28 Oct The unique advantages of hiring over 65
Workers over the age of 65 are the single fastest-growing demographic who are seeking and securing work. In August this year, there were a record 610,000 people who were 65 or older holding a permanent or part time role. The percentage of mature age workers in the job market rose by 11 per cent in 12 months alone.
Australians are living longer and staying in the workforce longer. The benefits of this trend carry across to both business owners and to the workers themselves.
For individuals, improved health services and technologies has allowed them to seek work later in their lives. And work presents an opportunity for them to boost their financial position and quality of life, or to simply make ends meet.
For businesses, hiring workers over the age of 65 offers a particular set of advantages.
Workers aged 65+ are ready and available to work
Jobseekers aged 65+ tend to have the free time to commit to work. Their kids have flown the coop and they don’t need to commit as much personal time towards raising a family.
Their availability makes them ideal for roles with varied hours and increases the likelihood they’ll be available to work when needed. It’s also opened the doors to allow mature workers to hold multiple jobs at once, with Australian Bureau of Statistics finding a 14 per cent growth in the number of older Australians holding down more than one job in 2016-2017 in comparison to 2011-2012.
Workers aged 65+ have extensive experience and knowledge
It goes without saying that as we age, we continue to learn. Australians aged 65 and over are likely to have 40-50 years of experience in their profession (or professions) when they apply for new positions. Their knowledge of a variety of industries and experience can be invaluable in helping businesses navigate tougher economic times. The valuable skills and intellectual property that these workers have developed over their career is advantageous to an employer.
Workers aged 65+ have good work ethic, reliability and are loyal to their employers
Evidence has shown that hiring an older employee can save you money due to lower rates of absenteeism and can improve productivity. An international Cogito Study found that older workers’ productivity and reliability were more consistent than younger workers.
In addition, they know how big the stakes are when it comes to holding down a job. They’ve worked at a time when superannuation wasn’t compulsory and watched the pension age continue to increase. They understand how important it is to work hard. Over 65s have a vested interest in supporting their financial position leading up to and during retirement.
Our veteran workers bring so much experience to the table. They can have a real impact on mentoring and developing the younger generation within any business.
If you’re on the lookout for an experienced worker or are a mature age worker seeking your next job opportunity, contact us on 02 4967 5236.