The paper “ Managing Aging Workforce ” is a dramatic example of case study on human resources. For most employers, the ability to retain and attract a skilled and knowledgeable workforce is very important for overall business success. However, the change in population makes it a serious challenge to maintain and attract the workforce needed by the organization. For over a few decades the labor market has witnessed some significant changes in the structure of the workforce in organizations and the global market. The workforce is rapidly aging but firms are finding it difficult to let go of the older generations due to the experiences they possess, even though there is a greater percentage of unemployed youth in the market.
Statistics show that 27 percent of the current workforce is occupied by people over 50 years of age. The main objective and aim of this paper are to show the benefits of an aging workforce and throw some light to business on how to recruit a well-diversified workforce for the success of their business. Hence, this paper simultaneously concentrates on different generation groups in the labor market.
The older workforce is a productive and valuable economic resource in any business therefore there is a need to increase the vacancies for this generation in the labor market. To take advantage of the benefits the generation brings to the market, employers should embrace age diversity in their organization. Literature reviewForever Young is one of the Global megatrends among the six well known worldwide. In many countries, for example, Australia and the other Organization for Economic Cooperation and Development the elder age, or rather commonly referred to as baby boomers are an asset.
They are believed to have skills that are healthy, wisdom knowledge, and mentorship for the growth of the company they work for. This is part of the demographic trends. Age structure and composition is essential for the success of any business. The improvement in health structures has led to an increasingly aging population in society. According to Schimke (2014), a company’ s growth is depended on the heterogeneity and diversity of the staff. It is a complex aspect which entails a combination of a variety of strategies in order to excel.
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