Aging Work Force - the HR Perspective

The world population is aging day by day. The young-old balance is shifting throughout the world. In the total population throughout the world, the composition of population aged 0-14 and 15-25 is decreasing and that of people falling in the bracket of 25-60 and 60 + is increasing. The developed regions of the World such as UK, USA, Japan and Australia etc. are already at the mercy of the old aged population where aged population is exceeding the no. of young population since 2000. By 2050, the proportion of aged population is projected to increase to app. 34% in these countries. So far as less and the least developed regions of the world are concerned, the situation is not so tense at present but it is estimated that the gap between young and aged population will be wider by 2050. Hence these regions also need to take effective measures right now to deal with the consequences of such a situation in the near future. In such a scenario, the composition of workforce shall also be changing world wide with more number of aged people working at different levels in the corporate sector. This has also opened a new dimension for the HR people as well as for the aged population. Most of the aged people were earlier on living a retarded and dependent life. Now the World is looking at them for an active role to play. Even the aged people themselves are also now interested in contributing to the society and the economy as an active partner. At the same time, the problem of corporate regarding recruitment is also solved to some extent as a new source of recruitment is explored. But this workforce looks at corporate for fulfilling their own special needs regarding retirement, healthcare, flextime work arrangements etc. in a more explorative way. This paper gives an insight into the various aspects of the aging workforce from the organizational point of view as well as the aged population's point of view. Hence this study is not only important for the organizations which are looking at the aged population for the recruitment purposes but also for the aged population who wants to take an active part in the society.