According to various studies over recent years, it is clear that Australia’s population is aging. A number of factors have emerged that are coming together to create the “perfect storm” for organisations, namely our falling birthrate, improvements in health and wellbeing leading to increased longevity, and an emerging trend to delayed and/or “transitionary” retirement.
The Australian Bureau of Statistics predicts between now and 2016 over 85% of all new employment growth will be in the plus 40 age group, with only 7% amongst those 35 years and below. The conundrum is that millions of Baby Boomers are fast approaching nominal retirement age but many want to remain actively engaged in meaningful work.
In sharp contrast, many employers are either oblivious to the pending exodus of older workers or they are inclined to encourage it in the mistaken belief that older workers are expendable and can be replaced at less cost.