Social research group McCrindle has projected Australia’s over 65 population will be 4.76 million in 2025; and 7.75 million by 2045. Even today, many potential retirees are choosing or forced to work. The consequences of the Global Financial Crisis, lifestyle, cost of living pressures and the ongoing costs associated with technology and communications figure large in people’s reasons to remain working.

Image: www.flickr.com

Image: www.flickr.com

The company found that 40 per cent of people working today hope to ‘Work as long as possible’; while another 27 per cent believe they have no option but to work past retirement date because of strain on finances.

In contrast the workforce management company Kronos found, through a commissioned Galaxy report, that just over a quarter believe they will struggle to do their jobs by age 70.

Furthermore, social trends point to eve increasing disenfranchisement of older workers in the workplace. Their interaction with Gen Y workers is deteriorating, with the greatest complaint being Gen Ys’ inability to accept advice from their older peers.

This poses a problem for employers.

Studies have found employers are vastly more satisfied with their older, more experienced, and more reliable workers. But keeping them motivated and keeping them healthy will take ingenuity and money.

There is a real expense to employers in losing experienced, reliable staff. But so too is there a expense in maintaining their health and motivation in ever more hostile and complex work environments.

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