us is the rich irony that while we have a skills shortage, many of our mature-age workers are finding it hard to get a job.
And they really do want to work. A recent study found that most baby boomers expect to work after retirement. And this is not purely out of necessity - 17% want to work because of job satisfaction, and 38% just want to keep busy.
While the shrinking workforce presents challenges, an equally significant problem seems to be that we are working to an employment model that is fast becoming outdated. We need to find better ways to put our still-ready-and-willing mature-age people to work.
For employers the challenge is three-fold. First, they simply need to be open to employing mature-aged workers. The myths to throw out are that older workers are less flexible and won't fit in. Research shows that the opposite is true. Mature-age workers are also more loyal, with average tenures of 5 - 6 years compared to between 18 months and 4 years for Generations X and Y. According to the World Health Organisation they also take fewer sick days.
It is also untrue that mature age workers are less productive. One of the most obvious qualities older employees possess in greater measure than their younger counterparts is experience. And the adage is right: there's no substitute for it. Mature age workers achieve the same outcomes as younger workers by working smarter rather than harder.
Second, employers need to get serious about attracting and retaining mature age workers. This means getting creative with work structures. Mature-age workers place a premium on work-life balance, so look at opportunities for job sharing or flexible working hours.
When you have these options in place, make them known - this is important for retention. Often an employee will leave a full-time job because they can't see an alternative. External partners, including recruitment consultancies, can help employers to overcome some of the barriers in this area.
And thirdly, employers need to maintain relationships with the people who do leave their organisation. Mature-age people might leave a job for another opportunity or a change of environment, but may later be willing to consider a return to the security and rewards of a familiar role.
Not burning your bridges can open up other employment options, as former employees can be hired back on a short-term or project-specific basis. Again, one of the most important things an organisation can do is to make these options known. Alumni programmes are a good way of putting this into practice by helping you reach someone who knows the business when you really need them.
But it's not a one-way street. On the worker side, mature-aged people may need to consider retraining. While some may have moved into managerial positions in the course of their career, and may prefer to return to a more hands-on role, they may need to brush up on essential skills.
A short technical training course may be all that's required for professionals. Of course, for proactive employers, offering these courses can be a very effective way to attract mature-age workers to their organisation by removing cost as a barrier to re-entering employment.
Mature-age workers should also look for new opportunities. Applying existing skills and experience in a new way can be personally rewarding, and may take advantage of real demand. For example, a study found that 59% of small business owners would be interested in hiring a qualified mature-age accountant on a short-term basis to provide them with general business advice.
Mature-age workers also need to go back to basics when it comes to looking for the right job. Perseverance is essential. Of course, this may change in time through sheer demand - as pressure on the labour market continues, rather than finding candidates for vacancies. In the future, experienced candidates are likely to be presented with a suite of job options to choose from. But until this is a reality, persistence is the key.
Of course, the way we do things won't change overnight. But today's tight labour market conditions are not going to go away. Providing mature-age people with better employment options will not be a magic bullet for the economy, but individual organisations that make themselves attractive to this group stand to gain a competitive advantage.