Employment of Older Workers in Singapore
Singapore has an ageing population, which means that there is a large proportion of elderly in Singapore due to the decline in birth rates and the increase of life expectancy in general. In fact, more than 15% of our population are elderly people. With an ageing population and extensions in retirement age, many people continue to be meaningfully employed even as they enter their silver years. Nonetheless, middle-aged and older workers are also more vulnerable to job displacement and they also find it more difficult to find a new job when displaced.
Here at SBF, we encourage all employers in Singapore to take purposeful actions to stamp out age discrimination by hiring based on merit rather than other factors, and give older workers a fair shot at employment.
Benefits of Hiring Older Workers in Singapore
Employing older workers is in the interest of companies seeking sustainable growth, and here’s why:
They Have More Domain Knowledge
With age, comes wisdom and experience. Furthermore, older workers have gone through various cycles of growth and challenges in their industries, building up precious domain knowledge in the process – making them valuable employees.
They May Be Able To Build Partnerships Faster
Having the benefit of other connections from their previous jobs and the understanding of the industry generally, mature workers may be able to identify and appreciate collaborative opportunities more quickly. These collaborative opportunities within the ecosystem are often the key ingredients for a successful deal or partnership
They Can Be Great Mentors
With years of practice and expertise in the field, older workers can share their wealth of knowledge with younger colleagues. In fact, you can even empower them to conduct training to retrain existing employees, sharing best practices gleaned from their past employment to better serve your company in Singapore.
As mature workers are entrenched within the industry, they may sometimes be more resistant to new technologies and ways of working. companies can work to mitigate these issues by creating platforms, such as reverse mentoring, to encourage intergenerational collaboration.
Learn how you can enforce ethical hiring practices at your company with the Singapore Business Federation today.