Ageism in the Singapore Workplace
Singapore has one of the most rapidly ageing populations in the world, which also translates into an increasingly ageing workforce. In 2020, the labour force participation rate of Singapore residents aged 65 years and above was at 30.1 per cent, and this percentage is expected to increase.
Ageism’s Impact on Businesses
Ageism doesn’t just affect the individual, it can also cost businesses. Should a company fail to actively stamp out ageism in the workplace, they are more likely to suffer losses than reap gains.
Businesses will miss out on the valuable experience and knowledge mature workers have accumulated over the years. This experience may also translate to greater confidence and competence, two attributes that not only help in a business’s overall productivity and efficiency, but will also help maintain or boost a reputation of integrity and industry expertise – all of which will be limited or absent due to ageism.
Stamping Out Age Discrimination in the Workplace
As the retirement age increases, compounded with Singapore’s increasing ageing population, the mix of mature workers in the workforce would naturally rise as well. Mature employees bring with them a wealth of experience and knowledge that complement the creativity and tech-savviness of the younger generation. For a business to thrive alongside its employees, it should first recognise and internalise the reality that the older workforce will be Singapore’s future workforce, and should proactively work to harness the strengths of its diverse talent pool. This can be achieved through initiatives such as reverse mentoring and hybrid workgroups.
As such, it’s within both the workers and businesses’ interests to mitigate against age discrimination in the workplace. Discover how you can strive towards building an inclusive workplace at Singapore Business Federation today. Join other businesses in their efforts to eliminate age discrimination in the workplace by making the pledge today!