The contributions of Australia's ageing workforce

Just the notion of having ageing workers typically conjures images of slow, often forgetful, and infirm office workers struggling to get through the day. Such bias against older workers continues to foster a culture of ageism in the Australian labour landscape.

A report by the Australian Human Rights Commission in 2023 revealed that at least 17% of companies are not willing to hire workers aged 65 and above, while at least a quarter stated they are open to it but only “to a larger extent.” Additionally, there is some 18% of employers who are not willing to even hire workers aged 50 to 64, according to the report.

These organisations are missing out on the benefits of having seasoned veterans in their workforce, especially in cultivating a robust culture that reduces attrition and ensures business knowledge continuity over time.

Guiding younger generations of workers

The wisdom and experience of older workers make them invaluable mentors for the next generation. They have navigated career challenges, witnessed industry shifts, and learned from both successes and setbacks.

This rich perspective will offer younger colleagues guidance on skill development; they can provide practical advice on technical proficiency, project management, and navigating complex workplace dynamics.

Older workers also possess a deep understanding of the organisation's informal rules, traditions, and power structures, aiding younger workers in integrating more smoothly. Mentorship from experienced professionals helps younger employees envision their career trajectory, set achievable goals, and avoid potential pitfalls.

Even in workplace conflicts, older workers can provide deeper and more sober insights on how to achieve a peaceful resolution.

READ MORE | Age diversity can improve organisational performance

Older workers as agents of continuity

Seasoned workers are the custodians of a company’s institutional memory. Their years of experience translate into a wealth of knowledge that is vital for an organisation's long-term success.

They remember past projects, strategies, and decisions – both triumphs and missteps. This history offers context for current challenges and informs future planning.

Savvy workplace veterans also possess in-depth knowledge of procedures, systems, and internal networks. This knowledge ensures smooth operations and prevents critical information from being lost during employee turnover.

Long-tenured employees also often have strong, established relationships with clients and industry partners. These connections are invaluable assets that take years to cultivate.

Companies that don't prioritise knowledge transfer from older workers risk losing essential information, repeating past mistakes, and hindering the development of younger employees.

The benefits of a multigenerational workforce

A workplace that embraces employees of diverse ages fosters a culture of collaboration, respect, and innovation. When seasoned employees and younger workers work side-by-side, there are a lot of benefits to reap.

For one, different generations bring unique viewpoints, problem-solving approaches, and skill sets to the table. This diversity stimulates creativity and encourages well-rounded solutions.

Multigenerational teams also learn to communicate effectively across age groups. This strengthens working relationships and builds empathy for differing communication styles.

When older workers feel valued and younger employees feel supported, there's a boost in overall morale and a sense of belonging. This leads to higher rates of retention and job satisfaction. Here are some tips for fostering a multigenerational culture:

Promote reverse mentoring. Encourage younger employees to mentor older workers on new tools and trends.

Create cross-generational teams. Assign projects that benefit from the combined experience and perspectives of various age groups.

Celebrate diverse contributions. Recognise the achievements and unique skills of employees across all generations.

READ MORE | Stereotypes influence senior employees' retirement decisions

Embracing older workers as a strategy

Australia's ageing workforce should not be seen as a burden but as a powerful asset. By dispelling ageist stereotypes and strategically leveraging the experience and wisdom of older workers, companies can unlock profound benefits in workplace culture.

“Many older workers can offer the knowledge, skills, and wisdom that businesses are currently seeking. Employers just need to shift their perspective, trust the data and stop buying into myths about older workers,” said Human Rights Commissioner Dr. Kay Patterson regarding age discrimination.

Workplace veterans embody company values, acting as role models and mentors to younger generations. They hold the key to institutional memory, ensuring operational continuity and safeguarding against errors.

Companies failing to recognise the potential of their older workers risk losing invaluable knowledge and the opportunity to cultivate a resilient workplace culture.

Conversely, organisations that champion respect and inclusivity for employees of all ages tap into a wellspring of loyalty, mentorship, and long-term success.