The workplace is changing
The changing workplace
- The workplace is changing because of population ageing. The main factors underlying population ageing are increases in life expectancy and reduced fertility rates. 1
- From 2003/04 to 2010/11, the number of workers in Australia will increase by one million. But it will take 21 years from 2023/24 to 2044/45 for the same increase to occur.
- 70% of Queensland firms are having difficulty finding skilled workers. For example, nationally projections are that 170,000 workers will retire from the manufacturing industry between 2005 and 2010. Only 40,000 workers are being trained to replace them.
What does this mean?
- Potentially slower economic growth – risk of per capita incomes and living standards being eroded.
- Greater financial pressure to fund services and infrastructure for the ageing population.
- As growth in the prime labour force slows, there will be intense employer competition for those entering the workforce.
Prospering in a changing workplace
"Unless organisations adjust their thinking on mature workers, market forces may do it for them"– Access Economics 2
The best way to avoid losing valuable workers as well as being unable to replace them in the future, is to retain and motivate your current staff. There are many benefits of employing mature-age workers including:
- lower absenteeism and turnover rates
- strong work ethic and employer loyalty
- experience, wisdom and dependability
- a healthy and diverse organisational culture spanning all age groups.
To keep your business growing it's time to recruit, retrain and retain experienced, mature-age workers.
Return on investment
Apart from positioning a business to cope with the changes in labour supply, a commitment to recruit, retrain and retain mature-age workers can reap further returns such as:
- a wider skills bank
- greater financial flexibility
- broader experience
- greater perspective – older customers often prefer to deal with mature, experienced people who they can identify with and relate to
- better prospects for maintaining profitability and performance
- less workplace disruption
- the opportunity to become an employer of choice – a definite competitive edge when labour is in short supply.
Unless otherwise stated, all statistical data is sourced from
Valuing older workers. Preparing your business for an ageing workforce (PDF, 338 KB), The State of Queensland (Department of Industrial Relations) 2005.
- Economic Implications of an Ageing Australia, Productivity Commission Research Report, 24 March 2005
- Access Economics, Population Ageing and the Economy, Ausinfo, Canberra, January 2001.
Last updated 22 July 2008
