Aging Populations and the Workforce: Challenges for Employers

Abstract

The demographic structures of the US, the UK and Canada are undergoing changes that will profoundly alter the age profiles of their populations over the next 20 years. Projections show that, due to declining birth rates, growth in the population traditionally considered to be of working age will slow and then essentially cease. The average age of the workforce will rise, as will its average level of education. The proportion of female workers will grow and people past traditional retirement age will make up a larger and larger share of the pool from which employers draw. These changes present a unique set of challenges to employers. This paper describes these key challenges, outlines some promising approaches, and discusses the public policy changes that will affect employers’ ability to make the needed adjustments. Among the issues highlighted are: new recruitment strategies that tap underused resources, such as older workers and immigrants, and target younger workers more effectively; adopting work schedules to accommodate the desires and needs of older workers; training; novel approaches to work content and compensation that can more effectively match pay with productivity over the course of a career; and changes in workplace organisation and technology that can help employers and employees find mutually satisfactory arrangements.

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