An expansion in part time employment is expected to take effect between 2014 and 2016, as Baby Boomers choose to work part time when they reach retirement age.
Known as the retirement effect, this phenomenon will see many workers reaching retirement age choose to shift from full time to part time positions. With rising costs of living and longer life expectancy in Australia, many workers on the verge of retirement are expected to continue working beyond the traditional retirement age of 65, either to supplement their super income or to suppress boredom.
According to HireMeUp.com.au co-founder Fiona Anson, shifting attitudes and Baby Boomers reaching retirement age are the reasons behind the expected surge in the part-time workforce.
“There’s a changing attitude about what’s important in life which, coupled with the slower transitional movement of boomers into retirement, will, in our opinion see the exponential growth of part time jobs,” she said.
With flexibility of part time work a major advantage to employees, employers also see advantages in that the costs associated with part time employees is significantly less than full time employees. These advantages are the driving force behind the surge, with Anson revealing the trend is set to continue.
“We’re seeing a huge spike in part time positions becoming available across all industry sectors and we don’t expect that to change any time soon,” she added.