A recent study by the National Trades Union Congress (NTUC) and Tsao Foundation has shown that many companies are not prioritizing training for older workers despite recognizing its importance. From July to August 2023, this survey polled 601 C-suite level executives, hiring managers, and human resources managers across 16 industries.
Surprisingly, training ranked only sixth among the strategies used to support older workers, picked by only 28% of respondents. Flexible work arrangements were the most common practice (48%), followed by health and wellness support (42%), internal job mobility (41%), continuous career development (39%), and inter-generation mentoring programs (29%).
The study also highlighted the challenges older workers face in finding employment, even after upskilling efforts. Despite comprising 27% of today’s workforce, older workers struggle to secure jobs due to their primary skill sets.
NTUC and Tsao Foundation said, “With the aging workforce, possibly shrinking resident labour pool and lower training participation of mature workers, companies may struggle to stay competitive and sustainable.”
Companies have adopted flexible work arrangements and reduced working hours to accommodate older workers. NTUC and Tsao Foundation have signed a five-year agreement, both organisations will enhance mature workers’ employability and value to employers.
Dr. Paul Ong, deputy chief executive of Tsao Foundation, said one of their study will understanding macroeconomic conditions and specific practices that enable older workers and employers to succeed.
“The research work will provide important insights for employers and how and why they should hire, train and retrain older workers. It also helps us to understand better and create better training environments to produce more effective and tailored training that is suitable for older workers and employers.”
NTUC secretary-general Ng Chee Meng said, “To our mature workers, you are a valuable resource, and we want businesses to tap your knowledge and experience. By doing so, we can bridge the workforce gap and mutually gain from the valuable experience that you bring to companies.”
Mr Francis Looi, chief executive of Polar Puffs & Cakes, stressed the importance of training for all staff, regardless of age. “It is important not to clarify them as ‘mature’ workers. All staff need training regardless of age, and they learn together,” said Mr Looi, pointing out that it costs more to hire new staff than to train existing ones.
