7 Tips for Dealing with a Declining Workforce

Which Industries are Most Affected?

While the issue of an ageing workforce applies to every industry, some industries are more vulnerable than others. The financial sector, for example, is dealing with significant pension pay-outs.

The number of employees older than 55 is increasing, while the number of new-borns is decreasing.

7 Things You Can Today

1. Review current competencies

Evaluate each department to identify what skills are needed and what skills there will be a shortage of in the near future.

2. Complete a quick analysis of your current situation

Look at your workforce. How old are they? How will the situation look in a few years? Can you entice workers to stay longer? Use intelligence from your benefits administration system and employee engagement platform to better understand and engage your workforce.

3. Offer training and development programs

What growth opportunities does your company offer? How can knowledge be shared? Can you develop your training programs further?

4. Localise potential capacity challenges

Identify the most significant capacity challenges your company is facing. Where are they? Which areas will be the most impacted?

5. Look abroad

The war of talent knows no boundaries. Look for talent abroad. After all, diversity introduces a wider range of skills and has been shown to increase productivity, creativity, company reputation and more.

6. Automate and Update Technology

What manual processes can be automated? A benefits administration system allows you to automate tasks and streamline processes for HR, payroll and more. Use an employee engagement platform to reach and communicate with your workforce and to provide them with a self-service option.

7. Become a more attractive employer

How can you become a more attractive employer so that you can retain existing employees? What global benefits are you offering employees? How can you attract younger workers, specifically Generation Z, to your organisation?



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Benify offers the market’s leading global benefits and total rewards platform. Engage your employees, anywhere, anytime. www.benify.com