Topic: Managing the challenges of a maturing workforce
Day: Wednesday 14 October 2020
Time: 2:10pm – 2:30pm AEDT
Australia has an ageing population, and the Human Rights Commission has estimated that by 2050, a quarter of Australia’s population will be aged 65 years or older. (Syed, February 2020).Australia has an ageing population, and the Human Rights Commission has estimated that by 2050, a quarter of Australia’s population will be aged 65 years or older. (Syed, February 2020).
As a consequence, Australian’s are working for longer with the workforce participation rate of older employees currently at 67%. It is often assumed that older Australians are working longer purely due to economic necessity, however, research is showing that the reasons are far more complex and broaden beyond the need to finance retirement. Australian business is growing increasingly dependent on older employees with attraction and retention of these employees being key now and in the future.
Each one of us experiences aging differently, so our capacity and ability to enjoy working longer will be unique to our individual requirements. So how do employers plan current and future workforce requirements if the long term working needs of our workforce is not generic across the employee cohort? How do employers identify and address the long term working needs of employees without appearing to target and potentially discriminate against older employees?
This session walks through a workforce planning strategy developed to assist business and mature employees come together to participate in late career planning, to better understand:
• The impacts of working longer
• The physical and psychological impacts which we need to consider
• Create a plan which incorporates work as well as retirement planning
• Understand what employee needs will be to support a longer working life
• Partner with you as their employer to develop a late career plan which sustains the individual and meets the business requirements of your organisation
Together, we will walk through the journey required to gain clarity on late career planning which considers an extended work life whilst having a view to eventual retirement with dignity, financial security, physical and psychological well-being. The insights gained from this session will help form your strategies associated with attraction, retention and succession planning of staff across your business. The ability to participate in this process will create a path for the future.
Lockton were recognised by the Australian Human Resources Institute in 2018 in the Susan Ryan Age Diversity Award category as a programme of merit to employees and employers alike care?
Morag was a founding partner of Australia’s largest independent risk consulting business. She has been working in the workers’ compensation and finance industry for over 33 years; she has worked in both the UK and Australia.
Morag continues to focus on the needs of Lockton clients across Australia in the management of injured and unwell employees to increasing workforce participation rates to assist our clients meet their organisational goals.