A couple of weeks ago, we brought you some ideas on how you can help young people enter the workforce. Today, we look at how the skills of the older generations can be a force for good in your business.
The Australian Institute of Health and Welfare (AIHW) reports that Australians over 65 had a workforce participation rate of 13% in 2016, increasing by 5% in only 10 years. This speaks to a trend of older men and women reassessing what ‘retirement’ looks like, the cost of living and the availability of a pension. This trend of older Australians continuing to work (or expectations to work) past 65 brings with it some challenges, but also some great opportunities for employers.
- Wage Subsidy Incentives
There are many reasons an older person can bring value to your workplace, but, every dollar certainly helps. The Federal Government offers a wage subsidy of up to $10000, by hiring eligible employees aged 50 or over. These payments are generally made over a 6-month period, to an eligible employer. There are several criteria that apply to these payments, such as an average of at least 20 hours per week worked, but they are generally quite achievable for most businesses.
- Reduced Absenteeism
Older workers can save you money due to lower rates of absenteeism, according to the Department of Industry, Innovation and Science. Absenteeism can certainly be a frustrating part of employing people, so having more productive, available staff is something many employers would love to see more of.
- Experience in Spades
Older workers have the added benefit of many years of experience, so if you’re looking for someone who knows how to get in and do the work, an older candidate could be perfect. It can be easy to assume that older generations won’t know how to use the technology required to do the job, but in many cases, that’s not the case. Particularly when working in an industry they’re already familiar with, it’s quite likely they’ve had to keep up with technological trends throughout their career.
We’ve covered a couple of ideas here for why the older generation can be great for your workplace; what reasons would you add? We think creating diverse teams, capturing the greatest attributes of the young and old, men and women, makes for great teams. How can we help your team grow?