The growing number of mature aged workers in the Australian workforce can provide significant benefits to business and the economy, both on a local and national level. Australian’s over 50 who remain in employment are better able to prepare for retirement and maintain a better quality of life than those who are unemployed.
In the workplace, employers can benefit from building a workforce that includes a diverse range of ages, including mature aged employees. Here are 5 benefits of employing mature aged workers:
Someone is sitting in the shade today because someone planted a tree long ago – Warren Buffett
Experienced mature aged workers can draw on decades of knowledge and expertise to fill skill gaps in the workplace, identify improvements in processes and act as a mentor to younger or less experienced employees.
Potential Wage Subsidies (Restart)
Restart is a financial incentive of up to $10,000 (GST inclusive) to encourage businesses to hire and retain mature age employees who are 50 years of age and over.*
Most mature aged workers have spent a considerable amount of their lives in the workforce, so they understand what’s required of them in particular roles. They know their own strengths and weaknesses and generally have established foundations outside of the workplace. This leads to high levels of punctuality, less absenteeism and lower staff turnover. The stability of mature aged workers benefits business owners who want to build loyalty in their teams.
When working and collaborating with others, interpersonal relationships are very important. Older workers have had the time to develop their emotional maturity and intelligence and can bring this resilience to the workplace. Emotionally intelligent workplace environments can lead to greater productivity, better teamwork and improved conflict resolution. More about emotional intelligence in the workplace.
Promoting Workplace Inclusion
There is significant evidence that supports age inclusion in the workplace. The Diversity Council of Australia outlines some of the benefits in their business case for age inclusion:
- Age inclusion is better for the economy
- Age inclusion helps meet workforce shortages
- Age inclusive teams perform better
- Older workers bring workplace benefits
- Older workers are productive Older workers are important sources of knowledge
- Older workers are an increasing market share
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