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Risks Related to Aging Workforce

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Population is a key factor in determining a country’s economic development and demographic changes will bring many economic and social impacts. However, with the aging of the population, the productive function of the population will decline and the economic society will also undergo major changes. This paper focuses on the changes in the pattern of China’s “Population-Economy” and explores the profound impact of population aging on the labour market. The decline in demographic fitness will not only hit countries like United State, the Western European countries, or Japan, but also the upcoming societies in China or in the Eastern European countries. In many of these countries, during three or four decades the average age will grow from about 40 years not to about 50 years.

Where experts are needed, this may result in an increase of the workforces age of between 5 and 10 years in only one decade. One of the first things companies can do to implement a workplace culture focused on development is to encourage employees to have open conversations about their goals, strengths, weaknesses and skill set. It’s common for hiring managers to ask employees “Where do you see yourself in five years?” when applying to work at a company, but those in charge can do so much more than that. Instead of only asking employees about their career insights during an annual review, companies should let their staff know that it’s okay to talk about wanting to move up the ladder or gain more responsibility in their current position. Rather than giving staff members the impression that they have to wait several years to obtain management positions, support those who want to learn more leadership skills and find positive ways to give feedback on how someone can improve on certain tasks and abilities pertaining to their job. Companies should always be on the lookout for entry-level employees who have the potential to be the future leaders of their business.

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Risk of Falls

Due to the decline in vision or balance, aging workers may experience more falls in the workplace. In fact, falls are a leading cause of death for people 665 and older, according to the Centres for Disease Control and Prevention (CDC). Other factors that increase the risk include increase the risk include fatigue, muscle weakness, decreased range of motion and flexibility, and side effects from medications. For example, dizziness.

The Quality and Quantity

The most intuitive feeling of the populace aging is the aging of populace will reduce the amount of labour supply, causing a shortage of worker. The “labour shortage” has emerged in recent years has verified this view from the other side. However, after research, it is found that this is not the case. The impact of populace aging on the number of labours is very limited, but the collision on the age structure of worker is very obvious. The Population Age Pyramid is a bar chart showing the composition of the population’s gender and age, reflecting previous and present demographic trends in a given region.

Population Growth and Employment Output

Due to the imperfect investment market environment, the increasing willingness of workers to work, the backward education concepts, the link between wages and service age, and the imperfect social security system is imperfect. The labour participation rate has been at a high level but it has shown a downward trend in recent years. With the gradual deepening of the population aging, the labour participation rate of the elderly population will gradually increase, and the proportion of the elderly population will gradually ease. The increase of the elderly population has a significant effect on the employed population.

Employment pressure

After the population is getting bigger and bigger, the employed population is declining and the young employed population is declining. Therefore, the impact on the labour force is relatively large. Therefore, some of the heavily aging countries in the West are basically countries that lack labour. China is a country with a large population. It is now a country with a very labour-intensive country. As the depth of aging increases, it will have an impact on the labour force.

Health coverage

An aging workforce often means an increase in health insurance claims as more serious health conditions typically affect older workers. “The average health costs of a 64 year old may be two to three times those of a 40‐year‐old,” comments Jeff Marquardt, EVP Employee Benefits, Johnson Insurance. And as retiree health benefits have been reduced or eliminated, some workers may stay on the job longer primarily for access to the health plan. Those who put off retirement increase the time that their employers have to bear some of the burden of their high health care costs. Some companies find that providing employees with access to financial and health insurance counsellors can help workers plan for their health coverage and associated costs.

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