Managing an Ageing Workforce

Inhaltsangabe:Abstract: Germany’s population, and consequently its workforce is ageing. Fewer young people will enter the workforce and employers will be pressed to draw from an expanding pool of older people. As a consequence the working age population is projected to decline significantly; while the numbers of organisations depended on them will rise. At the same time, baby boomers are moving towards retirement and can not be replaced by middle-aged or younger workers. Facing impending talent shortages and a substantial loss of knowledge and experience, companies might have little choice but to implement new employment strategies. Primarily based on secondary research and supported by available data from various research institutions, this paper considers relevant variables and approaches related to challenges from a German perspective. This is done regardless of specific industry conditions and circumstances. The paper covers selected peripheral issues like attitudes and retirement intentions of older workers and the myths and stereotypes about them. It provides an overview of the German labour market, specifically the situation of older people, and how public policy has been responding to improve related conditions. Finally, minor and major interventions are presented to adapt human resource methods, work arrangements, and framework conditions. Recognising that an effective response to the demographic changes requires a broader perspective, i.e. considering all working generations, the proposed initiatives primarily focus on the attraction and retention of older people. International and more specific German demographic projections clearly indicate that age management is essential. Organisations have to be prepared to cope with the impending labour and skill shortages resulting from a declining population and a likely mass exodus of the baby boom generation from the workplace. Future competitiveness of businesses increasingly rests on the performance and productivity of older people. Hence understanding, retaining and utilising them becomes crucial. Considering characteristics of the older workforce segment, this paper shows that older workers are ready, willing, and able to stay employed. Medical advancements and other quality-of-life factors lead to people live longer and healthier. Myths and stereotypes about older workers are not upheld by available evidence and replaced by convictions to be a valuable resource for employers and capable [...]