What's the average age of employees in your business? Depending on your industry, and the age of your company, it might be higher than you expect. If you've had employees working for you for 20 years, some of them are likely going to be over 50. Of course, having someone work for you for such a long time is a good thing – it shows that your employee retention is good and that people genuinely want to spend time at your place of business.
This absenteeism can cost you money – as much as $347 per day per employee.
However, it also means that the average age of one of your employees will be high, pushing them closer to retirement. As people age, they can also become more susceptible to illness and need to take extended periods of time off work. This absenteeism can cost you money – as much as $347 per day per employee, according to Direct Health Solutions. To combat absenteeism, you need to implement a corporate health insurance plan to help your older workforce access the care they need. A free consultation with a HICA representative can help you there.
How old is Australia's workforce?
The average age of Australia's working population varies from state to state, with some states recording people working for longer after retirement age. In Western Australia, for example, the average age of an employee is 45 years, according to the Public Sector Commission. In fact, 19 per cent of employees all over the state are 55 or older.
WorkSafe Queensland states that older workers are beneficial to the corporate structure in any business, as their experience is invaluable. Australians over the age of 65 currently account for 12.9 per cent of all people in the national workforce, according to the 2015 Intergenerational Report from the Treasury. By 2054-55, that is expected to increase to 17.3 per cent.
As older people are cared for better in the workplace over the next few decades, their ability to work for longer will increase. This will result in less of a shortfall of skilled and experienced workers at any one time, and will enhance the corporate structure of many businesses.
Why should we be encouraging older workers?
Older employees aren't dragging your company down – instead, they tend to make it better at an organisational level.
"There are many advantages for employers retaining older workers, such as the opportunity to benefit from their professional experience and corporate knowledge," stated WorkCover Queensland Industry Manager John Kinnane.
You need to give them the tools to be safe and healthy over long periods of time.
"However, older workers may be more vulnerable to certain kinds of injuries, less physically fit than younger workers, and more susceptible to fatigue at work. To avoid more severe work-related injuries, longer rehabilitation and greater lost work time, employers should ensure they have appropriate workplace health and safety procedures in place and relevant suitable duties available for injured older workers."
By implementing a suitable corporate health insurance strategy in your business, you can help your ageing workforce to thrive, and potentially stay on for longer so your corporate structure isn't damaged. You need to give them the tools to be safe and healthy over long periods of time, however, so not taking action could be detrimental.
Why else should you implement corporate health insurance?
Choosing the right corporate health insurance plan for your business can take time – but our representatives can help you through the whole process. Comcare suggests corporate health insurance in your workplace can increase productivity, motivation and enjoyment, leading to greater employee retention and a far more attractive workplace for new hires.
Whether you're trying to hire the top talent, or look after your invaluable ageing workforce, corporate health insurance can help your business to succeed. For more information, get in touch with HICA today.