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Ageing Population Challenges and Opportunities for SMEs

AGEING POPULATION Challenges and opportunities for SMES SMES should understand the implications of an ageing population on their... BUSINESS OPERATIONS Challenges Meeting skill shortages Ensuring the longevity of the business Retaining mature aged employees while encouraging "rising stars" Opportunities Wider talent pool SMES that hire mature aged employees might have an advantage over larger organisations that fail to recognise this talent pool Incentives There are government incentives valued up to $20,000 for recruiting and retaining mature employees Economic boons Improving over-55s' participation in the workplace just 3% would result in a $33 billion boost to Australia's GDP THEIR EMPLOYEES Challenges Introducing greater flexibility for employees Ageism and negative stereotyping Developing training programs that target the needs of a mature aged workforce Opportunities Reduced turnover Workers over 55 are less likely to change jobs than their younger counterparts Improved teamwork Collaboration of ideas between younger and older employees and cross-generational mentoring Longevity Ideas about retirement are changing as average life expectancy increases, with 66% of Australians now planning to retire at age 65 or older THEIR CUSTOMER BASE Challenges Targeting services towards older Preempting the needs, expectations, deal with an older and wants of the Training staff to persons demographic future older generation Opportunities More wealth 24 Older customers tend to have a higher net worth and S spending power. Couples aged between 50-70 years have the highest median net worth of any group (almost $900,000) More spending CREDIT CARD Research shows that older adults are likely to spend money on financial services, holidays, 1234 5678 9101 08/16 and entertainment Wider customer base The proportion of these consumers (over age 60) will double by 2050 Now 2050 te the executive connection The Executive Connection Pty Ltd. "Finding the gold in silver hair - Challenges and opportunities for SMESS." 2014. er-workers.pdf file/0003/12279/ir-olderworkers-booklet.pdf ness-spectator/how-cope-grey-australia SOURCES •E•E

Ageing Population Challenges and Opportunities for SMEs

shared by JillFord on May 30
Managing an ageing population holds its challenges, but businesses can also tap into the benefits that it brings and reap the rewards.




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