Anecdotal evidence to suggest that mature workers would hang on to their jobs and defer their retirement plans has been supported by results of a survey by aging workforce specialists, SageCo.
According to SageCo director, Alison Monroe, the survey is a wake-up call to those organisations that pressed the pause button on engagement and retention strategies for mature workers during the GFC.
675 mature workers (aged 50+) responded to the survey across sectors including financial services, education, telecommunications, and government.
Forty-three per cent stated their intention to retire within the next three years, with 84% overall set to exit the workforce before 2020.
Applied to the Australian workforce, this equates to over three million boomers heading out of the door within 10 years.
"Perhaps the most surprising finding in the survey is that only 28% of respondents are opting to 'work longer' due to the GFC," said Monroe.
The survey uncovered that the factors influencing decisions about 'when' and 'if' to retire go far beyond just the financial. Sixty-one per cent of mature workers stated that 'health and wellbeing' would have a significant impact on their plans, along with career and flexible work options (34%) and care giving responsibilities (17%).
With over two thirds of mature workers apparently having no intention of postponing retirement, many will only continue working longer if they can work differently. Fifty-four per cent of those surveyed preferred employment options other than full-time work, including shorter working days or weeks, contracting and consulting, and taking long service leave to return to the workforce at a later stage.
"I may delay retirement if my work options improved dramatically, including the option to work part time or from home" said one mature worker. "I loathe the daily commute and the hassles involved".
Author of Rewire or Rust, Bob Critchley, agrees. With the impact of the GFC impacting Australia to a lesser degree than other countries, he cautioned:
"These results should alert corporations who only two years ago talked about being an employer of choice but as the GFC impact occurred, quickly decided to discard or defer their new found retention strategies.
"Many boomers have reflected on health, lifestyle, family issues and values due to tragedies close to home and realise 'life is not a dress rehearsal'. They are adjusting their standard of living and giving flexibility and quality of life higher ranking."
Monroe added that employers need to respond quickly but thoughtfully, starting meaningful conversations with mature workers and supporting them in planning for their future career and/or retirement.
"If organisations apply these figures to their own workforce data, they may get a wake up call," she said.