But one expert says businesses need to ensure older works are given more flexibility in the workplace, and cross-role training, as the average age of the population is set to increase and retirements are pushed back.
The AIM Salary Survey, which questioned over 750 companies, reveals the average age of the workforce increased in 45.9% of SMEs and 44.8% of large companies.
However, the survey also found that only 5.6% of SMEs and 6.8% of large companies changed official policy to accommodate older workers. Yet, 24.3% of SMEs and 9.1% of large companies amended policies to accommodate Generation Y.
Matt Drinan, AIM Research consulting manager, says companies are more than willing to introduce changes for Gen Y staff including flexible working hours, along with performance training and career development.
These are necessary updates, he says, as Gen Ys are clearly on the move. The latest Diversity Council Australia National Survey of Employees shows 31% of 18-24 year olds said they would be very likely to make an effort to look for a new job within the next year, while 24% of 25-34 year olds also said they would be looking out for new work.
But while Drinan says updating Gen Y skills and offering career training is necessary to keep the stereotypically fickle generation on board, the aging population demands more attention and businesses could be in trouble if they ignore the issue.
"It's not necessary that older workers need to be put in front of younger workers, but this is just alerting employers to the fact they need to consider both. Smaller companies are doing more to accommodate Gen Y, and they need to accommodate older staff."
"Particularly with the aging workforce, it's becoming vital for organisations to look towards using older workers in different ways. You don't want to lose their experience."
Drinan says companies need to identify "flexibility" for each worker individually. For a Gen Y worker, it might be working part-time, but for an older worker it might be necessary for them to leave at a certain time and make up the hours later on.
"The reasons need to be considered for each worker. I think Gen Y want more flexibility in time they can work, for older workers they might have responsibilities in being a carer, or looking after grandchildren, or other types of responsibility."
"I also think older workers may not be able to, or perhaps even may not want to, work the length of time other employees do. Doesn't mean they won't be productive at all – in fact, they might even be more productive if they are working in short bursts."
Drinan says employers would be foolish not to make any adjustment to worker flexibility as their staff age.
"I think older workers prefer to stay on if they can, and if employers made the roles more flexible you'll be able to benefit in a number of different ways. You can't just ignore the older workers at the expense of the young. Look at both equally."
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