The Australian Human Resources Institute have just released a their pulse survey findings about mature age workforce participation. It’s a neat snapshot of the sentiments of 1212 AHRI members. No surprises, but it confirms Sageco’s findings over the last seven years.
Here are some of the key points with our ideas for solutions:
- Just under half the respondents said the departure of older workers from their workplace has caused a loss of key knowledge or skills.
- Approximately 20% report that the departure of older workers has caused the organisation to be less competitive.
- More than 80% would like to see steps taken to retain older workers.
(Sageco’s Exchange program provides a strong framework for transferring knowledge between workforce generations and developing older workers as knowledge coaches. It distils the critical knowledge requirements, bolsters natural knowledge sharing and enables the intentional transfer of knowledge before older workers choose to retire. In fact, older workers may choose to continue working albeit differently – with a key component of their role as a knowledge coach.)
- Over two thirds or respondents believe the retention of older workers would benefit productivity.
- More than 75% see retaining older workers as a necessary precaution against the sudden loss of essential knowledge and skills.
(Sageco’s Envisage program is a visible, tangible way to support mature workers making work and retirement decisions. If you seriously want to retain mature workers, you need to support them as they plan for their career, their finances, health and relationships. Help them answer the question, “If not retirement, then what else?” Help your mature workers create a positive and productive future.)
Thank you to AHRI for providing the snapshot about this much discussed issue. This data cannot be ignored. Compare the cost of proactive investment in your current mature employees to the cost of recruiting, replacing, losing knowledge and losing competitiveness. Take action now.