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Aging Workforce

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Introduction

ABSTRACT Australia is facing a potential workforce crisis. As its population ages, a relatively low number of mature workers are choosing to remain in the workforce. By 2016, the number of individuals aged 60-64 is expected to almost double1. Australia currently has one of the lowest workforce participation rates for older people in the developed world. It is estimated that there are approximately six working individuals in Australia for every person over 65 years2. In August 2003 address at the Symposium on Mature Age Employment, Australian Prime Minister John Howard asked the government, employers and individual employees to play an important role in staving off a major national crisis.3 In the Hudson report 20044, it is argued that Australian employers have failed to recognize that they have a reducing labour market and only one third of the Australian employers encourage old age workers to stay in the workforce. The Hudson Report 2004 has uncovered the extent to which employers are not pro-actively seeking to attract and retain mature aged workers. Management of an ageing workforce is a complex issue and, to be effective, needs basic knowledge of the relationship between work ability and work demands. Large Corporation like Australia Post have introduced policies to actively seek out over 45's for their workforce. This paper discusses the strategies and research on Australia post's employer strategic responses to the aging workforce. ...read more.

Middle

5. Sustainable Work Ability The Sustainable Work Ability studies included * The examination underway of the possible application of the internationally recognised Work Ability Index (WAI) as a means of monitoring the work capabilities of all workers and the work arrangements necessary to maximise those capabilities. * Develop a methodology for systematically examining the Health and Safety implications into aging and work. 6. Retirement Income The retirement income studies included the development of understanding of taxation and SUPERANNUATION implications in re-engaging retired workers. THE WORK AGING SURVEY 8 In prior to the preparations for the aging management a survey was conducted on the basis of areas of work and actions .There were two different surveys conducted. The purpose of the preliminary survey was to provide the following information's for the strategy * Provide better understanding of the retirement intentions of Australia post's mature age workforce. * Provide a better understanding of the factors leading to a person's decision to retire. * Provide information to enable Australia post's to lift participation rates beyond traditional retirement at 55. * Long-term - to ensure a continuing supply of skilled labour over next 5-10 years. The preliminary survey was the study of age 45+ populations across Australia Post. An approximate of 15,500 employees was invited to participate in the survey. The survey ended with 55% response rate. The preliminary survey completion was encouraged with competition to obtain maximum participation. ...read more.

Conclusion

A number of prioritised initiatives will support the implementation of the strategy. * Currently undertaking workability study with Swinburne. Research funded by the Commonwealth Government to develop practical guidelines to manage occupational risks and individual vulnerabilities, thereby increasing the work ability of older workers. CONCLUSION Within Australia, a number of employees are participating in workforces where employers are failing to take the demographic change seriously10. Accusations like these are often appearing in every articles and journals in Australia about the aging workforce management in the Australian organizations. Now organizations like Australian Post have approached the issue with more serious reserch and successfully implemented the strategy to which successfully manages the aging workforce. It is proved that their approach in the year 2006 increased the workforce and improved the performance by 2009. The study indicates that mature age worker have increased their share of the workforce from 8 percent to 11.5 percent. There are certain issues that might affect the mature workforce for example the cost impact of hiring and retaining more older workers can be quite modest. So the part-time re-employment opportunities to workers who have been retired from the company can help the workers who take the offer suffer no loss of retiree benefits and can reduce the cost impact. It is very important to balance the value and cost at the same time. The importance of reserch in aging workforce cannot be neglected .The results of the implementations by the organizations like Australia post shows great opportunities to reduce the problem of labour shortage and productivity problems. ...read more.

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