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    Money matters, but what else? Mature worker motives and the importance of gender, age, socioeconomic status and age-inclusive HR practices

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    Authors
    Loh, V.
    Hamilton, M.
    Baird, M.
    Zettna, N.
    Constantin, A.
    Andrei, Daniela
    Petery, G.A.
    Parker, Sharon
    Date
    2024
    Type
    Journal Article
    
    Metadata
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    Citation
    Loh, V. and Hamilton, M. and Baird, M. and Zettna, N. and Constantin, A. and Andrei, D.M. and Petery, G.A. et al. 2024. Money matters, but what else? Mature worker motives and the importance of gender, age, socioeconomic status and age-inclusive HR practices. Australian Journal of Management. 49 (4): pp. 790-811.
    Source Title
    Australian Journal of Management
    DOI
    10.1177/03128962231176322
    ISSN
    0312-8962
    Faculty
    Faculty of Business and Law
    School
    School of Management and Marketing
    Future of Work Institute
    Funding and Sponsorship
    http://purl.org/au-research/grants/arc/CE170100005
    URI
    http://hdl.handle.net/20.500.11937/97302
    Collection
    • Curtin Research Publications
    Abstract

    Policies encouraging extended workforce participation mainly focus on financial motives, but socioemotional selectivity theory and research suggest that mature worker motives are multifaceted, with emotionally meaningful goals gaining importance with age. We adopt a person-centred approach using latent class analysis of survey data from 1501 Australian workers aged 45 years and over. Two motivational profiles based on patterns of motives were identified, which we term income-dominant (income is the main reason) and socioemotional-income (socioemotional reasons are dominant, but income is important too). Contrary to expectations, we found no evidence of a socioemotional-dominant profile. This provides new theoretical insights, as it suggests that even though socioemotional reasons may increase in importance with age, financial reasons remain important to most mature workers, especially those who may view work as being transactional. Being female, older, and having higher socioeconomic status and age-inclusive HR policies increase the odds of having a socioemotional-income rather than income-dominant profile. The socioemotional-income subgroup had lower turnover intentions and later desired retirement ages than the income-dominant subgroup, highlighting the potential for more socioemotionally focused policies and practices to encourage extended workforce participation. JEL Classification: J26, M12, M54

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