With mature aged workers soon approaching retirement or planning their transition into retirement, companies are faced with potential loss or shortage of skills. Organisations need to think strategically about innovative ways of attracting and retaining older workers.
Some organizational risks associated with an ageing workforce include;
- Loss of knowledge
- Skill shortages
- Mismatch between employee skills & competencies and the requirements of the job
- Restrictions on company growth
Therefore, management need to implement strategies that will encourage mature age employees to stay in the workforce including ways to close the gap to minimize intergenerational challenges.
The Age Discrimination Act 2004 protects individuals across Australia from discrimination on the basis of age in many areas of public life, including employment, education, accommodation and the provision of goods and services.