As the global workforce continues to evolve, seniors are increasingly finding themselves needing or wanting to return to work. In Australia, the number of workers over 65 has surged, with many seeking to re-enter the job market despite facing challenges such as age discrimination and outdated skills. While age-related barriers can be discouraging, seniors possess valuable experience and knowledge that employers continue to seek.
Challenges for Seniors in the Job Market
The events of the past few years highlighted a growing need for seniors to get back on the employment circuit. The ABS Labour Force Survey for January 2024 recorded 355,000 new workers up from the same period in 2023 including a substantial number of full-time workers over 65 years old.
Interviewed for the ABC in September 2022, Geelong native Diane Roberts said age issues, however, are ingrown in the Australian work culture and excludes people who still have the skill and energy to contribute productively. Ms Roberts wrapped up 30 years of government work in Britain and returned to Australia in her mid-50s, but spent the past seven years trying to apply, even in a recent national labour shortage and had been sharing rent with a friend while on JobSeeker allowance.
The sticking points being laid against Ms Roberts by recruiters were educational qualifications and her age, which Edith Cowan University Centre for Work and Wellbeing professor Tim Bentley attributed to ageist stereotyping. “They [older workers] need to be given the same opportunities as other workers because they are often overlooked for training and development and for promotion. Age discrimination is a scourge. It does affect the health and wellbeing of older workers but it also affects organisations’ prosperity,” he said.
MacroBusiness chief economist Leith van Onselen noted that even pensioners across the Tasman fared better than Australians when it came to workforce engagement. He cited an NZ Institute of Public Affairs report, stating that a 69 per cent effective marginal tax rate was a major deterrent to Australian pensioners and retired veterans wanting to go back to work – against Wellington’s 10.5 per cent for the same population category. The result of this, based on Stats NZ and ABS data, is that seniors’ labour force participation rates teetered between 66 and 67.5 per cent in Australia where NZ records rates between 70 and 72.5 per cent.
Tips for Seniors Returning to Work
Seniors wanting to “shake off the rust” can make the return smoother through the following tips.
Identify Your Motivation
Determine why you want to return to work and what you hope to achieve. Clarifying your motivation will help guide your job search and ensure that the roles you pursue align with your goals and interests.
Assess Your Skills and Interests
Take stock of your skills, experiences, and interests, and compare them to current industry labour needs. Update your resume and highlight relevant achievements and accomplishments.
Explore Flexible Work Options
Look for part-time, contract, or freelance opportunities that offer flexibility and work-life balance. Many organisations value the skills and experience of mature workers and are open to flexible arrangements.
Networking and Personal Branding
Tap into your professional network and attend industry events or workshops to expand your connections. Create a strong online presence through platforms like LinkedIn to showcase your expertise and attract potential employers.
Consider Encore Careers
An encore career involves transitioning into a new field or pursuing a different passion in the later stages of life. Assess your interests and explore opportunities to combine your skills and passions in a new direction.
Tech Skills Update
In the 2002 action movie Spider-Man, Peter Parker’s Uncle Ben reads the classified ads only to see a panoply of job listings that required computer-based proficiency. He was flustered because he had just been let go from a factory chief-electrician job of 35 years and felt that at 68, he was “too old” for anything about computers, so how was he going to provide for his wife and nephew?
The above may be fictional, but it underlines a need to familiarise yourself with current technology and software relevant to your target industry. Consider this tidbit too- according to the team at OverSixty AU, at least 80 per cent of Australians over 65 years old have adopted tech solutions up from around 65 per cent four years ago. Enhancing your digital literacy can improve your marketability and open doors to a wider range of job opportunities.
Seek Age-Friendly Employers
Research companies known for valuing and supporting older workers. These employers often offer age-friendly policies, training programmes, and mentorship opportunities that can bolster your chances of successful reemployment.
Financial Considerations
Assess the impact of returning to work on your retirement savings, pension, and any entitlements you may receive. You must also undergo Service Australia’s Age Pension incomes test and check for eligibility under the Work Bonus incentive. Consult a financial advisor to understand how additional income may affect your financial situation and future planning, especially when factoring ATO obligations.
Health and Well-being
Prioritise self-care and well-being as you transition back to work. Maintain a healthy work-life balance, practice stress management techniques, and engage in activities that support your physical and mental health.
Conclusion
It can be a massive downer if you wake up one day after reaching retirement age and realise you no longer have to wake up early and dress up for, and wonder what to do for the day. Many seniors in Australia are choosing to get back into the workforce for various reasons. With careful planning and determination, seniors can enjoy the benefits of working and continue making meaningful contributions to society.
The A.S.A.G. Reverse Mortgage
Even with the prospect of coming back to work, the A.S.A.G. Reverse Mortgage can aid your household to a degree. A fund for daily expenses may help you cover essential needs to make the transition worthwhile. Part of those wages at your new job may be used to gradually settle the loan but still give you the flexibility to enjoy your labour.
Please call the A.S.A.G. at 1300 002 724 or email to info@asagfirst.com.au to help you with your work finance options.
DISCLAIMER: This article is for informational purposes only and does not constitute official advice. A.S.A.G. is not affiliated with any mentioned brands or companies.