Media Release - 13 December 2007
Labour squeeze can be eased by tapping into existing talent pools such as the mature-aged professional, says Michael Page International following ABS Labour Force figures released today
The wages pressure of a tight labour market can be eased by boosting the participation rate of mature-aged professionals, said Phillip Guest, managing director at global recruitment firm Michael Page International following the release today of the Australian Bureau of Statistics Labour Force figures for November 2007 which reveal a near historic low unemployment rate of 4.4%.
Mr Guest said the wage pressures will have a strong impact on the economy over the next 12 months. Citing the Michael Page Salary Survey 2007-2008, he said the pressure on wages inflation and the professional skills shortage could be alleviated by encouraging a greater participation of mature-aged professionals in the workforce through the restructuring of jobs to help them remain in the workforce longer or to return to work on a part-time, semi-retirement basis.
He said mature-aged professionals would make up a greater proportion of the labour force if they were given more flexible work options. In an encouraging sign he said the survey reported flexible working arrangements was one of the top three retention strategies used by employers to keep valuable professionals. (The other two retention strategies were training and development, and bonus schemes.)
“The population will increase over the next 40 years but with a higher proportion of older people. Although the labour participation rate for people aged 15-64 is projected to rise, the ageing population means a greater proportion of people will be over 64, and people in this group are most likely not to work or to work part-time.
“This means we need rethink our attitudes to retirement and offer more flexible job arrangements to retain mature-aged workers for longer, or to assist with re-entry into the workforce on a part-time basis.”
About Michael Page International
Michael Page International is a leading professional recruitment consultancy specialising in the recruitment of permanent, contract and temporary positions on behalf of the world’s top employers. The consultancy operates through 149 offices in 25 countries and employs more than 5,000 people. Australian operations began in 1985 and the office network has since expanded to include Sydney, Chatswood, Parramatta, Melbourne, Wheelers Hill, Brisbane and Perth.
Contact
Jason Hemens
Corporate Communications Manager
Michael Page International
Ph: 02 8292 2131
Email: jasonhemens@michaelpage.com.au
