With life expectancy rising and the birth rate declining, Spanish society will have to face a huge demographic challenge in the coming years. Projections estimate that in 2068 Spain will have over 14 million elderly citizens, 29.4% of its total population. A reality that will involve must make significant changes at all levels of society, including the world of work, to maintain and optimize the welfare standards currently achieved.
In order to find out how the business fabric manages the aging of its workforce, the Age & Life Foundation has prepared, in collaboration with the General Directorate for Independent Work, Social Economy and Corporate Social Responsibility, belonging to the Ministry of Labor and Social Economy, the study “Age management in companies. Aging templates ”. The complete document can be consulted at this link.
The aim of the study is to analyze the current degree of implementation of various measures to manage the aging of the workforce in Spanish companies. At the same time, it seeks to highlight the importance of raising awareness among the world of work about the need to develop these policies and to disseminate existing good practice.
As explained Mary Joseph Abraham, CEO of the Age & Life Foundation, “the number of older people with the ability to work will increasingly exceed that of the younger generations. It is vital that all companies develop appropriate working age management, in line with UN Sustainable Development Goal 8: policies that promote sustained, inclusive and sustainable growth, full employment and decent work for all ”.
Ageism and its relationship to the politics of aging
The Age & Life Foundation prepared this study based on various questionnaires sent to human resources managers and CEOs of companies in various sectors, including social health, finance, real estate, insurance, manufacturing or food. This questionnaire consists of four large blocks: demographics, stereotypes and perceptions about older employees and their productivity, the company’s age management policies and reflections on benefits, facilitating the factors and detractors of these policies.
The main conclusions of the study emphasize that:
- The higher the percentage of older employees (over 50 years of age), the lower the presence of age-related prejudices and the more proactive when applying and developing aging management measures.
- The higher the presence of older beliefs and the lower the presence of young employees, the worse the effect of aging on the productivity of its employees and the less interest in implementing the measures.
- The sectors with the highest presence of age stereotypes are those that involve significant or repetitive physical exertion, especially in companies in the health and social services sector.
- Little knowledge or confusion is detected in many companies about age management policies.
- Companies with a higher percentage of older workers claim to have more plans and more specific measures to manage age in the workforce. Although it is true that the debate should be raised about when it is more profitable to develop them.
- More than 80% of companies in the health and social services sector say they have plans for talent management, continuing education or health promotion.
- 100% of the financial and insurance companies that participated in the study have plans to promote health and improve and adapt working conditions.
- Companies that responded to the questionnaire under the category “other services” have, in a percentage higher than 80%, plans to increase the skills and competences of their employees, talent management and continuous training.
Finally, the study indicates as lines of action an in-depth analysis of the structure of each company that allows the analysis of the potential and challenges it will face in relation to the aging of the workforce; developing awareness-raising and training campaigns to combat negative age stereotypes and highlighting the benefits of having a diverse workforce at generational level; and optimizing knowledge about the needs and benefits of age management policies.
According to María José Abraham, “the entire business fabric must understand that adapting to demographic change in the coming years will be essential for its survival and for the sustainability of our welfare system. It is vital to apply measures that promote intergenerational coexistence, the development of extended professional careers and the retention of talent from older generations, thus harmonizing the needs of them, their employees and society.