In its September 2023 snapshot on the cost of living, SACOSS reported the annual rate of Australian inflation to be 5.4%. In Adelaide the CPI rise was higher at 5.9% for the year – the largest annual rise of all capital cities. This is the fourth quarter in a row that the annual rate of inflation in Adelaide has been the highest in the country.
There’s no doubt we’re in a cost of living crisis as rent, mortgages, resources like electricity and petrol, plus food have all risen in price. If its not impacting you yet – you’re lucky. Its impacting thousands.
Spare a thought for those who have been retrenched. Employers are increasingly overlooking those out of a job in favour of those in a job to fill their vacancies – leaving retrenched workers over fifty not only battling a cost of living crisis but in many cases wondering how they will fund a half decent retirement too.
There is a growing appetite for strong career progression beyond 50 in Australia. It’s the time to consolidate your savings and super, to make your mark, to find work that is satisfying and fulfilling. In the past people might have “down-sized” their career and started to think about retirement. These days people 50+ are starting to notice their super won’t last as long as they need it to. Career breaks, retrenchment, falling investment returns and house prices make Australians worry about running out of money in retirement.
Some unlucky retrenched employees never find another job, despite their best efforts and have to survive on benefits until they retire. That’s an extremely bleak prospect.
Retirement used to be thought of as a blissful time to set your work aside and really focus on pursuing what makes your heart sing. The questions is – will your savings go the distance?
Through the late-80s and early-90s, investors could rely on better investment returns, term deposit interest rates that were north of 10% p.a. and healthy, stable earnings. In 1990, the average term deposit rate was 14.90% p.a. – compare that to todays rate! Many Australians in their fifties and sixties need to work to have a comfortable future assured.
If you are an employer, consider: how many over fifties do your recruitment processes attract? Is there inbuilt bias against older workers? What do your statistics show? Is there any age discrimination and bias in your workforce that needs to be addressed to create a level playing field for all?
Are you biased against mature workers, thinking they will want higher salaries because they have so much experience, or believing they are somehow bringing less than a younger worker to the table?
When you restructure and make redundancies
When you no longer need some roles and have to make positions redundant, do you seek to re-deploy employees? Do you offer other opportunities in-house? Do you provide long-term outplacement support to older workers that are retrenched? (If not, did you know older workers can take 2 years to find their next role after retrenchment?)
Older workers naturally can get discouraged by a job search process that seems to negate them. They may need extra outplacement support in the current climate where being out of a job makes it hard to get into the next one.
Its tough out there! For single older workers who have been retrenched there is always that extra worry of the housing affordability crisis – its hard to fund a home on one wage, never mind without one!
The best way to prepare for the future seems to be to find or create a well-paid income producing opportunity in your fifties, sixties and beyond.
If you would like to find out more about outplacement services in Adelaide – please email bridget@developmentatwork.com.au for a personal quote.
If you are a defence spouse we can often provide you with free help with Partner Employment Assistance program (PEAP) Program funding – ask us about it.
If you are a P&C/HR Manager seeking career transition or outplacement support for people in your organisation please contact us on 0477 016966 or bridget@developmentatwork.com.au for a free no obligation meeting and outplacement quote – we would love to talk to you about how we can assist your people.
Outplacement Adelaide is Adelaide’s leading career transition firm offering a positive psychology-based outplacement program – individually tailored to the needs of recipients. For information about our outplacement and career transition services click here: www.outplacementadelaide.com.au
We assist retrenched workers to manage their mindset, build their resume, find the hidden jobs, understand and manage their job search and manage their personal brand.
To find out more about our complete solution options which include:
- NLP and Strategic Intervention techniques
- Portfolio careers coaching – attracting employers and income producing opportunities, exploring entrepreneurship and work-related strengths
- Building your brand
- The use of techniques to build optimism, hope, and resilience
- Techniques and tools to overcome physical or psychological issues that could otherwise have held back a person’s job search progress
- Resume writing
- Finding jobs online
- Finding the hidden jobs – often of great use to Executives
- Interview skills
please contact Bridget Hogg on 0477 016966.
Retrenched workers are often anxious with the uncertainty of unemployment and this can lead to tunnel vision – Outplacement Adelaide programs offer a mindset shift which helps each person embrace new ways of thinking about work, their strengths, and how to connect with employment and entrepreneurial opportunities.
Outplacement Adelaide is the outplacement division of Development at Work Australia, based in the Adelaide area of South Australia.