Australia's Aging Workforce

The Baby Boomers are Retiring and Nobody’s There to Replace Them – What to Do?

 A SYNOPSIS

Chapter 1           THE OUTLOOK

There is a looming “War for Talent” facing Australian business. Population aging and a declining birth rate are predicted to have an enduring impact on the way we live and work. A shortage of skilled and experienced labour across all sectors of the Australian economy seems inevitable.

Chapter 2           EMPLOYMENT STRATEGIES IN THE 21^ST CENTURY

In the final years of the 20th Century Australia’s working age population grew by an average of 170,000 a year. However, from 2020 the working age population will grow by only 125,000 for the entire decade. This is a serious, long-term shortage of people necessary to maintain the economic and social wellbeing of the community, and there is limited capacity to change the basic scenario.

Chapter 3           SOME SUPPORTING DATA

The data, and its implications, are explored in some detail.

Chapter 4           OLDER WORKERS: WHAT IS THE TRUTH?

Older workers are regularly stereotyped and these stereotypes often result in discrimination.

Chapter 5           THE DECISION TO RETIRE

Retirement is a major life-choice point for all workers. In the future retirement will increasingly need to be an active (rather than passive) decision.

Chapter 6          INDUSTRIAL “GENERATION GAPS” IN AUSTRALIAN WORKPLACES

The “Baby Boomers”(BBs), born in the early years after The Second World War, and “Generation X” (Gen X), born in the early 1970s, bring to the workplace a range of differences in background and attitude.

Chapter 7           LEADING ACROSS GENERATIONS

BBs and GenXs have strong perceptions about each other’s strengths and weaknesses, often based on ill-founded stereotypes. These need to be recognised and where possible, changed through education and experience. Each generation must be assisted to recognise, acknowledge and take advantage of the virtues of the other.

Chapter 8           GLOBALISATION AND THE AGING WORKFORCE

The aging of the workforce and the falling fertility rate is a global phenomenon and organisations with global reach will have a particular advantage in attracting and retaining younger people. They will also make better use of the talent available to them.

Chapter 9           PLANNING METHODOLOGY

Strategic HR planning is essential for organisations to manage their way successfully through the next 25 years. At the macro level robust planning processes will enable them to project the skills, knowledge and competences required to meet business objectives. Micro plans will ensure action is taken at the right time in individual workplaces to realise the strategic objectives.

Chapter 10        REWARD AND THE MATURE-AGED EMPLOYEE

In the future, mature-aged employees will seek rewards that are consistent with their needs and wants at a more advanced stage of their careers, leading to the need for greater flexibility in remuneration.

Chapter 11        TRAINING AND DEVELOPMENT NEEDS OF MATURE-AGED EMPLOYEES

Mature-aged employees require the same access to training and development opportunities as their younger colleagues.

Chapter 12        THE WISE ORGANISATION

“Wisdom” has been defined as the possession of experience and knowledge together with the power of applying them critically or practically.

Appendix A      ISSUES AFFECTING THE EMPLOYMENT CONTRACTS OF MATURE-AGED EMPLOYEES

Issues likely to be relevant in the negotiating of future employment contracts with mature-aged employees.

Appendix B       EMPLOYEE BEHAVIOUR IN THE WORKPLACE

A survey tool, designed to enable organisations to identify attitudes held by its employees about staff who are in a different generational group.

Appendix C      THE MATURE-AGED EMPLOYEE INTERVIEW

A guided interview template designed to assist responsible managers interview their older employees with a view to clarifying retirement plans, perceived life-style options and possible opportunities for continued employment in some form.

Appendix D      SCALE OF CORPORATE WISDOM

A survey tool designed for use by an individual, group or whole organisation, with a view to determining the organisation’s own “Scale of Corporate Wisdom”.