New study: "Silver Workforce" in focus

New study by Talent Solutions Right Management focuses on the potential of the Silver Workforce. According to the Swiss Federal Statistical Office, the average age of the workforce increased from 39.0 to 42.0 years between 1991 and 2022. In 2022, approximately 33% of the Swiss workforce was between the ages of 40 and 54, representing the largest share of the labor force. The labor force participation rate of the population is significantly influenced by demographic change. By 2050, the labor force participation rate is projected to decline by 5.6 %, falling from 68.3% to 62.7%. At the same time, the number of people aged 65 and older per 100 labor force members aged 20-64 increases from 35.6% to 53.3%. This makes demographic change a clear driver of talent shortages, and the baby boomer group a lever to address them.

Talent Strategies & Career Management: 50+ Employees

The target group of people over 50 is coming into focus. As a provider of services around the development of talent strategies for career management and as an expert on labor market trends, Talent Solution Right Management recognizes the need to address the needs of "50+" employees in particular: hence the idea to conduct a comprehensive survey to find out how companies are sensitized to the topic and what current approaches and concepts already exist in this regard.

Challenging the "status quo

From the 341 questionnaires completed by large (50% of respondents), medium-sized (20%) and small (30%) Swiss companies, it can be seen that 69% of companies do not specifically address the issue of the Silver Workforce and that there is a lack of specific initiatives. In the remaining 34% of cases, the departments responsible for the older generation are typically HR (40%), management (14%) and the corporate health management department (11%).

When asked about specific offerings for employees over 50, companies indicated that the focus is predominantly on "adapting working conditions and models," early retirement offerings, and redundancy support. Currently, either the needs of the over 50s are not being addressed, and if they are, it is more likely to be invested in downsizing them and reducing their working hours than in talent and career management measures.

Identify challenges

The study identified a range of concerns among the Silver Workforce: in first place "health," followed by "labor market readiness," "early retirement," and "adjustment of working conditions." Critical issues such as "lack of appreciation," "fear of early dismissal" and "age discrimination" were also cited as particularly relevant.

"In view of the study's findings, it is not only sensible, but essential for the future of the labor markets to take a close look at the challenges and opportunities presented by the aging workforce. The longer older employees can be retained by the company, the sooner the labor shortage can be countered. Fostering the potential of the silver workforce by developing tailored support and development strategies contributes directly to a company's success." - says Susanne Pladeck, Senior Consultant TS Right Management.

Seize opportunities

Interesting and concrete suggestions also emerged from the survey results, which were collected in a catalog. This catalog serves as both an inspiration and a checklist for companies, offering solutions for "corporate age management" that focus on eight topics, namely: raising awareness of the over-50s and their work integration into the generation mix; taking into account the specific needs of this age group; conveying appreciation through security and development opportunities; promoting employability (labor market capability) through re-skilling/upskilling; redesigning recruitment for the over-50s; support for retirement planning; exit planning and knowledge transfer; and government support.

Source: www.talentsolutions.manpowergroup.ch