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Old is the new young: How employers can leverage career mapping strategies for young seniors

Old is the new young: How employers can leverage career mapping strategies for young seniors

Playing on the strengths of today's young seniors by building resilience will prove advantageous for your business in the long term, affirm experts from Tripartite Alliance for Fair and Progressive Practices (TAFEP).

Old is the new young. In his National Day Rally speech this year, Singapore's Prime Minister Lee Hsien Loong announced the new "Majulah Package" to provide extra retirement help for those in their 50s and early 60s1. He gave this group of people a unique label: young seniors.

Legislative changes have made this an even more urgent priority. The retirement and reemployment ages will be progressively raised to 65 and 70 respectively2. The Tripartite Committee has also outlined the importance of creating an age-inclusive workplace culture in the recent Workplace Fairness Final Report, in line with the ongoing focus to support employment opportunities for seniors.

Scaling up investments in age management

The good news is that most companies see the importance of having age management practices in place. In an age management survey reviewing a framework for age-inclusive norms established by TAFEP in 2016, 88% of respondents viewed all nine listed age-inclusive norms as important in creating an age-inclusive workforce.

Having gone through Singapore’s first post-independence recession in the mid-1980s, possibly impacted by the Asian Financial Crisis, and more recently COVID-19, young seniors are more resilient and comfortable to change than one may think.

Playing on the strengths of today's young seniors by building resilience will prove advantageous for your business in the long term. Here are a few ways to help you achieve that.

Building resilience into your workforce through career mapping

Career mapping provides individuals with a structured approach to career development, which in turn enhances their ability to cope with adversity, adapt to change, and bounce back from setbacks. It empowers individuals to proactively manage their careers, increasing their overall resilience in the face of professional challenges.

Here are some elements you can integrate into your firm’s career mapping process to build resilience.

Assess, reflect and set clear goals: Conduct a thorough assessment to identify strengths, weaknesses, values, interests, and long-term goals of the individual. Define the short-term and long-term career goals. Having clear goals provides a sense of direction and purpose, which is vital for resilience.

Develop skills and knowledge: Include a plan for acquiring the skills and knowledge necessary, and provide incentives for staff to do so, e.g. reimbursements, skill bonuses, time-off for learning, etc.

Build flexibility and adaptability: Understand that unexpected changes will occur, and being open to adapting is essential for resilience. Consider providing options for career paths, such as lateral or even diagonal moves to a new field or department, and support this through job rotation opportunities and stretch assignments.

Employee resilience is what pulls organisations through times of crisis. Playing on the strengths of young seniors, while supporting them as they navigate their unique challenges, will prove advantageous for your business in the long term.


References:

1. National Day Rally, 2023. Available at: https://www.pmo.gov.sg/Newsroom/National-Day-Rally-2023 [Accessed 16 Oct, 2023]

2. Retirement and re-employment ages in Singapore will be raised to 65 and 70, 2023. Available at: https://www.straitstimes.com/singapore/politics/retirement-and-re-employment-ages-will-be-raised-to-65-and-70 [Accessed 16 Oct, 2023]


TAFEP provides information and resources to help employers and HR professionals keep abreast of HR best practices. Visit tafep.sg to find out more.

ALSO READ: Don’t mind the gap: How hirers can address gaps in a jobseeker’s resume


 Lead photo / 123RF

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