Older, But None the Wiser
-
Upload
luis-ortiz -
Category
Documents
-
view
12 -
download
0
description
Transcript of Older, But None the Wiser
-
A report from the Economist Intelligence Unit.
The implications of an ageing workforce in the UK
Sponsored by
OLDER, bUTNONE THE WIsER?
-
1 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Contents
Executive summary 2
Calm before the storm 3
Employee demands are changing 5
Healthy workers, healthy profits 7
Tackling the pensions problem 8
Case study: IHG 10
Conclusion 11
Appendix: Survey results 12
-
2 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Executive summary
An ageing workforce will create big talent management challenges for UK employers. They should be changing their reward and resourcing practices now.
Historically low birth rates and increasing life expectancy mean that Europes working population is ageing fast. In 2012 the continent reached an inevitable demographic tipping point. The percentage of the population of working age fell for the rst 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 demographic make-up of the UK means that the country has more time to adjustuntil the early 2020sthan the continents other large economies, according to European Commission forecasts. But are UK companies using that time to their advantage?
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, with 84 in the UK. Just over three-quarters (76%) of those in the UK expect the number of their employees aged 60+ to increase by 2020, including 29% who expect it to increase signi cantly.
Key ndings include:
Companies have a chance to prepare now, but most are not taking it. Workforce ageing will hurt the UK later the continents other main economies. But this opportunity is being squandered. When it comes to the kind of workplace changes that experts say are essential, UK companies are at the bottom of the European league table. Less than one- fth (18%) plan to let older workers cut their hours without feeling less valued.
Workforce ageing must move up the business agenda. UK executives are currently the least concerned in Europe about the challenge of managing an ageing workforce. Just one in 17 sees ageing as an issue. By 2020 that gure will leap fourfoldthe biggest increase in Europe.
The bene ts on offer need to change. As the workforce ages, employees will value a different mix of bene ts. UK companies are the most likely in Europe (48%) to feel that the bene t programmes they have in place today would not be t-for-purpose in 2020. Some 60% plan to offer more choiceby far the highest proportion in Europe.
Insuf cient savings are to blame for the UK pension crisis. Demographic change and government de cits are seen as the biggest challenges to their countrys pension system. But the UK (45%) executives overwhelmingly say the problem is that individuals are not saving enough. That is more than three times higher than in the next country, the Netherlands.
-
3 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
The economic and business implications of Europes ageing workforce are huge. But the UK should have more time to adjust than any of the EUs other large economies. Germany, one of the most exposed countries, could experience serious labour supply constraints within the next two or three years under the European Commissions most pessimistic scenario. The UK has a younger population; the Commission does not expect demographics to start hurting its economy until the early 2020s. But when the pain does arrive, the Commission says the UK should have had much more time to adjust, because it will have had more scope to bring people into the workforce and to improve productivity.
Perhaps it is no surprise, then, that the survey found that UK executives are currently the least concerned in Europe about the challenge of managing an ageing workforce. Just one in 17 UK executives sees ageing as an issue today; that level is over ve times higher in France. But this period of executive calm is not likely to last.
UK companies will shift their priorities over the next few years. They currently have a laser-like focus on cost control68% say it is one of their two most important business concerns, the highest percentage in Europe. As economic prospects brighten, the focus on managing costs will diminish. By 2020 only 20% think it
Calm before the storm1
What would you say is the most important business priority for your organisation currently?(% of respondents)
Chart 1
UK in 2020Europe in 2020UK nowEurope Now
Risk control andmanagement
Talent management(HR)
InnovationExpansionCost controlRestructuring
27 26
84
57
68
2320
32
25
42 44
29
24
49
55
24 25
4245
1418
14
20
Source: The Economist Intelligence Unit.
-
4 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
will rank as highly. In its place, UK executives say their main business priorities in 2020 will be innovation (55%) and talent management (45%).
With the focus moving away from what people cost to what value they can bring, workforce ageing will become more of a concern. The survey shows that it will climb up the executive agenda across Europe, but nowhere is the expected leap as high as in the UK, where four times as many executives think it will be a top-three issue in 2020the biggest increase in Europe.
UK executives have time to prepare that their peers in other countries would envy, but most are making little use of it. The key to engaging and retaining older workers is to adjust work to their needs, says Maria Karanika-Murray, a work psychologist in Nottingham Trent Universitys School of Social Sciences. Some companies are
already doing this, but many are unsure of their options.
In important areas, UK companies are lagging far behind. Only 28% of survey respondents say they are planning to ensure that the skills of older employees remain up to date. Just 18% expect to adapt their structures so that older workers who cut their working hours or responsibilities can retain their status in the business and feel valued. On both points, the UK comes bottom in Europeby a wide margin.
More needs to be done, believes Baroness Sally Greengross, chief executive of the International Longevity Centre, a UK think-tank on longevity and demographic change. There is signi cant denial around the implications and consequences of our rapidly ageing population, she said in a recent debate. If we dont change our employment practice, industry will face a skills gap: this is inevitable.
What, if anything, does your business plan to do by 2020 in order to adapt to the changingneeds of your workforce?(% of respondents)
Chart 2
GermanyUKEurope
Source: The Economist Intelligence Unit.
Other, please specify
Looking at how to address inter-generational differences in our
workforce
Giving employees more choiceover their benefits
Adapting our structure to ensure that older workerswho reduce work hours or responsibilities retain their
status within the company and continue to feel valued
Ensuring that the skills of olderemployees remain up to date
Offering more flexible working hoursor working from home
Changing the employeebenefits we offer
Making physical changesto the workplace
2824
45
50
55
5646
46
4828
32
3918
4860
222
2927
25
45
60
77
-
5 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
As employers adjust their human resources plans to t a brightening economy, employee expectations will also change. For now, job security is still seen by executives as the number one employee concern by a wide margin. And UK employees are thought to worry more about this than those in any other European country, apart from Spain and Italy. But UK executives expect this to roughly halve by 2020.
Instead, employees will look much more closely at the quality of their working lives. Today, 55% of UK executives report that work-life balance is a top-three concern for their employeesthat is by far the highest gure in Europe. By 2020 executives in every country, apart from France,
believe it will become the main employee concern.
Re ecting the shift from money to lifestyle bene ts, one-third of European executives expect their employees to want more job sharing, part-time working, portfolio careers and the opportunity for phased retirement. The common denominator here is that employees want greater exibility.
But how companies plan to deliver that exibility varies by country. For Europe as a whole, the most common response is to offer more exible working hours or working from home (56%). UK companies see this as a way forward too. But they are far more likely to see better bene t
Employee demands are changing2
What do you believe to be the issues your employees see as most important today?(% of respondents)
Chart 3
UK in 2020Europe in 2020UK nowEurope Now
41
52
32
42
6462
2931
20
14
3135
232219 18
15
6
17
11
42
55
4548
1411
25
1720
17
33 32
24 24 2528
3 48 7
Source: The Economist Intelligence Unit.
Caring fordependents
(children andelderly)
Skilldevelopment
Employmentflexibility
(job sharing,portfolio careers,
part-time working,phased retirement)
Newtechnology
/pace ofchange
Work-lifebalance
Healthcareprovision
Stress andwellbeing
Saving forretirement
Jobsecurity
Financialsecurity
-
6 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
programmes as the answer to their talent management challenges. And here they see signi cant need for change.
According to the survey, UK companies are the most likely in Europe (48%, compared with an overall European average of 39%) to feel that the bene t programmes they have in place today would not be t-for-purpose in 2020. Some 60% plan to change the employee bene ts they offer and to give employees more choice over their bene tsby far the highest proportion in Europe. But UK executives are also the most likely to believe that the cost of bene ts as a percentage of salary will increase (62%).
Here they will face a conundrum: how can they offer employees the choice and exibility of
How likely is it that the benefit programmes you have in place now will remain fit-for-purpose in 2020? (% of respondents)
Chart 4
Source: The Economist Intelligence Unit.
Very unlikely Unlikely Neither/neutral Likely Very likely Dont know
Spain
Switzerland
Netherlands
Italy
France
Germany
UK
Europe 27272430
26182635
9
13
2725
31227
7418
21026
32
27
243611
29
295
273
1914
81630433
53621309
bene ts and work practices they are looking for without allowing costs to spiral upwards? The survey suggests UK companies may be better placed to deal with this challenge than others. Today, they are less likely to believe their company has built up its bene ts offer without an overarching strategy (24%, compared with 37% for all Europeans). But like executives across Europe, only half of them (54%) believe they currently offer a comprehensive bene ts package that helps them to attract and retain staff.
-
7 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
As executives rethink their bene ts offer, healthcare will become increasingly signi cant. Even if state health provision were not under pressure from demographic change, the health and welfare of employees would logically become a growing human resources concern, since workforce ageing will require companies to rely more on older workers anyway.
Over two-thirds (70%) of European executives feel this is the caseslightly more than the 64% in the UK, with its National Health Service (NHS). Yet as state health funding comes under pressure in the UK and companies look to offer a richer mix
Healthy workers, healthy pro ts3of bene ts, it is no wonder that UK executives are the most likely in Europe (79%) to believe health bene ts will become increasingly important to employees.
But does that rethink necessarily mean an increase in cost? If older people maintain a healthy lifestyle, there is no reason why they cant choose to continue to work well beyond the pensionable age and contribute in some way, at no extra burden to the employer, says Ken Jones, chief executive of the UK-headquartered European business of Astellas, a Japanese pharmaceutical company.
-
8 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Many companies see phased retirement as an important way of adapting to an ageing workforce. UK executives considering this option are likely to be pushing at an open door. The countrys citizens are almost twice as likely as the average European to want to keep working after their pension age56% of them are keen on the idea, according to the European Commission. On this measure, only the Danes rank more highly among the EUs 28 member states. And those in the UK are also much more interested in the option of taking a partial pension while working
Tackling the pensions problem4
What challenges are employers facing in making changes to their retirement benefits? Select up to three(% of respondents)
Chart 5
UKEurope
Source: The Economist Intelligence Unit.
Staf
f hav
ent
requ
este
d an
ych
ange
s so
em
ploy
ers
dono
t nee
d to
mak
e an
y
Low
leve
ls o
f tru
st a
mon
gst
empl
oyee
s fo
r fin
anci
alpr
oduc
ts
Staf
f do
not h
ave
tim
e or
reso
urce
s to
man
age
reti
rem
ent p
lans
Lack
of b
otto
m li
ne b
enef
itm
akes
cha
nge
hard
to ju
stify
Low
leve
ls o
f app
reci
atio
nfo
r ret
irem
ent b
enef
its
amon
g em
ploy
ees
Low
leve
ls o
f fin
anci
allit
erac
y/un
ders
tand
ing
amon
gst e
mpl
oyer
s
Lack
of t
ax in
cent
ives
Lack
of t
ools
to m
easu
reRO
I to
just
ify th
e co
sts
Man
agin
g th
e ri
sk p
osed
to th
e bu
sine
ss(d
efin
ed b
enef
it p
lans
)
Exce
ssiv
e re
gula
tion
Cost
of i
mpl
emen
ting
chan
ges
Grow
ing
cost
s(d
efin
ed b
enef
it p
lans
)
43
47
4042
33
38
24
33
19
6
19
14
18 17 18
29
17
1214
12 12 12
2 1
part-time82% like the idea, compared with two-thirds of all Europeans.
Rethinking retirement in this way might also require a rethink of pensions. And this is where the drive for greater exibility could hit the buffers. While executives surveyed in the UK are particularly keen to offer employees a more adaptable mix of bene ts, 42% say pension arrangements are expensive to change, and 38% say they are excessively regulated.
-
9 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Pension funding is also a thorny issue. Like their counterparts in Europe, many UK executives (41%) believe employers should help their employees to have a comfortable standard of living in retirement, with 44%a notch above the European averagesaying employers should be primarily responsible for providing retirement provision.
But unlike their European peers, UK executives believe individual employees share the same burden of responsibility. What is more, they are far less likely to believe that the employer should bear the risk of retirement provision. Over
half (53%) of UK executives disagree with that suggestionmore than double the proportion in Germany and Italy.
For UK executives, the greatest threat to pension provision in their country is the fact thatin their viewemployees are not meeting their side of the deal. Whereas executives across other countries say the biggest systemic pension challenges are demographic change and government de cits, those in the UK (45%) overwhelmingly point to insuf cient savings by individuals. That is more than three times higher than in the next country, the Netherlands.
What is the biggest challenge facing the system for retirement savings in the country in which you are based?(% of respondents)
Chart 6
UKEurope
Source: The Economist Intelligence Unit.
Not r
elev
ant f
or m
yco
untr
y, o
ur re
tire
men
tsy
stem
is s
usta
inab
le
Regu
lato
ry a
ndle
gisl
ativ
e ch
ange
s
Empl
oyer
s un
dere
stim
atin
gth
e fu
ture
cos
t of p
rom
ised
bene
fits
Unr
ealis
tic
expe
ctat
ions
of in
divi
dual
s
Too
man
y pe
ople
not
wor
king
to o
r pas
t the
stat
e re
tire
men
t age
Unr
ealis
tic
gove
rnm
ent
enti
tlem
ents
(Sta
te p
ensi
on,
pens
ion
age)
Hig
h co
sts
for b
usin
esse
spr
ovid
ing
pens
ions
Insu
ffic
ient
sav
ings
bein
g m
ade
by in
divi
dual
s
Gove
rnm
ent d
efic
its/
debt
(im
pact
of a
uste
rity
mea
sure
s)
Dem
ogra
phic
cha
nges
(age
ing
popu
lati
on)
26
20
14
45
18
58 7
10
64 2
72
6
11
4 1 3 0
-
10 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Workforce ageing could also affect the way IHG deploys older staff, adds Mr Voller. We would typically have people moving up the career ladder; if they are staying in senior roles for longer, wed want to make sure we are creating career opportunities for them. What role should they have at the end of their working life? How do we get them sharing their knowledge and experience?
But Mr Voller believes it is important to look at workforce ageing as just one part of a wider talent management issue. IHG already tries to offer its employees a wide range of bene ts, for example, and tries to take account of what might appeal to them at the different stages of their lifeyoung or old. For me its about making sure weve got the right people in the right jobs at the right time. We dont put a huge focus on ageing per se; the key thing for us is to nd talent.
Compared with their European counterparts, UK companies have been slow to think about the potential impact of workforce ageing. But the issue is on the agenda at InterContinental Hotels Group (IHG), the UKs second-largest hotel operator.
Tony Voller, senior vice president of human resources Europe and global employer brand and resourcing, says the business will need to nd new ways to engage its 9,000-strong UK workforce in the years ahead.
We will have to think more exibly about the way we employ people and the bene ts we offer, says Mr Voller. Its great to assume people will want to work longer, although perhaps not at the same pace as they do currently. We will need to think about how we change contracts and so on, so people can get the work-life balance they want.
Case study: IHG
-
11 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
UK companies cannot escape the impact of demographic change, but they could do a lot more to prepare. The need to address workforce ageing is not yet as urgent as it is in other European countries, but surely that is an opportunity for executives to plan now and deal with the challenge effectively, rather than rush it and make a mess.
This is particularly true in the realm of bene ts. The survey shows that UK executives see a more
Conclusion
exible and employee-focused bene ts package as an important way of retaining and motivating workers, who will be in increasingly short supply. Yet those same executives are the most likely in Europe to believe their bene ts programme needs a major overhaul. Now would be the time to start that process.
-
12 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Appendix: UK survey results
Cost control
Restructuring
Expansion
Talent management (HR)
Innovation
Risk control and management
68
26
25
25
24
18
(% respondents)What would you say is the most important business priority for your organisation currently? Select up to two
Innovation
Talent management (HR)
Expansion
Cost control
Risk control and management
Restructuring
55
45
44
20
20
4
(% respondents)What would you say will be the most important business priority for your organisation by 2020? Select up to two
-
13 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Global competition
Technology
Talent/people management
Ageing
Changing size and role of the state
Offshoring/outsourcing
Other (please specify)
66
54
39
9
9
6
5
(% respondents)By 2020, what will be the main drivers of change for your business? Select up to two
Talent management and progression
Motivation and engagement
Cost control (compensation and benefits)
Recruitment
Retention
Downsizing / offshoring
Skills shortages
Diversity of workforce
Healthy workforce (health, stress and wellbeing)
Regulation (state/EU)
Ageing workforce
Other (please specify)
49
47
41
31
28
19
14
12
9
9
6
0
(% respondents)What are the main people (HR) issues you face as an employer currently? Select up to three
-
14 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Talent management and progression
Motivation and engagement
Retention
Cost control (compensation and benefits)
Recruitment
Skills shortages
Ageing workforce
Healthy workforce (health, stress and wellbeing)
Diversity of workforce
Regulation (state/EU)
Downsizing/offshoring
Other (please specify)
54
34
31
27
25
24
22
12
12
8
8
1
(% respondents)What will be the main people (HR) issues you face as an employer by 2020? Select up to three
Job security
Work-life balance
Financial security
Skill development
Stress and wellbeing
Employment flexibility (job sharing, portfolio careers, part-time working, phased retirement)
Saving for retirement
New technology/pace of change
Healthcare provision
Caring for dependents (children and elderly)
Other (please specify)
62
55
52
24
22
17
14
11
6
4
1
(% respondents)What do you believe to be the issues your employees see as most important today? Select up to three
-
15 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Work-life balance
Financial security
Saving for retirement
Employment flexibility (job sharing, portfolio careers, part-time working, phased retirement)
Job security
Skill development
Stress and wellbeing
New technology/pace of change
Healthcare provision
Caring for dependents (children and elderly)
Other (please specify)
48
42
35
32
31
28
18
17
11
7
0
(% respondents)What do you believe to be the issues your employees see as most important by 2020? Select up to three
Changing the employee benefits we offer
Giving employees more choice over their benefits
Offering more flexible working hours or working from home
Ensuring that the skills of older employees remain up to date
Looking at how to address inter-generational differences in our workforce
Making physical changes to the workplace
Other, please specify
60
60
46
28
27
24
18
2
(% respondents)
What, if anything, does your business plan to do by 2020 in order to adapt to the changing needs of your workforce?Select all that apply
Adapting our structure to ensure that older workers who reduce work hours or responsibilities retain their status within the company and continueto feel valued
Very unlikely
Unlikely
Neither/neutral
Likely
Very likely
Dont know
13
35
26
18
6
2
(% respondents)How likely is it that the benefit programmes you have in place now will remain fit-for-purpose in 2020?
-
16 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Increase significantly
Increase
Stay the same
Decrease
Decrease significantly
14
48
26
10
2
(% respondents)By 2020, for the typical employee at your company, do you believe that the costs of benefits as a percentage of salary will:
We think its right to look after our staff, and our benefits reflect that
We offer a fully comprehensive benefits package to attract and retain employees
We make sure were offering whats normal for our industry, to keep up with competitors
Its often better for employees to get certain benefits through work than buy them themselves
In the future, we are more likely to give employees a cash allowance and let them choose what benefits they like
We have a carefully selected set of benefits suitable for our employees lifestyles
Weve built up benefits over time, without an overarching strategy for choosing them
It is difficult to reduce elements of our current benefits package so any change results in an increase in overall costs
Due to historic reasons/changes we have lost track of why we have the benefits we have
We only offer the minimum benefits that are legally required, and otherwise just pay cash
Other, please specify
57
54
54
42
26
25
24
20
11
11
0
(% respondents)Which of the following statements describes your companys attitude to benefits offered to employees? Select all that apply
Individual Employer State
Retirement provision
Savings scheme
Healthcare provision
Life insurance
Disability protection
Critical illness protection
End of life care
12
7
43
5
25
22
56
44
1677
4611
58
44
37
4827
2949
1133
(% respondents)Who should be primarily responsible for providing and/or funding the following benefits?
-
17 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
1 Strongly agree 2 Somewhat agree 3 Neither agree nor disagree 4 Somewhat disagree 5 Strongly disagree
The health and wellbeing of our workforce will be an increasingly important issue for us as an employer
The state will play a reduced role in providing healthcare
Healthcare costs will increasingly fall on employers
Healthcare benefits will be increasingly important to employees
1
619
424
1
232
2046
2444
8
5
3530
2185425
(% respondents)
Do you agree or disagree with the following statements about health and wellbeing of your workforce in the future (to 2020)?Rate on a scale of 1 to 5 where 1 is strongly agree and 5 is strongly disagree
Wanting employees to have an adequate income in retirement
Attracting talent
Employee retention
Compliance
Workforce planning (managing when employees retire)
Other (please specify)
32
24
24
13
6
1
(% respondents)What is your companys main objective in offering retirement benefits now?
Wanting employees to have an adequate income in retirement
Attracting talent
Employee retention
Workforce planning (managing when employees retire)
Compliance
Other (please specify)
31
24
20
13
10
2
(% respondents)What will be your companys main objective in offering retirement benefits by 2020?
-
18 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Growing costs (defined benefit plans)
Cost of implementing changes
Excessive regulation
Managing the risk posed to the business (defined benefit plans)
Low levels of appreciation for retirement benefits among employees
Low levels of financial literacy/understanding amongst employers
Lack of tax incentives
Lack of bottom line benefit makes change hard to justify
Staff do not have time or resources to manage retirement plans
Low levels of trust amongst employees for financial products
Lack of tools to measure ROI to justify the costs
Other, please specify
Staff havent requested any changes so employers do not need to make any
47
42
38
33
29
17
14
12
12
12
6
0
1
(% respondents)What challenges are employers facing in making changes to their retirement benefits? Select up to three
Insufficient savings being made by individuals
Demographic changes (ageing population)
Unrealistic expectations of individuals
Unrealistic government entitlements (State pension, pension age)
High costs for businesses providing pensions.
Government deficits/debt (impact of austerity measures)
Employers underestimating the future cost of promised benefits
Too many people not working to or past the state retirement age
Regulatory and legislative changes
Not relevant for my country, our retirement system is sustainable
Other, please specify
45
20
11
7
6
5
2
2
1
0
0
(% respondents)What is the biggest challenge facing the system for retirement savings in the country in which you are based?
-
19 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
It is not an employers role to help their employees to have a comfortable standard of living in retirement
Employers should bear the risk of providing for their retirement
As an employer, we are concerned about the reputational risk of workers reaching old age and not being able to retire
13
23
4
27262013
3025192
12245011
(% respondents)1 Strongly agree 2 Somewhat agree 3 Neither agree nor disagree 4 Somewhat disagree 5 Strongly disagree
Do you agree or disagree regarding the following statements about retirement provision in the future?Rate on a scale of 1 to 5 where 1 is strongly agree and 5 is strongly disagree
Increase significantly
Increase
Remain the same
Decrease
Decrease significantly
29
47
18
5
1
(% respondents)How do you expect the number of employees aged 60+ to change by 2020?
Older workers are less productive than younger workers are
Older workers have greater skills than younger workers do
Older workers are less motivated than younger workers are
Older workers are easier to manage than younger workers are
Older workers take more time off for health reasons than younger workers
14
5
16
6
6
3835112
1835385
3930132
2941214
2446204
(% respondents)
Do you agree or disagree with the following statements about older workers? Rate on a scale of 1 to 5 where 1 is strongly agreeand 5 is strongly disagree
1 Strongly agree 2 Somewhat agree 3 Neither agree nor disagree 4 Somewhat disagree 5 Strongly disagree
Higher costs of benefits
Greater employee demand for benefits (healthcare, retirement and other benefits)
Increased flexible working (to provide care for older dependents, phased retirement, etc)
Progression of younger workers becomes more difficult
Greater risk of age discrimination claims
47
39
39
38
22
(% respondents)Which of the following do you think is most likely to happen as a result of an ageing workforce? Select up to two
-
20 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Board member
CEO/President/Managing director
CFO/Treasurer/Comptroller
CIO/Technology director
Other C-level executive
SVP/VP/Director
Head of business unit
Head of department
Manager
Other, please specify
1
9
6
4
2
22
5
20
31
0
(% respondents)Which of the following best describes your title?
Human resources
Finance
General management
Operations and production
Marketing and sales
Risk
Strategy and business development
IT
Information and research
Procurement
R&D
Customer service
Legal
Supply-chain management
Other
44
15
14
8
5
5
4
2
1
1
1
0
0
0
0
(% respondents)What is your primary job function?
Less than 250
250-499
500-1,999
2,000+
0
0
4
97
(% respondents)How many employees does your company have globally?
-
21 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Aerospace and Defence
Automotive and Transportation Equipment
Charities and Non-Profit
Chemicals
Communications
Consumer goods
Education
Entertainment and media
Financial Services: Banking
Financial Services: Insurance
Financial Services: Other financial services
Food and Beverage
Government/Public sector
Health Care
Hospitality (Restaurant, Hotel/Lodging, Tourism and Leisure)
IT and High Tech
Manufacturing
Natural Resources
Oil & gas
Pharmaceuticals
Professional and Business Services
Property and Construction
Publishing and printing
Retail
Telecommunications
Transportation
Utilities
Wholesale
Other, please specify
4
2
0
1
0
4
0
1
14
5
1
2
0
1
6
8
12
0
7
4
13
0
0
4
8
4
0
0
0
(% respondents)What is your industry?
-
22 The Economist Intelligence Unit Limited 2014
Older, but none the wiser?
Publicly listed
Other privately owned (partnership, limited liability, etc)
Private Equity portfolio company
Family owned
Government/State owned enterprise
71
18
5
4
4
(% respondents)Please state which of the following best describes your company?
Less than 500m
500m to 1bn
1bn to 5bn
5bn to 10bn
More than 10bn
0
14
22
17
47
(% respondents)What are your organisation's global annual revenues?
-
While every effort has been taken to verify the accuracy of this information, The Economist Intelligence Unit Ltd. cannot accept any responsibility or liability for reliance by any person on this report or any of the information, opinions or conclusions set out in this report.
-
LONDON20 Cabot SquareLondonE14 4QWUnited KingdomTel: (44.20) 7576 8000Fax: (44.20) 7576 8500E-mail: [email protected]
NEW YORK750 Third Avenue5th FloorNew York, NY 10017United StatesTel: (1.212) 554 0600Fax: (1.212) 586 1181/2E-mail: [email protected]
HONG KONG6001, Central Plaza18 Harbour RoadWanchai Hong KongTel: (852) 2585 3888Fax: (852) 2802 7638E-mail: [email protected]
GENEVARue de lAthne 321206 GenevaSwitzerlandTel: (41) 22 566 2470Fax: (41) 22 346 93 47E-mail: [email protected]