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[IWS] Towers Perrin: IS 75 THE NEW 65? RISING TO THE CHALLENGE OF AN AGEING WORKFORCE [February 2014]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
IS 75 THE NEW 65? RISING TO THE CHALLENGE OF AN AGEING WORKFORCE [February 2014]
[full-text, 30 pages]
Press Release 10 February 2014
Is 75 the new 65? Rising to the challenge of an ageing workforce
<![if !supportLists]>· <![endif]>By 2020, managing an ageing workforce moves up the HR agenda, from just the number seven issue for today, to a top three concern for survey respondents.
<![if !supportLists]>· <![endif]>As a result of the ageing workforce, almost half (43%) expect greater employee demand for benefits and over a third (35%) expect increased flexible working.
<![if !supportLists]>· <![endif]>Nearly half (43%) of employers also expect employee demand for healthcare and retirement provision to grow.
Historically low birth rates and increasing life expectancy mean that Europe’s working population is ageing fast. In 2012, the continent reached an inevitable demographic tipping point. The percentage of the population at working age fell for the first time in 40 years. It is now forecast to fall every year until 2060.
This inescapable trend will have profound implications for governments, citizens and companies across Europe. The fact that Europe has seen its demographic dividend expire in a time of economic frailty will only compound the challenge.
Retirement as we think of it today could soon become a thing of the past. State pension and health provision will come under intense stress. Companies will have to achieve a step change in their attitudes to older employees, and, more broadly, working practices.
To explore some of the issues that senior executives will have to address as they seek to adapt their organisations to this new world, The Economist Intelligence Unit, on behalf of Towers Watson, surveyed 480 senior executives at companies across Europe. Almost three quarters (71%) of them expect the number of their employees aged 60+ to increase by 2020, including 22% who expect it to increase significantly.
This report explores some of the key issues that senior executives will have to address as they seek to adapt their organisations to this new world.
Key findings include:
<![if !supportLists]>· <![endif]>Most companies know they have to change, but not all.
<![if !supportLists]>· <![endif]>Adapting work so it suits older workers is good for all employees.
<![if !supportLists]>· <![endif]>Employee priorities are shifting from money to lifestyle.
<![if !supportLists]>· <![endif]>Managing talent will be a significant driver of change in 2020.
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