With the retirement age set to increase to 70 by 2035 and incentive payments encouraging employers to hire over 50s, businesses will greatly benefit by improving their engagement with older workers. The Executive Connection warns, however, that businesses must manage the challenges or risk losing younger talent, disenfranchising older workers and alienating customers.

The Executive Connection’s (TEC’s) recently released White Paper Finding the gold in silver hair examines the challenges and opportunities SMEs face from an ageing population.

Nigel Stoke, Chairman of The Executive Connection said:

“The budget recognises the contribution that older workers make to our workforce and smart businesses will take advantage of these new opportunities by being informed about and adapting to the key challenges.

“As people stay longer in the workforce we need to see a greater commitment to adopting tools and strategies to successfully manage a workforce spanning several generations.

“TEC’s White Paper found that SMEs that put in place the right measures to recruit and retain older employees whilst providing a succession plan for younger rising stars will be better placed to tap into the emerging baby-boomer customer base, whilst ensuring a smooth transition of skills and knowledge.

“Development tools such as cross-generational mentoring need to be expanded to foster improved generational understanding and relationships.

“TEC’s White Paper includes a number of tips and strategies for making the most of an ageing workforce, including strategies for best practice in recruitment, retention and succession planning.

“Australia’s changing workforce dynamics present many challenges and opportunities and those businesses who are prepared and willing to adapt will be best placed to make the most of it,” Mr Stoke said.

TEC White Paper, Finding the gold in silver hair, is available here:
https://www.tec.com.au/resources/tec-white-papers/

Note to Editors:

The Executive Connection (TEC) delivers standout mentorship, peer connection and world-class resources to business leaders and owners in New Zealand and Australia.

Through its affiliation with Vistage International Inc., TEC members have access to over 17,000 business leaders and owners in 15 countries across the world.