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Importance Of Age Management

In Singapore’s workforce landscape today, both employers and employees play a pivotal role in creating an age-inclusive workforce. Employers are encouraged to strive towards adopting age management practices and age inclusive norms in their organisation, to enable and extend the employability of the workforce of tomorrow. Conversely, employees are also jointly responsible in taking accountability for their skill relevance, work performance and health.

Together, these efforts can create a harmonious and inclusive workplace where age is never a barrier.

#1 Our workforce population is ageing

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The median age of residents in the labour force rose to 43 years in 2016, up from 40 in 2006 and will continue to rise.

This means that a larger percentage of your employees will be aged 65 years old and above. There is a need to implement age management practices in your organisation to manage this growing proportion of employees.

Source: Labour Force in Singapore, 2016

#2 Workforce demographic transition is taking place rapidly

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The proportion of workers aged 60 and above more than doubled in 10 years, as the earlier cohorts of post-war baby boomers moved into their 60s over the recent decade and the labour force participation rate continued to increase.

Organisations need to adapt to the situation quickly in order to remain competitive, by tapping into the networks, talents and experiences of these older workers. This can be achieved with age management practices.

Source: Labour Force in Singapore, 2016

#3 Tapping on this potential talent pool

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In 2016, older residents aged 60 and above formed the largest share among residents outside the labour force. This proportion of residents has been increasing as the population ages and more seniors retire – from 37 per cent in 2011 and 42 per cent in 2015, to 44 per cent in 2016.

Employers can tap on this talent pool through an effective age management strategy with the aim of recruiting and retaining older workers, to overcome challenges such as manpower and skills shortages.

Source: Labour Force in Singapore, 2016

#4 Reasons for not working?

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Old age, poor health or disability are common reasons given for not working.

With age management practices such as flexible work arrangements, health support schemes and job redesign, employers can avoid the premature exit of older workers from the labour market; and help older workers enter the workforce and remain employable.

Source: Labour Force in Singapore, 2016

Active Polls

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Have you heard of the Tripartite Standards on Age-Friendly Workplaces?
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Yes, my organisation has already adopted the Standard
Yes, my organisation is in the midst of adopting the Standard
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What do you look out for when hiring older workers?
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Knowledge and expertise
Willingness to learn new skills
Willingness to impart knowledge and experience
Positive work attitude
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