HARNESSING the power of an older workforce could deliver gains of up to $78 billion for the Australian economy, according to a PricewaterhouseCoopers global report.
While about 17 per cent of that anticipated economic benefit could come from workers aged 65 and older, the remainder relies on improved engagement in the workforce of those aged 55-64.
The report found that if Australia’s employment rates for workers 55-plus increased to those of Sweden, where 74 per cent of people aged 55-64 are working, our GDP could lift by as much as 4.7 per cent.
The results were drawn from PricewaterhouseCoopers’ Golden Age Index, developed to assess the extent to which older people remain active in the labour force in 34 OECD countries.
While the Nordic region is the world leader, New Zealand tops the Asia Pacific, well ahead of Australia, which is ranked 16th.
“Older Australians are under-utilised in the labour market,” said PwC’s Jeremy Thorpe.
“What we’re seeing in other parts of the world is that later retirement and more flexible working policies is good for the economy, businesses and individuals.”
Looking ahead, the company expects that while younger generations will drive emerging opportunities in science, technology and engineering, there will be a kickback that rewards older workers whose work and life experiences will be valued.
Wisdom of age makes bakery a good crust
Gold Coast family baker Goldsteins knows the value of mature-age workers. More than a third of its employees are aged between 50 and 69. They include bakers, pastry chefs, cake decorators, administrative staff and sales assistants at its 12 bakery locations.
“It has not been a deliberate recruitment strategy to employ people from within a certain age bracket; it has happened organically,” said Goldsteins director Martin Goldstein.
“We have an advantage because most of our mature sales staff work the same hours each week. They get to know regular customers by name and by what they order, and the customers really appreciate it.”
