7 Tips for Dealing with a Declining Workforce

Employers everywhere are aware of the imminent demography changes about to occur in the workplace. With Generation Z knocking on the door, it’s time for companies to ready themselves for not only a new generation but a new era.

The ageing of older generations we are now witnessing is likely to cause challenges for organisations as they try to retain employees’ skills and knowledge.

The number of employees older than 55 years old is increasing significantly, while the number of new-borns is decreasing. Academy to Innovate HR (AIHR) shares that in the U.S. alone, 10,000 baby boomers turn 65 every day, and this will continue until 2030.

Data from the European Labour Force Survey shows that 16% of the total workforce in the European Union are aged over 55. In Germany, Finland, and Sweden, the number of mature workers is close to one in five.

Which Industries are Most Affected?

Recruiting doctors in rural areas is another challenge while many doctors approaching retirement age are being enticed by employers to stay on in their positions since they offer knowledge and security. How else do companies retain knowledge?

Our advice? Don’t wait for tomorrow. There are several things you can do to attract Generation Z and be better prepared for the future.

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

2. Complete a quick analysis of your current situation

3. Offer training and development programs

4. Localise potential capacity challenges

5. Look abroad

6. Automate and Update Technology

7. Become a more attractive employer

Having surpassed millennials in 2019 as the largest generation in the western world, Generation Z are entering the workforce at a rapid speed. Your company’s ability to attract and recruit them is crucial.

By being proactive and addressing issues head-on, you’ll be better prepared to combat a declining workforce and be in a better position to ensure that skills and knowledge are not lost.

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