41% of the 2.6 million working Australians aged 45 or over intend to transition to part time work before they retire, according to new research from the Australian Bureau of Statistics (ABS).
The Bureau today released its Retirement and Retirement Intentions, Australia, July 2010 to June 2011 study, which also reveals that 65% of these workers plan “… to continue on with their current employer, 20% intended to change their employer and the remaining did not know whether they would change employers. Of those intending to work part-time and change their employer, 46% planned to change to a different line of work, 27% planned to work on a contract basis and 20% intended to work more hours from home.”
The study also reveals that a whopping 653,800 people don’t think they’ll ever retire. That’s up from 575,400 in 2008-2009 and 379,300 in 2007-2008.
Another finding that employers may need to consider is creep in the average age at retirement, which in 2010-11 was 53.3 years. More recent retirees, the study suggests, retire aged 61.4 years.
If these trends continue, employers may need to cope with a greyer, less-committed workforce in future.
Throw in the well known demographic bump that is the Baby Boomers, who are the dominant cohort in the workplace, and it becomes clear that business will need to rethink its hiring practices in coming years.