Diversity Council Australia (DCA) research released today found that women aged 45 years plus represent a sizeable and growing segment of the labour force – but Australian organisations are failing to fully harness their skills and talents. According to Nareen Young, CEO of the Diversity Council of Australia, there is a strong business case for harnessing the talent of older women.
“Organisations focusing on older women’s employment are future-proofing their workforce and positioning their organisation for success”, Ms Young said.
So, as a business owner, how would you benefit from employing a more mature worker? The DCA says there are many advantages to employing an older worker – and they’re all evidence-based:
Retention:
Workers aged 55+ are five times less likely to change jobs compared with workers aged 20-24.
Motivation:
Workers aged 65+ have the highest productivity and motivation levels.
Sustained job performance:
Workers aged 55+ performed at their best for approximately seven hours out of an eight-hour day, an achievement other workers were unable to match.
Reliability:
ABS surveys have found that a smaller percentage of women employees aged over 45 have days away from work than younger women.
Return on Investment:
Research shows 45% of workers aged 45+ intend to remain in the workforce until the age of 65-69, while those aged 30-39 are likely to remain with an employer for an average of only 5.8 years.
Employers can reap significant benefits if they review their attraction, retention, transition and flexible working strategies with older women in mind.
To assist employers make the most of the many benefits offered by workers aged 45+, DCA has developed a practical framework for action to assist organisations to attract, engage and retain older female workers, as well as to structure effective transitions into retirement.
- Tailor Transitions – enable creative futures for older female workers.
- Source Talent – tap into older female talent.
- Career and Capabilities – leverage older women’s ambition.
- Cultivate Culture – value older female workers.
- Get Flexible – focus on flexibility for older female workers.
- Invest In Health and Wellbeing – work with older women’s wellbeing.
- Focus on Finances – support older women’s financial independence.
For more information, download Diversity Council Australia’s informative fact sheet, or contact DCA directly.
