“Hidden Workforce” The Aging Population

The "hidden workforce" refers to individuals who have the skills and the desire to work but often find themselves overlooked in the job market. The hidden workforce includes a diverse group of people: the unemployed, underemployed, those engaged in informal work, and individuals who can contribute but face barriers to employment.

One of the most significant and underutilised segments of this hidden workforce is the aging population. With advances in healthcare and a general increase in life expectancy, many older individuals remain physically and mentally capable of contributing to the workforce long after the traditional retirement age. Yet, biases, stereotypes and prejudices often prevent these individuals from being recognised as valuable assets.

To fully tap into the potential of the aging population, reskilling is essential. Reskilling involves providing workers with new skills that are relevant to current and future job markets. As industries evolve and new technologies emerge, the skills that were once in demand may become obsolete. Older workers, who may not have had the opportunity to keep pace with these changes, can greatly benefit from targeted training programs that help them adapt to new roles.

Investing in reskilling programs for older workers not only benefits the individuals themselves but also employers and the economy at large. Companies that actively work to reskill older employees can retain knowledge, reduce turnover, and enhance overall productivity. According to recent data from the Australian Bureau of Statistics, around 3.9% of the working population is considered unemployed. By reskilling older workers, we can reduce this figure and ensure a more balance economy.

Despite the clear benefits, several barriers prevent the aging population from fully re-entering the workforce. Age discrimination remains a significant issue, with many older workers being unfairly judged as less capable or adaptable. The Fair Work Act 2009 ensures protection against unlawful workplace discrimination and promotes equal opportunity for everyone, regardless of age. Employers must also be proactive in creating an inclusive workplace culture that values the contributions of all employees, regardless of their age.