The reality for most people approaching retirement is that they will probably be swapping a full-time career job for a life which is part retirement and part work.
There are lots of benefits in this new ‘norm’. The additional money will help fund a retirement which could last 20 or 30 years. And the emotional stimulation and social connections that work brings are very good for our mental wellbeing.
But there are also a few ‘bad news versus good news’ factors you should be aware of.
Bad News
Age discrimination is a major problem that has made its way onto the radar of Federal Treasurer Joe Hockey. A recent report published by the Human Rights and Equal Opportunity Commission gives the Treasurer plenty of alarming ammunition. Key findings from the report shows:
- Over a quarter of Australians aged 50 years and over report that they had experienced some form of age discrimination in the last two years.
- 80 per cent of those who experienced age discrimination report negative impacts.
- When managers were asked if they factored age into their decision making, a third responded that they did.
While encouraging older people to work longer offers benefits to the individuals involved and the economy, it’s going to take a lot of effort to change age discrimination. In spite of all the research proving the benefits of hiring older workers, many managers, employment agencies and HR departments still believe that older people struggle to perform as well as younger employees. This is one of those silly generalities that should never be treated seriously. Undoubtedly, some older workers are slower performers, while others would leave much younger workers in their tracks. Many older workers offer wisdom and experience that only age can bring. We are all different and smart employers should forget stereotypes and focus on the individual skills and attitudes that both younger and older applicants offer.
Good News
It seems the government realises that age discrimination is costing the economy a lot of money and excluding older people with skills that are in short supply is bad for business. In early May, the government announced ‘fast track payments’ of up to $10,000 for employers who hire older workers. A contribution of $10,000 towards the salary of a new employee is a major incentive to hire someone older.
As well as the obvious ‘skills and experience’ benefits of hiring older people, this government initiative sends a clear message to employers that it’s a good idea to hire older workers. As greater emphasis is put on hiring older employees, and more of them are seen to be competent, hardworking and on the job every Monday morning, the ignorance that fuels much of the age discrimination will start to break down.
All this means that the years ahead should be a lot easier for anyone over 50 looking for a full or part time job.
There are a number of articles about working after 50 in our book “The Rest of Your Life”. You can order it from the home page of this web site.