Thursday, June 8, 2017

How hiring older workers is good for business - SMART COMPANY

Originally published: June 7, 2017

Australians are living longer and staying in the workforce. According to the Australian Institute of Health and Welfare (AIHW), the increase in the overall labour force participation rate is partly because of the increased participation of mature-age Australians.

An AIHW analysis of the Australian Bureau of Statistics shows the annual average participation rate for Australians aged 55-64 rose from 43 per cent in 1992 to 64 per cent in 2014, while the rate for Australians aged 65-69 rose from 10 per cent to 12 per cent for the same period.

There are many benefits associated with older workers (aged 50 and over) remaining in employment, AIHW reports. On the worker’s side, paid employment enables them to prepare for retirement, and studies have also shown the overall benefits of work to people’s health.