An independent survey of 620 hiring managers in Australia, commissioned by Robert Half, shows 86 per cent are concerned the Baby Boomer departure will impact available skillsets in their organisation.
Indeed, 78 per cent forecast it will be more challenging to find qualified professionals in the coming five years.
Australia’s population is steadily ageing, with the number of people aged 65 and over expected to make up 18 per cent of the population by 2029. This will have two concurrent effects on the workforce.
Firstly, there will be a higher proportion of employees over the age of 65 in the workforce than ever before. Plus, this shift will be further amplified by the Australian government’s plan to raise the age to claim pension from 66 to 67 by the year 2023 to cushion the economic impact of the inevitable Baby Boomer workforce departure, further extending the career span of Baby Boomers in the workforce.
Simultaneously, 90 per cent of Australia’s 5.3 million Baby Boomers are forecast to have retired by 2029, catalysing a knowledge exodus and potentially creating millions of job vacancies in Australia.
To address the skills shortage, Australian hiring managers are taking several measures to ensure knowledge held by the Baby Boomer generation doesn’t get lost when they retire.
Developing teams consisting of different generations is the most popular measure, undertaken by 43 per cent of Australian managers, followed by 42 per cent who are implementing mentoring/coaching programs.
Other steps to harness Baby Boomer knowledge include setting up training sessions with all employees (41 per cent), implementing online platforms where everyone can input their experience (39 per cent), and tracking success of former projects through specialised systems (38 per cent).
“With Baby Boomers gradually retiring from the workforce, there is consensus across Australian workplaces about the impact of their departure, and the need to transfer their unique skills and knowledge to younger generations in the workforce,” said Andrew Morris, director of Robert Half.
“Leveraging the higher concentration of a mature-aged workforce is in fact the key to mitigating the very skills vacuum their departure presents. In order to best prepare their incumbent workforce, businesses should not only put in place knowledge transfer initiatives, they should also nurture their most experienced employees and consider them a valuable asset in helping organisations prepare for the future.”
How can businesses better utilise and value their most experienced staff members?
Tap into the Baby Boomers’ wealth of knowledge and experience: Create opportunities for Baby Boomer employees to mentor new and lesser experienced staff members. This will help them feel valued as they share their wealth of knowledge with a new generation of workers.
Spark cross-generational innovation: Foster collaboration across generations by setting up sessions to spur cross pollination of ideas between all the generational groups within the business, further boosting innovation as it invites new and different perspectives.
Ensure flexibility is an option: Offering flexible work hours and family leave opportunities can help Baby Boomers – as all workers – maintain a healthy work-life balance. This in turn increases employee engagement.
Offer development and learning programs: While employees nearing retirement are not prioritising significant career progression opportunities, they still seek stimulation and challenge in their role. Training programs should therefore be accessible to all staff. Also consider that Baby Boomers might be interested in lateral or even lower-level job roles, if these positions allow them to learn new skills or provide a new challenge.
Provide health care initiatives: Organising health initiatives, such as annual flu vaccinations, and on-site eye and ear examinations are not only an efficient way to avoid having employees to take time off work, they also serve as an attractive incentive for Baby Boomers.
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A recent survey 50% of Austrian baby boomers said they were going retire out of Australia.
Number one on their list of places to retire is Bali which is as close as 2 1/2 hours to Australia.
Baby Boomer 55 or older can easily, legally
retire on the Island of Bali, the number one sought after destination in Asia.
You can live like a multimillionaire for 70% less than most
Western cities.
The clean air, fantastic year-round weather, friendly
Balinese, low crime, clean air and six dollar and hour massages will soon make
you realize this is the best place to retire in the world.
PT. Bali Affordable Lifestyles International, a 15-year-old
Bali developer who has already successfully developed four large luxury villa
resorts is now focusing on villas for retirees.
Selling prices start as little
as $194,888 for a lovely two-bedroom two-bathroom villa with optional swimming
pool located only 200 m from a magical beach, far away from the hordes of
tourists.
Your full-time maid will make retirement easy. For
approximately $200 per month she will work full-time clean, cook, do laundry
and even do your grocery shopping. Household chores will be a thing of the
past.
A large percentage of the villas in Bali are now becoming
full-time retirement villas meaning that there are plenty of seniors and baby
boomers for you to meet and become friends with.
You won’t have to worry about how often you see your
children and grandchildren because they will beg to stand in line to stay with
you in this gorgeous location.
Healthcare and cost of living are 70% less meaning that your
hard-earned savings will go a lot further providing you more money for
travelling and enjoying life.
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