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Journalism of Courage
Industrialised nations must convince older workers to stay on the job beyond retirement age or face a skills shortage and higher labour costs, a study released on Tuesday warned.
The study conducted earlier this year for the American Association of Retired People AARP by global consultancy Towers Perrin projects that, by 2016, 39 per cent of the population in the Group of Seven G7 industrialised nations will be aged 50 or more compared with 30 per cent in 1996.
At the same time, the percentage of the labour force that falls in the traditional working age 8212; 15-49 years 8211; will have fallen from 51 per cent in 1996 to 45 per cent in 2016, the study predicted.
8220;Many analysts are predicting growing labour shortages in tomorrow8217;s workforce,8221; the study warned.
8220;Some companies face the near-term risk of losing many qualified, experienced and knowledgeable workers to retirement,8221; it said.
The grey-drain, coupled with the danger of insufficient talent to replace older workers going into retirement, could drive up labour costs as employers compete to take on skilled labor.
Employers could sidestep the looming crisis by 8220;encouraging today8217;s 50-plus workers to remain in the workforce longer,8221; the study advised.
Indeed, older workers in the G7 countries want to work, on average, an additional five years beyond the traditional retirement age, according to a survey of 8,200 workers in the grouping of countries 8212; Britain, Canada, France, Germany, Italy, Japan and the United States.
