24 January 2024
If you’re in your 50s, 60s, 70s or older, the knowledge and experience you bring to the workplace adds unique and unmatched value. But according to the Australian Human Rights commission “1 in 3 Australians aged 55 of over claim age is a major barrier to finding or getting hours of paid work1 .”
Australia’s population is getting older. This is likely to create both challenges and opportunities for organisations. Despite this, many Australian companies have been slow to engage with the realities of an ageing workforce.
AustralianSuper partnered with workplace experts Transitioning Well to investigate what support older workers need as they think about transitioning into retirement. The project, Ageing Workforce Ready (AWR), provides support to businesses and workers navigating the last years of their working life.
Recognising stigma attached to older workers
The Ageing Workforce Ready project lead, Rachael Palmer, says incorrect stereotypes fuel the stigma against older people at work.
‘The common thinking is that older workers want to work part-time, take more sick leave, cost more to employ,’ she says. ‘But that’s not the case.’
‘We’re a culture in love with younger people, which often fails to include older workers who are battling stereotypes.’
A 2021 Australian Human Rights Commission report titled What’s age got to do with it? explores ageism and attitudes towards age groups in Australia. It reveals that 64% of older people experienced ageism in the past 5 years2. In the workplace, these sorts of attitudes and beliefs about older people can be particularly damaging. They can lead to incorrect assumptions about the value and capability of mature-age workers.
The study also found that most Australians view older people as ‘nice (if frail) onlookers to life’ - not active workforce participants. Despite this perception, the workforce participation rate of older Australians more than doubled in the 20 years leading up to April 20213. In 2001 only 6.1% of Australians aged 65 and over were employed. In 2021, it was 15%3.
Another startling statistic highlighted in the study is that self-directed ageism in older people is associated with an average estimated loss of 7.5 years of life2. It goes to show that while workplaces need to support their older workers, older Australians also need to view their workplace participation positively.
Here are some ways you can remain active and engaged at work in the lead-up to your retirement.
5 tips to manage your career into retirement
1. Volunteer
Take part in any workplace volunteer days your organisation might run. This can help you discover future hobbies or volunteer opportunities you may want to continue during retirement.
2. Take advantage of training opportunities
Approach your employer and see if there’s any training you could do to develop new skills and learn new programs and ways of working. Not only will this help your employer, it could also help build your confidence in new areas.
3. Communicate with your manager
Have a conversation with your manager or HR team (if there is one). Ask them about accommodating any medical or physical needs you have. This can help them support you to be safe in your workplace.
4. Share your experience
Investigate opportunities to mentor your colleagues. This can help your experience get the recognition it deserves. It can also make sure your skills get passed on to newer members of the team or industry.
5. Review what you need from work
Many people find their needs change as they think about transitioning to retirement. You may want to consider decreasing your hours or days of work over time to ease into retirement. There are options with most super funds to also access part of your super as you transition out of the workforce. For more information visit Transition to Retirement.
Ageing Workforce Ready project
The AWR project website has free resources for you and your employer to help you navigate the transition from worker to retiree.
References:
- Australian Workforce Ready Project
- 'What’s age got to do with it?’ Australian Human Rights Commission, 2021
- 'Australian Institute of Health and Welfare, Older Australians Employment and work, November 2021
This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.