Benefits of Hiring Older Workers

Benefits of Hiring Older Workers

The tide is starting to turn and the job market is starting to ditch the negative stereotypes of aging and start the allocation of jobs for over 50-year-olds. Some employers are starting to utilise the value of people aged 50 and up. I can see it in retail and I’m hearing the voices of mature workers across call centres of respected financial service organisations.

The benefits of providing jobs for over 50-year-olds are too extensive to ignore for small and large businesses. Here are my top 9 benefits of hiring older workers:

• Employing older workers boost labour participation rates which in turn increases economic growth, reduces skill shortages and ultimately lifts the Australian standard of living
• Reduces pressure on our health systems. Psychological distress and other health problems can surface if older workers are not engaged in work
• They are honest, trustworthy, reliable and loyal
• Having rich life experiences, they can be brilliant networkers and know how to maintain client relationships
• They understand the value of hard work and persistence
• Can mentor and coach younger employees
• Because most mature workers only want to work part-time, they are a cost effective pool of talent that employers can draw upon when the business requires them
• Can provide employers with a very close insight into the needs of a mature aged customer base market
• Currently, the Australian Government offers a $10,000 payment incentive for employers who offer a genuine, ongoing employment opportunity to eligible older job seekers aged 45 years and over. A bonus incentive for employers if you are seeking a new career at 50 years old and over.

Employers that have been slow on their intake of older workers are now following the lead of employers who jumped on it early and employed older workers to start reaping the benefits. Some big corporate employers who have shown leadership include Wesfarmers. Not only were they first in employing matured aged workers in their Bunnings stores but they recognised the opportunity to tap into a mature aged customer base market, a market that will continue to grow well into 2056. The Australian Bureau of Statistics estimates that one in every four Australians by 2056 will be 65 or older.

Employers who provide jobs for over 50-year-olds are making a positive social change to reverse the negative stereotypes we have inherited from previous generations. Employers who consciously make the change for older workers today will ultimately make a positive change for themselves too as they grow older.