Finding the gold in silver hair…an ageing workforce for the future

Australia’s small and medium sized businesses are being urged to tap into the country’s willing and able older employee base in a bid to promote a more active cross-generational workforce.

According to a White Paper released yesterday by The Executive Connection (TEC), many businesses are missing out on the opportunities offered by Australia’s ageing workforce.  I’m sure you all agree.

The paper, Finding the gold in silver hair, aims to help business owners and CEOs navigate the challenges and maximise the opportunities of Australia’s rapidly changing demographics.

“We are headed towards the situation where w will  have more 0ver 65s than we do under 30s in our country, the Ageing commissioner, Hon. Susan Ryan said at a press conference yesterday.

“Intergenerational co-operation is the ideal solution for future workplaces, bringing together younger and older people to co-operate and achieve the best for a generation.”

TEC Chairman Nigel Stoke says research needs to shift from focusing on the problems associated with an ageing workforce.

“There are plenty of opportunities presented by having a cross-generational workplace but most small to medium sized businesses do not have the right strategies in place to capitalise on these,” Nigel said.

“More employees are looking to remain in the workforce for longer and SMEs [small and medium enterprises] stand to benefit from tapping into a pool of highly skilled older employees. Flexible workplace arrangements such as leave without pay are the key to recruiting and retaining mature-aged employees as these benefits are often more important than high salaries for this demographic.”

The report finds that tools such as cross-generational mentoring can help small to medium sized businesses manage changing markets and an ageing customer base whilst also creating strategies and plans for the future.

Ms Ryan was firm with her opinion.

“The white paper reinforces the very real challenge for governments, employers and the community in recognising the true capacities of older people who wish or need to work and eradicate age discrimination in the process,” she said.

“It’s incredibly important that businesses of all sizes recognise and act on the findings of report’s such as TEC’s White Paper – these will be some of the most significant issues that workplaces have faced in decades.”

“Although retention of mature age workers is important, SMEs also need to ensure they do not block the progress of the next generation of managers – or potential owners for the business.”

If businesses fail to manage the challenges of a rapidly changing demographic, they risk losing younger talent and alienating older customers.

So let us know your thoughts, do you think that businesses are taking notice of the skills that older workers can bring?