Old news: Beware the aging workforce

Old news: Beware the aging workforce | Corporate Risk & Insurance

Old news: Beware the aging workforce
“Youth is a gift of nature, but age is a work of art,” posited Polish poet Stanislaw Lec. Maybe, but with all that agedness comes a whole load of risk. (And let’s remember Lec was getting on a bit when he wrote it.)

The populations of developed nations are aging fast, and, according to the IMF that amplifies two types of workplace risk: failing to replace enough current workers and their skills and IP with younger ones; and the risks directly associated with an older workforce – absenteeism due to poor health, more employee claims, and lower productivity.

Risk managers in countries at the top of this list, most notably Japan, will have to prepare for transfers of knowledge and skills, and insure against things like failing health. The IMF proposes improving workforce training and promoting innovation as avenues to address the demographic shift inevitable in many developed nations.

Source: The World Bank Open Data: https://data.worldbank.org/