The Ageing Workforce is Growing

Years ago, the imbalance in the demographic profile used to be referred to as the “demographic time bomb”. Even though we’re right in the middle of that period now, it does not feel like a time bomb. Has the problem gone away or is something else happening? More recently Richard Donkin referred to this issue, in this period, as a slumbering giant. The issue is with us but the slumbering nature of it is helping to keep the significance and impact of it hidden from our view.

The oldest of the baby boomers have started to leave the workplace. The oldest of them is now in their mid-60s and the biggest bulge in the UK’s demographic profile is moving into retirement potentially in the next 10 - 15 years. This situation pertains in many Western industrial societies.

As a nation we are continuing to live longer, healthier lives.  The age profile of the British population is changing and the ‘ageing workforce’ continues to grow.  It’s a slow process but it is happening now. On the other side of the spectrum we are continuing to see declining birth rates.  The risk is in a skills shortage and not being able to fill our job vacancies with the calibre of talented people we need.  According to the TAEN (The Age and Employment Network 2007), 1 in 3 workers will be over the age of 50 by the year 2022.  This is a third of a company’s workforce which cannot be ignored or dismissed.

It is a slow but sure change and if we do not start acting now, organisations will not have the frameworks or structures in place to manage their resources effectively and a negative if not detrimental impact will result.

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