Older workers more valued by employers

The workplace is seeing a positive shift in culture, with older workers being more widely embraced than in the past by employers, the Financial Services Institute of Australasia (FINSIA) said. 

Older workers are being more valued for their skills and experience, especially in sectors where businesses lack a succession plan. 

FINSIA’s comments come days after the Financial Services Council (FSC) released a report on older workers, saying only 18 per cent between the ages of 50 and 75 face age discrimination in the workplace, down from 28 per cent two years ago. 

“In some sectors - like engineering - older workers are valued much higher as often they are the only people with the expertise who have seen things working,” one senior human resources manager said. 

The shift in culture comes at a time when the Federal Government plans to increase the pension age to 70 as it tries to stave off the effects of an ageing population on Australia’s pension scheme.  

“The good news is that employers are increasing their willingness to invest in older workers, and that older workers want to keep their skills current and applicable to workplace demands,” FSC CEO John Brogden said.  

“By 2050, there will be 2.7 working Australians for every citizen over 65.” 

Sixty-seven per cent of older workers said they were offered training and up-skilling by their employers, up from 39 per cent in 2012.