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These countries are gaining the most by employing older workers | World Economic Forum


via These countries are gaining the most by employing older workers | World Economic Forum

 

These countries are gaining the most by employing older workers

Residents perform a traditional dance as part of a morning exercise in a park in Qingdao, Shandong province July 6, 2008. Qingdao, famous for its local beer and beaches will host the Sailing competitions of the Beijing 2008 Olympic Games as its still facing a huge algae bloom at the city's offshore waters just over a month before the beginning of the games.  REUTERS/Nir Elias (CHINA) (BEIJING OLYMPICS 2008 PREVIEW) - RTX7OWK

Hiring more seniors and retirees could be worth $3.5 trillion to OECD economies.
Image: REUTERS/Nir Elias
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Workforce and Employment
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Businesses around the world are chasing the grey dollar, but older people can contribute more to an economy than how they choose to spend their retirement funds.

Humans are living longer, which puts additional strain on healthcare provision, social care and pensions. And unless these issues are addressed, they could wreak havoc on economies in the future.

The thinking goes that by harnessing the potential of older workers, governments can raise additional tax revenues and increase spending power, which in turn boosts output.

Golden Age Index 2018

The economic prospects of older workers across 35 OECD countries.
Image: PwC

PricewaterhouseCooper’s Golden Age Index assesses the impact of older workers on different aspects of a country’s labour market, including employment, earnings, the gender gap and participation in training.

In the latest update of its report, PwC estimates that as much as $3.5 trillion could be added to the OECD economies overall by encouraging people nearing retirement age to stay longer in the workforce. This figure represents the potential long-term boost of raising workforce participation rates of over-55s to the same level as New Zealand.

At a national level, if New Zealand’s performance on employment of older workers were matched, the GDP boost could be as high as 23% for Greece, 20% for Belgium and 9% for the UK. Here’s that in dollars:

Image: PwC/OECD

The older worker participation podium

Iceland topped the 2018 index with 84% of the 55-64 age range employed, compared with the OECD average of 60%. New Zealand was second (78%) and Israel (66.8%) took the final podium step. At the other end of the scale were Luxembourg with 40% of the same age group employed, Greece with 37% and Turkey with 34%.

Overall, the index showed an upward trend in the number of older people remaining in work across member states.

Ups and downs over time

Germany, Israel and New Zealand proved the biggest climbers, rising steadily up the index since 2003. Despite dropping a few places, the UK continued to make gains over the same period, absorbing 63% of the 55-64 age group (up from 55% in 2003) into the labour force and 21% of 65-69 year olds (up from 13%).

Mexico, Greece and Turkey suffered the biggest falls as each country dropped over 10 places down the index.

Incentives to keep working

So, what motivates people to work past retirement age? The answer is a mix of public policy and personal circumstances. The Golden Age Index identified three main drivers that influenced this decision.

Pension policies: The more governments spend on pensions the less incentive people have to keep working. The amount they receive and the age that workers are eligible to receive a pension also influence the decision to retire.

A 2012 study by Hurd, Mitchaud and Rohwedder found that public pensions have a negative effect on people’s savings and encourage them to retire early. The study concluded that a $10,000 increase in public pension worth reduces the average retirement age by roughly one month.

Life expectancy: Longer lives equate to more time spent working and there is a strong link between good health and participation in the workforce. Government healthcare policies and medical breakthroughs can facilitate people working to an older age.

Caring responsibilities: A person’s personal and financial situation are also important considerations. Caring for a spouse or a dependent could remove people’s freedom to keep working, if state care and benefits are not available. This will obviously differ from country to country.

However, taking things easy might be contagious. A husband or wife’s retirement could become an incentive for their partner to retire, too. A paper by Patrick Hesselius suggests that average sickness absence from work increases for women when their spouse retires.

Adapting to change

Technology is transforming the way we work. Innovation, automation and AI developments create new jobs and make existing roles obsolete. The workforce of tomorrow will need to be flexible enough to pick up new skills quickly or transfer the ones they already have.

Adapting to a future with less job security may prove challenging for older workers, who are more likely to face the consequences of automation than their better-educated and better-trained younger colleagues.

The top spots on the Golden Age Index are occupied by countries that have put policy measures in place and reformed their labour markets to target older workers.

The report recommends raising the retirement age to keep people in the workforce longer. However, to maximize the benefits of this policy governments need to support workers with lifetime learning and retraining programmes, to facilitate the skills needed for longer careers.

Making work options and pensions more flexible also supports the changing needs of older workers, by increasing opportunities for part-time or temporary jobs, as well as offering partial retirement options.

The physical needs of older employees is another important consideration. As well as adapting roles, employers can redesign factories and offices buildings to attract older workers.

The Golden Age Index figure of a $3.5 trillion boost to the OECD economy may still be some way off, but if more countries adapt the structure of their labour market and adopt a more flexible approach to older employees, the world will be working towards it.

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Thursday Mentor – Free Verse by Jay Parkhe


Greed 2.0

Free verse by jay

Because I could not lead with Greed,
it did kindly lead for me.
Greed, Greed, every where,
Yet not a Rupee to lead.

I cannot help but stop and look at the Alchoholic’s selfishness.
Does the selfishness make you shiver?
does it?

Pay attention to the stupid,
stupidity is the most brilliant fault of all.
Stupidity is glorious. stupidity are bright,
stupids are smart as a whip, however.

Pay attention to the egotists,
egotists are the most zany vanity of all.
Do egotists make you shiver?
do they?

Old age home 


*Old Age Home*

(A short story) – must read…..

Courtesy a friend on FB 


There was an old man. He was wealthy and living with son and daughter-in-law.


One day he became sick. He was hospialised. After few days he was taken home. His son engaged a nurse and a servant to look after him.


Initially his son and daughter-in-law used to to come to his room. Slowly, slowly they stopped coming to him. Old man was feeling very sad but he didn’t say anything to anyone.


One day he just came out of his room and saw his son and daughter-in-law talking to each other.


Daughter-in-law said, “I think we should keep father in an old age home. There people will look after him. Here our son might be affected.” The son nodded.


Old man after hearing the conversation felt very bad. He went back to his room.


In the evening the son came to his room and said, “I want to say something to you.” Father said., “I too want to say something to you.”


Son: OK. Go ahead.


Father: You know I am not keeping good health. I want to live rest of my life with people like me who are sick and none is there to look after them.”


The son was very happy to hear this. But concealing his happiness he said, “What are you saying dad? What difficulties do you have living here?”


Father: No my son. I don’t have any difficulty living here. But I am at pain to tell you that you please make your arrangement to live somewhere else. I have decided to convert my this bunglow into an Old Age Home where people like me can live with me.”


Father: Oh. You also wanted to tell me something. What’s that?”


There was a silence in the room.

Retired husband – Humour


RETIRED HUSBAND

(I love this guy)😂😉

(Courtesy: a friend on WhatsApp)

                     

After I retired, my wife insisted that I accompany her on her trips to the Hypermarket.


like most men, I found shopping boring and preferred to get in and get out. 

 

my wife is like most women – loves to browse & leaves me with endless time to fulfill. 

 

Yesterday my dear wife received the following letter, 

from the local Hypermarket:


Dear Mrs. Harris: 


Over the past six months, your husband has caused quite a commotion, in our store.


We cannot tolerate this behavior and have been forced to, ban both of you from the store. 


Our complaints against your husband, Mr. Harris, are listed below and are documented by our video surveillance cameras:   


1. June 15: He took 24 boxes of condoms and randomly put them in other people’s carts when they weren’t looking. 


 2. July 2: Set all the alarm clocks in Housewares to go off at 5-minute intervals. 


3. July 7: He made a trail of tomato juice on the floor leading to the women’s restroom. 


 4. July 19: Walked up to an employee and told her in an official voice,

‘Code 3 in House wares. Get on it right away’. 

This caused the employee to leave her assigned station and receive a reprimand from her Supervisor that in turn resulted with a union grievance, causing management to lose time; and costing the company money. We don’t have a Code 3.   


5. August 4: Went to the Service Desk and tried to put a bag of M&Ms on layaway.   


6. August 14: Moved a, ‘CAUTION – WET FLOOR’ sign to a carpeted area.  


7. August 15: Set up a tent in the camping department and told the children shoppers he’d invite them in if they would bring pillows and blankets from the bedding department to which twenty children obliged. 


8. August 23: When a clerk asked if they could help him he began crying and screamed, ‘Why can’t you people just leave me alone?’ 

EMTs were called.   


9. September 4: Looked right into the security camera and used it as a mirror while he picked his nose. 


10. September 10: While handling guns in the hunting department, he asked the clerk where the antidepressants were.   

 

11. October 3: Darted around the store suspiciously while, loudly humming the, ‘Mission Impossible’ theme.   

 

12. October 6: In the auto department, he practiced his, ‘Madonna Look’ using different sizes of funnels. 


13. October 18: Hid in a clothing rack and when people browsed through, yelled ‘PICK ME! PICK ME!’   

 

14. October 22: When an announcement came over the loud speaker, he assumed a fetal position and screamed;  


‘OH NO! IT’S THOSE VOICES AGAIN!’   

  

15. Took a box of condoms to the checkout clerk and asked where is the fitting room? 

 

And last, but not least: 


16. October 23: Went into a fitting room, shut the door, waited awhile; then yelled very loudly, ‘Hey! There’s no toilet paper in here.’ 

One of the clerks passed out.

From Longitude a newsletter I subscribe


  • July 26, 2018

Looking at the Aging Workforce through a New Lens

When hiring managers mobilize older workers, it’s a win-win.

Many businesses are facing a critical shortage of experienced professionals, with industries such as accounting citing lack of skilled personnel as the No. 1 challenge for three quarters in a row. Much of the conversation is centered on the skills gap, high retirement rates for so-called boomers and the inability to find the skills employers are looking for in the younger workforce.

Pullquote share icon.ShareBy 2020, more than 50 percent of the workforce will be over the age of 55.

What employers must realize is that even though boomers are retiring from the office, they aren’t leaving the workforce.

According to the U.S. Bureau of Labor Statistics (BLS), about 40 percent of people ages 55 and older were working or actively looking for work in 2014. That number, known as a labor force participation rate, is expected to increase fastest for the oldest segments of the population – most notably, people ages 65 to 74 and 75 and older – through 2024.

In contrast, participation rates for most other age groups in the labor force aren’t projected to change much over the 2014 to 2024 decade. Another study from Prudential found that one-third of independent contractors are boomers – a subset of the economy gearing up to be a mighty and powerful force.

For hiring managers to attract top talent, they must view the aging workforce through a new lens. Today, we consider those 65-plus to be “older” and less skilled or capable. But we must shift our perspective on age.

The average life expectancy for a man is 80 years old, and for a woman, the average is 85 years. A 50 year old, therefore, is no longer a “senior.”

A shift in perspective

By 2020, more than 50 percent of the workforce will be over the age of 55. We have CEOs and politicians in their 70s and still at the top of their game.

In fact, recent research on the aging brain found that past the age of 50, our brains get better at problem-solving and decision making, skills that will be crucial as AI becomes more prevalent.

Pullquote share icon.ShareVintage employeeshave a high level of job commitment, employer loyalty and diverse knowledge.

In 2017, the Equal Employment Opportunity Commission (EEOC) received 18,376 claims of age discrimination and found that 65 percent of older workers say age is a barrier to getting a job.

Employers that recognize this challenge, and the opportunity that comes with hiring “vintage” employees, are finding new talent with a high level of job commitment, employer loyalty, openness to mentor a younger generation of professionals and a diverse knowledge base that can be applied to a variety of business challenges.

Let skills speak for themselves

The process of hiring a vintage employee is not the same as any other job candidate, but organizations like Work at Home Vintage Experts (WAHVE) are dedicated to carefully matching older, qualified professionals to the talent needs of companies. They help employers overcome the preconceived notion of an older workforce, using blind hiring practices to let competencies and skills speak for themselves.

When hiring managers mobilize the older workforce, it’s a win-win. Companies get highly skilled workers with the talent they need, and retiring workers get to continue their career.

This article originally appeared on the U.S. Chamber of Commerce Foundation blog and was republished with permission.

Sharon Emek is founder, CEO and President of Work At Home Vintage Experts (WAHVE).Click the RSS icon to subscribe to future articles by this author. RSS Feed

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SANTA MONICA BAY AUDUBON SOCIETY BLOG

The Official SMBAS Online Newsletter - - - - - SMBAS, P.O. Box 35, Pacific Palisades, CA 90272

Tewahedo Orthodox Girl

This blog is dedicated to all Tewahedo Orthodox Girls born and raised in the Diaspora. To share with you the basics of our faith, to find encouragement, to have a better understanding of how to deal with every day issues the Tewahedo Orthodox way, and most importantly to become a proud "Tewahedo Orthodox Girl."

Janne Piiroinen

Growing and exploring

Random Thoughts of a Money Muse

Stories of Life. And Money. On the Fringe.

The Glance

Gazing Wisdom, Exploring Places and More..

JayParkhe's Hobby Paintings

DhAnAnjAya JAy PArkhe and his Hobby Paintings

GAIJINQUEST

Loving the Journey Desiring the Quest

Thessandeep.com

Writing it out..!!

StarlitDen

Illustration, Concept Art & Comics/Manga

vatibangla24

Vatibangla home blog is a local news blog site in Bangladesh.

Storytimes&Discussions

True Stories and Interesting Discussions

C66

C

teambraininjury.wordpress.com/

The Brain Injury Support Specialists

FuLei Blog

Environmental

Travel & Tourist Spot

Philippines Tourist Spot and Most Visited Places

monhenriquez's Blog

"There is always a better way..."

THE INDIA BLOGS

want to know about india?

To Live Is Christ

Living every day life to glorify Jesus Christ.

matterofprayer

A year of everyday prayers, from a Christian perspective.

blissful_souvenirs

All about my experiences which may be yours too...

HistoryDojo

Great Stories, Great Lessons, Great History

Alice Genes

Freelance Writer and Editor

MarT

Seja humilde, pois até o sol com toda sua grandeza se põe e deixa a lua brilhar.

shakemyheadhollow

Conceptual spaces: politics, philosophy, art, literature, religion, cultural history

Alex's Feed

Home cooked meals from a professionally trained cook

Happiship

Without happiship (happiness & relationship)no one can cross the life ocean

World Shin

We are about interesting things.

Authentic Ark

My Life as a Transgender Man.

torontofitchicks.wordpress.com/

Our Recipes. Our Stories. Our City.

Face Depression

Depression, Mental-health, Mental illness, Life, Reality, Fight the Stigma. You Can Win This

Just show, Dont tell

Find new stuff

Breaking The Boundary

Welcome To My New Blog

Al-Kitaab Arabic Language Program

Georgetown University Press

IMMANENCE

GO BEYOND - with the words of priyashi

A Church for Starving Artists

Jan Edmiston writes things here.

Gralefrit Theology

A blog by Richard Matcham

Rangbiranga desh ki anmol baatein (विमला की कलम से )

This page is all about positivite thinking,motivational thoughts ,inspiration,spirituality,quotes,stories etc.

Flavia Vinci

Now, Here and Somewhere else

Gullah Heritage Trail Tours

An Authentic Culture of the Sea Islands

Bruno Gremez

Articles about business and economy by Bruno Gremez

John Hiski Ridge

Author's Web Site | Blog - Maggie and Me (a philosophical dialogue)

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