Managing the Age of Change Professor Louise Rolland Business, Work & Ageing Swinburne University of Technology

1. Managing the Age of ChangeProfessorLouise RollandBusiness, Work & AgeingSwinburne University of Technology © BWA 2004

2. Business Work and Ageing (BWA) A cross sectoral forum to develop and promote information to Australian organisations about workforce ageing • Key activities: • Academic Research: BWA Centre for Research Swinburne University of Technology • Business Services: Age management products Age audits & management plans • Government policy & projects • Dissemination activity © BWA 2004

3. The Changing Demographics • Increasing longevity • Falling fertility rates "It is not realistic to think that the ageing of the population can be significantly addressed by a reversal of the fertility rate. There is no magic bullet which will solve our problem of the aging of the population." Peter Costello Treasurer, Commonwealth Government Shanahan, D (2002) “No escape on ageing: Costello”, The Australian, 09/08/02 © BWA 2004

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5. Labour force growth © BWA 2004

6. Labour supply “Access Economics has reported that the working age population* grows by 170,000 people a year. But trends already in place will see the working age population grow by just 125,000 for the entire decade of the 2020’s.” *15-64 years Population Ageing and the Economy Jan 2001 © BWA 2004

7. Labour supply BWA labour supply projections show that at current rates of GDP labour will be in short supply by the end of this decade and continue to worsen in the foreseeable future. However, increasing the participation of workers over the age of 55 will contribute more to securing labour into the future than high levels of migration. © BWA 2004

8. Critical questions • What are the drivers for age management in the context of your organisation/industry –consider the internal and external environments political, economic, environmental, social, technological. • What is the optimum age profile for your organisation? • Is it age balance? How do you define age balance? © BWA 2004

9. Acquisition Learning Progression Health Job mobility Exit Job depth Return Flexibility Retention Leadership Ageism Responding strategically Organisational Age Profile Age Management Strategy © BWA 2004

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12. Summary • There is no doubt that retaining workers in the 50 plus age group will be increasingly critical to labour supply • Active interventions will be needed encourage retention and to ensure ongoing motivation and attachment to work • This will be best supported by an evidence based and integrated strategic approach that takes a life course perspective and identifies short, medium and long term priorities © BWA 2004

13. Summary • Attention will need to be given to age stereotypes and their impact on the development and progression of workers as they age. • This may be best addressed through action and the development of age aware leadership and management development © BWA 2004

14. Summary • There is no doubt that retaining workers in the 50 plus age group will be increasingly critical to labour supply • Active policy will be needed however to encourage retention and to ensure ongoing motivation and attachment to work. • Attention will need to be given to age stereotypes and their impact on the development and progression of workers as they age. © BWA 2004