December 22, 2005
Loss of older workers costing businesses thousands
If you're new here, you may want to subscribe to my RSS feed. You can even subscribe by email! Thanks for visiting!
From ABC News:
Something I have been saying for a long time but been politely smiled at whenever I mention it to clients. Perhaps now ears will be more open once the piece below hits the main papers…
A new study has revealed the true cost of early retirement to Australia’s economy.
The study by the Queensland University of Technology involved 1,000 mature-aged workers, many of whom said they quit full-time work because they felt undervalued.
The university’s Associate Professor Michael Drew says the loss of older workers is costing businesses tens of thousands of dollars in lost production and recruitment and training costs.
He says it is more cost-effective to retain those employees who are both loyal and experienced.
“Mature-age workers are also not just looking at career advancement, they’re also looking at imparting their skills to the younger generation which is an incredible saving for organisations,” he said.
“It retains the human capital and the knowledge in the organisation.
“Some studies have shown that say hiring an MBA graduate straight out of university may only last in that job somewhere around 18 months, where as someone who’s say 55 is certainly looking for a decade of work.”
Image: BrightSmile courtesy chriswatk at sxu
Stumble it!
Filed under: miscellaneous
3 Responses to “Loss of older workers costing businesses thousands”
Leave a Reply
Please note:
1. If this is your first time commenting using the email address you have given, your comment will be held in 'moderation' and won't appear until one of us here at BetterComms Towers approves it. This stops spammers from flooding our posts with garbage. It may take up to 48 hours for your comment to appear -- sorry!
2. This blog runs the WP-Cache plugin, which reduces the amount of processing our host's server has to perform on this blog. The result for you is that our site crashes less. The downside is that sometimes it might take a minute or two for your comment to appear. Please don't resubmit your comment if it doesn't appear straight away. Please be patient and try refreshing your browser after a minute or two... Thanks, Lee
January 5th, 2006 at 3:15 pm
It is pleasing to see you have picked up on the important message of this study which was actually researched and produced in partnership with the National Seniors Productive Ageing Centre. Most of the research used by QUT in the study came from our 270,000 plus National Seniors Members.
January 6th, 2006 at 9:51 pm
Thanks, Michelle. I’d be fascinated to see a copy of the report, if one is available.
January 9th, 2006 at 4:27 pm
Most of the content and key findings of the report can be found under ‘Publications’ on the following website http://www.productiveageing.com.au
Thanks.