With as many as seven generations potentially sharing tomorrow’s workplace, companies need to look after their people in every decade.
While there’s plenty of talk about the growing army of Millennials in the workforce, with the percentage expected to be 75 per cent globally by 2025, the numbers are also rising sharply at the other end of the age scale.
Australians are increasingly working until a later age, with participation in the job market of people aged 65 years and over at a record high, according to the latest Australian Bureau of Statistics employment data.
In March 2016, Australians aged 65 and over had a workforce participation rate of 13 per cent. By 2055, Treasury predicts this will have risen to 17.3 percent – no surprise, considering over one quarter of men aged 45 and over recently told an Australian Institute of Health and Welfare survey they intended to work beyond age 70.
This trend means that as many as seven generations could soon share the workplace, with their ages spanning five decades.