The Executive Connection releases whitepaper on ageing workforce

March 25, 2014.  Sydney, NSW.- According to Finding the Gold in Silver Hair, a white paper launched by The Executive Connection (TEC) last week, many businesses are missing out on the opportunities offered by Australia and New Zealand’s ageing workforce.

According to the report SMEs that keep in place the right procedures to recruit and retain older employees while offering a succession plan for younger rising talent are in a better position to adapt to the emerging cashed up baby-boomer customer base besides ensuring an easy transition of skills and knowledge.

While those businesses that fail to manage those challenges risk alienating older customers and losing younger talent.

As stated by TEC Chairman, Nigel Stoke “Most research into the issue of our changing workplace demographic focuses on the problems associated with an ageing workforce”

“More employees are looking to remain in the workforce for longer and SMEs stand to benefit from tapping into a pool of highly skilled older employees. Flexible workplace arrangements such as leave without pay are the key to recruiting and retaining mature-aged employees as these benefits are often more important than high salaries for this demographic," Mr Stoke said.

Australia’s Age Discrimination Commissioner, the Hon. Susan Ryan AO joined last week's launch.  “The white paper reinforces the very real challenge for governments, employers and the community in recognising the true capacities of older people who wish or need to work and eradicate age discrimination in the process.” she said.

“It’s incredibly important that businesses of all sizes recognise and act on the findings of report’s such as TEC’s White Paper – these will be some of the most significant issues that workplaces have faced in decades,” Ms Ryan said.

Tools such as cross-generational mentoring can help SMEs manage an ageing customer base while creating strategies and plans for the future.

“Businesses that plan to be around for the long-term must ensure they have employees trained to their full potential and have clear career pathways in place for their future development and growth. Otherwise, it can lead to frustration and the loss of younger talent,” Mr. Stoke said.

Nigel was recently interviewed by Peter Switzer on Sky News regarding this white paper. Watch the interview here.