By 2050, the number of people over 65 years old will triple and the number of those over 80 will quadruple. With sub-replacement birth rates in many locations, some countries will be more affected than others, but the availability and composition of the labour force across the world will change forever.
As more elderly people depend on working-age men and women, state benefit costs will rise and economies will suffer.
It will be harder to manage HR, reward, and benefit programmes. You will have issues with retention and attrition of the right skills, succession planning, adequacy of pension provision, health and wellbeing concerns and alignment of rewards. You might also experience operational, employee relations, and legal challenges.
To survive, companies need to understand and prepare for these changes. HR programmes will have to meet the needs of multi-generational workforces, whether that means flexible work patterns and job designs or employee education to help share accountability for financial and health wellbeing.
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