Aging Workforce

1. Introduction
This report shall study the meaning of aging workforce, its cause and effects, and provide solutions to mitigate its impact.
1a. Interpretation of Aging Workforce
Aging workforce is catergorised into 2 groups, baby boomers” born between 1946 and 1965, and “traditionalist” born before 1946, (Lancaster and Stillman, 2002).
Singapore Government recognises the aging workforce as “old people aged between 55 and 64”, (Tan, 2012). For simplicity, this report shall refer the aging workforce as old workers, aged 55 and above.
1b. Cause of Aging Workforce
As cost of living rises, there is increasing burden on the working population to support a broader base aging population; problem compounded by lower birth-rate in the last 50 years, with crude birth-rate per-thousand from 31.6% in 1964 to 10.1% in 2012 (Department of Statistics Singapore, 2014). As healthcare advances, more baby boomers reached old age. Their sheer population caused the average age of the workforce to increase, resulting in an aging workforce.
1c. Significance of Aging Workforce
Aging Workforce is a global phenomenon, Sharmistha (2014) suggested “about 30%” of Singaporeans and IBM (2004) suggested “49% of Australians, 59% in the U.S., 60% in New Zealand” are aging workforce.
2. Advantages of Aging Workforce
2a. Knowledge and Skills
Toyota Motor values its old employees as they would “aggressively recruit among its retiring employees to bring workers back” (James, 2013). Procter & Gamble (P&G) would assist their partner Your Encore to retain old workers to provide support for its business; labelling old workers as their “expert veterans” (James, 2013). It is therefore implied that both Toyota and P&G see aging workforce as a knowledge and skilled asset which they sought to retain.
By retaining its aging workforce, organisations benefit from their knowledge and skills; these include “leadership qualities, good work ethics and stronger professional networks” (Giang,...