Upcoming Events

P2 Group Partnering With SEBN (South East Business Networks) – Ageing Workforce

By P2 Group 1 year agoNo Comments
Download Stakeholder September 2016 (PDF - 3.35MB)

P2 Group’ s Article is on Page 15 of GDBS Stakeholder September 2016

THE AGEING WORKFORCE AND THE HUMAN MAINTENANCE SCHEDULE

The Ageing Workforce is an issue for many companies, large and small, and was the focus of a recent Workplace Health & Safety Network session hosted by SEBN.

This network is just one of the SEBN stable providing awareness, exposure and capability development for participating companies. Session leader, Paul Marsh from the P2 Group is a specialist in the area. Following the session, Paul offered the following thought provoking article suggesting approaches you can take with your workforce if mature-age is an issue in your workplace.


Download P2 Group's SEBN Ageing Workforce Publication (56 downloads)

People are living longer and fertility rates are reducing, which is resulting in more mature employees leaving the workforce than younger people entering the workforce.

In the five years since June 2009, the number of people aged 65 years and over in Australia increased by 565,600 (20 per cent) to reach 3.5 million people in June 2014. This accounted for 15 percent of the total Australian population.

Only 21 per cent of Australian employees over the age of 45 intend to retire before 65 years of age. A further 31 per cent plan to retire in their late 60s and, 11 per cent after 70 years of age. Surprisingly 37 per cent have not even considered when they will retire.

Organisations that manage their ageing workforce through a reactive process will find that workplace productivity is slowing, WorkCover Insurance Premiums

are increasing, and rehabilitation for these individuals is ongoing.

Are your employees ready to retire? Have they considered the changes in their financial circumstances, lifestyle, self image and purpose?

As an employer, are you ready for them to retire? Do they have tribal knowledge that needs to be captured? Are you confident that the labour requirements and HR systems currently in practice can cope with a rising proportion of mature employees? Should they be offered part time employment? The proportion of 65-69 year old Australian employees employed part-time increased from 30 per cent in 2005 to 49 per cent in 2013 and the employees over 70 years old employed part-time increased from 38 per cent in 2005 to 57 per cent in 2013. Most (75 percent) cited personal reasons including caring

for elderly people, caring for children, own ill health / injury and social reasons.

Often we struggle to optimise under- performing people and do not have
the tools to make sound financial and operational decisions for all considered. Organisations historically have had little knowledge of their peoples’ Work Ability and functional capacity. Efficiency and reliability are influenced by the performance of people and sustaining good performance can be achieved through engagement of predictive maintenance which incorporates ageing workforce management. Rather than considering people as assets to be preserved, we have had a tendency to treat workers as liabilities, frequently replacing people with business critical knowledge and skills for no reason other than length of service, believing this is the most financial, operational and moral option.

Management needs to implement a holistic “maintenance schedule” for their human assets, in the same fashion as
a factory does for its machine assets. Management typically has the same expectations of their people in regards to output and production whether the person is 40, 50 or 60 years of age, without assisting in maintaining the person’s Work Ability and functional capacity. Would you have the same expectations of your machinery without a maintenance schedule?

If an ageing workforce is managed positively, you will increase productivity, enhance employee wellbeing and reduce WorkCover costs. With support, you can turn a problematic ageing workforce into an opportunity by defining an individual’s Work Ability, defining the inherent requirements of the job, matching their capacity to the demands of the job and considering the unique interaction between the employee, their environment and their role to identify sustainable solutions.

The cost of predictive maintenance of people is less than preventative maintenance and significantly less expensive than reactive maintenance, which is too often in the form of WorkCover claims.


Download P2 Group's SEBN Ageing Workforce Publication (56 downloads)

You can also download the entire magazine from here.

Category:
  
this post was shared 0 times
 000
About

 P2 Group

  (8 articles)

We believe that every employer should have the option to totally control the cost, productivity and health of their people, without being constrained by WorkCover.

Leave a Reply

Your email address will not be published.