Wednesday 18 August 2010, Sydney – In tandem with an ageing population, Australia is experiencing an ageing workforce. While Australia’s media age now exceeds 37, the median age of an employed person exceeds 40 in almost every industry sector, and in some like education and health it exceeds 45.
With the Baby Boomers approaching retirement in record numbers, with Generation Y staying in education longer, and with almost 1 in 3 workers employed on a part-time basis, it is estimated that next year Australia will hit peak labour, when there will be more people exiting full-time roles than there will be people entering them.
McCrindle Research has conducted a national study analysing this and will host their groundbreaking Masterclass “the ABC of XYZ” in Melbourne and Sydney this month. The day-long seminar looks at the rapid change occurring in society as our biggest generation heads towards retirement and generations Y and Z become powerful players in the workforce.
Mark McCrindle, Director of McCrindle research said, “Every organisation, every product and every brand is just one generation away from extinction. Unless companies can recruit and retain the new generation of staff, and engage with the emerging customers, they will struggle to survive. “ “The labour shortages are produced by demographic factors not just economic ones. Regardless of labour demand fluctuations- the long-term supply is in decline relative to Australia’s needs. At our upcoming seminar we’ll provide recruitment and retention tactics that can improve engagement with Generations Y and Z,” McCrindle continued.
Here are some of the top trends and statistics which will redefine Australia’s workforce as we approach 2020, according to the McCrindle and the ABC of XYZ experts:
• There are currently 4.65 million Australians in GEN Y, comprising 21% of our workforce. In 2020 this number will double to 35% while over this same period of time, Baby Boomers will decline from 36% of the workforce to just 15%
• There are 4.22 million Australians in GEN Z and although not currently working, by 2020 they will comprise 12% of the workforce.
• It has never been harder to attract, recruit and retain staff. Those aged 20-24 are three times more likely to change jobs in a year than those aged 45-54. Currently, more than 1 in 4 workers change jobs in any given year!
• Treasury’s Intergenerational Report (February 2010) states that today for each person of retirement age there are 5 people in the working age population but by mid-century this ratio will almost halve- to just 2.7 people of working age per retiree.
• 86% of Generation Y’s expect a promotion within 2 years compared to 70% of Baby Boomers
• 89.6% of Generation Y agree regular training from their employer would motivate them to stay longer
• The Top 5 attraction and retention factors for Gen Y are: work-life balance, workplace community, management style, broad job description, and training & development opportunities.
The McCrindle Research team, regarded as Australia’s generational experts, is hosting this Masterclass for HR, advertising, marketing and PR professionals, as well as educational institutions and others who need to engage with these up-and-coming generations.
• Media interviews with the expert presenters will be available at the Masterclass.
• Registrations are available online and complimentary media passes are also available.
• For free media passes or further information contact Francesca on (02) 8824 3422
• For media comment contact Mark McCrindle on 0411 5000 90.
• For further information, information about speakers and a full program go to: www.theABCofXYZ.com or call 1800 TRENDS (1800 873 637)
Melbourne, 8am-4pm Sydney, 8am-4pm
Friday 20 August 2010 Friday 27 August 2010
Park Hyatt Melbourne Sheraton on the Park
McCrindle Research: Taking the Pulse of Society
At McCrindle Research we exist to conduct world class research and communicate the insights in innovative ways.
Our reputation as the gold standard in research has led us to be engaged by some of the largest organisations in Australia and the Asia Pacific. We are a full service research agency commissioned to conduct varied research projects by multinational companies, government organisations and the not-for-profit sector. We specialise in analysing social trends, demographic shifts, generational studies, consumer insights and employment behaviour.
The ABC of XYZ Masterclass - 20 August 2010 Melbourne, 27 August 2010 Sydney.
This conference is designed to give insights into best-practice marketing strategies and recruitment and retention tactics that can improve your organisation's engagement with Generations Y & Z.
P: 02 8824 3422
M: 1800 873 637