Monday, August 20, 2012

New Zealand: Exploring Employer HR Needs and the Silver Tsunami

According to an article from the University of Auckland's Retirement Policy and Research Centre, the retirement of baby boomers in Nez Zealand will leave labor and skill gaps that will need filling and will change the whole process of retirement, but employers able to harness those two challenges will fare better as the "silver tsunami" moves through New Zealand’s age groups. In "A commentary on older workers and some HR issues facing employers," Michael Littlewood examines what is known about New Zealand's older workers, looks at effective retirement ages, makes international comparisons, and explores some of the myths of the silver tsunami.

Among other things, Littlewood writes that not enough is known bout older New Zealanders, as the five yearly Census was last done in 2006. He points out that, as of that time, participation rate of those aged 65 and over had approximately trebled over the 20 years 1986-2006, and that t there were wice as many male "participants" as female in each of several age groups broken out of those over 65 in 2006.
Baby boomers will change everything as they move through their late careers, the transition to retirement and retirement itself. Their numbers alone make that inevitable. They present a human resources’ challenge to employers on at least two grounds: their retirement will leave labour and skill gaps that will need filling, and they will change the whole process of retirement.
Source: Retirement Policy and Research Centre Pension Commentary 2012-4 (August 13, 2012)

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