Australia’s ageing population is going to have quite a profound effect on the country.
This is especially relevant to employers who are looking to retain their experienced employees and grow their workforce.
The Australian Bureau of Statistics believes that 85 per cent of all new employment growth will be in the 40 plus age group by 2016.
Growth in this demographic is due to the large numbers of workers who wish to continue working past what was traditionally held as a retirement age.
Workers will instead be looking to stay employed into their sixties and possibly their seventies.
This is great for businesses for a number of reasons.
Primarily, it means that they are able to keep trained, highly-experienced experts in their field, reducing the need for regular retraining.
Companies that are seen to look after their employees for longer periods of time will also see an increase in employee loyalty.
This will also make businesses look more appealing to potential candidates.
However, an ageing workforce means that insurance needs will change over time.
Companies should conduct regular assessments of their business health insurance plans to ensure that they are catering for the needs of their staff as they continue to work past the age of 60.