Episode description
In the tenth episode of our “In Conversation with…” podcast series for 2023, Lucy Lewis, partner at Lewis Silkin, speaks to Shruti Singh, Senior Economist at the OECD Directorate for Employment, Labour and Social Affairs.
Lucy and Shruti discuss the impact of ageing populations on the world of work and how employers, governments and individuals can respond to demographic shifts and build productive intergenerational workforces.
Key takeaways from the conversation:
- Ageing populations are a growing issue: Rapid population ageing due to increases in life expectancy and falling fertility is a key issue for businesses, policymakers and governments across the OECD. By 2050 the proportion of the population in OECD countries aged 65 and over is expected to increase to nearly 28%.
- Employers should focus on the employee life cycle: There is substantial individual variation in the support that is needed within age groups and at different life stages. Rather than looking at what certain generations might want, employers should focus on supporting a multigenerational workforce through the whole life cycle at work.
- Intergenerational workforces work: Employers that promote age inclusive workforces and successfully combine the talents and diverse outlooks of their employees, whatever their age, generally find that their workforce is enriched and more productive as a result.
- Employers can take steps to support older workers: An age inclusive organisational culture plays an important role in supporting longer working lives. To succeed, support must be integrated, taking into account job quality, health and flexibility. Line manager training is essential to embed these components into company culture.
- Skills are key: It is important that older workers continue to upgrade and expand their skills over their working life, particularly in light of continuing technological change. Mid-life career reviews, personal development plans and career conversations are increasingly used by employers.