It’s in with the new and still in with the old too – at least the major rise in Australians over 50 commencing businesses suggests so.
Studies show that mature age workers have been commencing businesses at double the rate of Generation Y and about 14,000 businesses in Australia are expected to start up this year with the average age being 57.
In a time when everyone seems to be focused on the ‘new and improved’, it’s easy to forget about the great resources we already have. Australian seniors bring so much to Australian businesses. Here are five reasons why small businesses should be embracing mature age workers – and why older Australians should consider buying a small business and employing seniors:
Businesses are always looking for stability and loyalty in their workers. A successful business will have more to put back into growing its success if it minimises staff turnover and maximises time spent securing hard-working, committed employees.
Mature age workers are renowned for benefiting small businesses because they have had time to decide what they want to do and are less inclined to suddenly move up and out of the business. Most people over 50 have been in the workforce long enough to really know their strengths and weaknesses and have developed an idea of what will and will not work for them in a job. Furthermore, this demographic generally have established their roots have stability in their life both inside and outside of work.
2. Promotes Workplace Diversity
It’s important for businesses to understand what today’s consumers are looking for in a product or service. While there is a lot of attention on Millennials and Generation Y as the future business developers of this country, it must not be forgotten that mature age Australians have a wealth of knowledge to offer too – especially in regards to how people over 50 engage with small businesses.
Data from the Australian Institute of Management – Engaging and Retaining Older Workers shows that people of the 45 – 64 age bracket own half of Australia’s household wealth. This indicates how helpful it is for businesses across the board to be owned by older workers or take on employees who are tapped into the patterns and trends of this demographic.
While someone in their 20s may also be able to attain this information through research and observation, they are less likely to have the same mindset and life experience as an employee from within this age group. Through this connection, mature age workers add new perspectives to small businesses – creating a better-rounded and more diverse work environment.
3. Life Experience
There’s no denying that with age comes knowledge and more life experience. Most mature age workers have been in the workforce for a couple of decades and already have a few tips and tricks under their belts. They may have worked in a completely different field and know very little about running a small business, but they are still going to be beneficial none-the-less.
For instance, someone who has worked in IT for most of their life may not know the nitty-gritty details involved with growing a business, yet, they will have extensive knowledge of what it takes to provide great customer service, high morale and effective time-management. Furthermore, their life experience has set them up with the skills required to learn how to operate a successful business.
4. Mature Age Workers Have Time
By the time people are 50 years and over, most have passed the major milestones in life, such as getting married, raising a family or traveling the world. At this age, many people become empty-nesters (if they aren’t already) and have more time to devote to their work and hobbies.
This makes mature age workers considerably more available, flexible and business-focused. Businesses involving seniors commonly have more flexibility to approach workers with different work hours.
5. Improves Employment Opportunities For Seniors
Earlier this year, the University of South Australia’s Centre for Workplace Excellence explored age discrimination in the workforce and found that 27 per cent of people aged over 50 had experienced age discrimination.
The report showed that there was a strong perception that older workers were less sought after employees. However, the benefits to come from small businesses recruiting or involving mature workers are two-way. People over 50 have life experience, motivation and commitment to succeed in business – all of which makes them ideal employees or business owners.
By securing mature workers, not only are businesses providing greater employment opportunities and minimising the waiting period outside of work for this age bracket, they are also helping remove the stereotype that seniors are not suitable for employment.
Not to mention, the Federal Government’s Restart wage subsidy scheme, providing a wage subsidy up to $10,000 to an employer who provides secured work to an unemployed person over 50 who has been on benefits is another way businesses can benefit from recruiting mature age workers.
Are you over 50 & struggling to find suitable work?
James’ Home Services franchises are certainly an option for older workers looking to buy a small business as they are affordable and ideal for those with passion and dedication.
For information about James’ Home Services franchises, contact the James’ Home Services team on 1800 152 637 or learn more by perusing our franchises currently available: www.jameshomeservices.com.au/service-franchise