Working to the Twilight Years
Retiring early, travelling the globe and pulling out the fishing rod – the great Australian dream or just a pipedream for most?
According to MyCareer employment forecast for 2011, the fastest growing employee base has been found to be the ‘Twilight’ generation, with workers aged over 63 growing at 8.6%.
Now representing 477,000 workers in Australia, this number has continued to grow at a strong pace over the past 10 years.
Michael Emerson, head researcher of the forecast, indicated that low superannuation funds for the generation was one of the reasons behind these figures.
“Compulsory superannuation was not introduced until 1993, which was 3%, and [then] 1997 offering 9%. Most of this generation missed out on compulsory super during their working tenure.”
He also indicated the increase in life expectancy over the past 20 years as a factor – and with older people becoming more active, in travel or community involvement, they need additional funds.
While unemployment is comparably low to previous years, despite the GFC, employers in many sectors are struggling to find workers. In many cases older workers are providing the answers to their employment problems. The reliability, skills set and knowledge plus workplace loyalty they bring to the job is invaluable to an employer.
Another bonus older workers bring to the workplace is diversity – younger co-workers can benefit greatly not only by sharing their skills and knowledge base but by sharing a set of values from a past generation and this helps create a respectful harmony in the workplace.
Flexibility in the workplace is also complimenting the older workers choice to remain in the workplace. The nine to five drudge of their past career efforts may no longer be the norm in their new workplaces and this helps satisfy their shift into a retirement lifestyle.
Employers need to be rethinking and perhaps targeting the older generation for employment prospects as the growth of an ageing workforce is not likely to change any time soon. According to the survey Boomers are still the second largest segment at 3.9 million, and although many are approaching retirement age, there are still a significant proportion wanting to continue working. It seems the great Australian dream may still be elusive for many of us!
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