Zarah ChoudharyAccording to a recent survey, 78% of Irish employers state a mandatory retirement age in their employment contracts or policies, which varies from 60 to 70 years.
Mason Hayes & Curran conducted a survey of more than 100 employers on the topic of employee age as an asset.
Only 10% of employers were found to have trained their staff on age inclusion, or how to lead the five generations now engaged in the workforce.
Irish law stipulates that it is not discriminatory to fix a retirement age for employees, provided the age chosen can be objectively justified by a legitimate aim and the means of achieving that aim are appropriate and necessary.
Mandatory retirement is becoming broadly prohibited across much of Europe.
The Workplace Relations Commission (WRC) will heavily review the imposition of mandatory retirement ages in the workplace if challenged by an employee.
Mason Hayes & Curran organised an executive conference on 23rd January to bring together experts on this topic and ensure that Irish leaders become more longevity literate.
Melanie Crowley, partner at Mason Hayes & Curran, said: “The benefits of having older workers in organisations cannot be overstated.
“Experienced workers have a wealth of experience and wisdom that can benefit organisations, and they often hold the key client relationships in a business or sales context.
“With life expectancy and the cost of living increasing for people all over the world, including Ireland, employees, whether by choice or necessity, are increasingly seeking to stay in the workforce beyond the age of 65.
“Organisations need to be prepared for this and ensure they do not leave themselves exposed to potential claims of discrimination in the workplace if such employees are not recruited or retained.”
Lyndsey Simpson, founder and CEO of 55/Redefined, said: “If you don’t have an age strategy, you don’t have a growth strategy!
“Ireland now has the lowest birth rates on record, falling from 4.07 live births per woman in the 1960s to 1.78 in 2024.
“This is below the required replacement rate of 2.1 and means that the area of growth for talent and consumers is the over 50s demographic and not youth.
“Coupled with this, a huge 30-year leap in life expectancy, means that Irish employees are not ready or wanting to retire in a traditional way in their 60s and instead are seeking opportunities to upskill and change careers and work more flexibly.
“Employers must focus on attracting & engaging over 50s talent and consumers to have a sustainable growth strategy.”
Catherine O’Flynn, partner at Mason Hayes & Curran, said: “The population of Ireland is getting older and by 2031, it is forecast that at least 32% of the workforce in Ireland will be aged over 50.
“With such a mature population comes that risk that skilled workers will be lost prematurely if employers do not have an age strategy ensuring their recruitment and retention in the workforce.
“To seek to recruit and retain such workers and maximise upon the opportunities presented, employers in Ireland should be considering introducing intergenerational learning initiatives, mentoring between older and younger workers and unconscious bias training at a minimum.”
