Employer Strategies for Responding to an Aging Workforce

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Table of Contents Executive Summary1 Introduction2 Part A2 Demographics2 Impact and challenges in service industry for assigned HR trend (aging workforce). 4 Challenges of an aging workforce:5 Solutions to Challenges of an Aging workforce7 Part B – Fairprice Xtra @ Ang Mo Kio HUB8 Challenges Faced9 Relevant Solutions10 Feedback12 Referencing14 Appendices15 Executive Summary This report is commissioned to provide our readers with more information on aging workforce. Firstly in Part A of our report, we will be discussing about the demographic changes in Singapore. These include life expectancy; income distribution and how household sizes have evolved throughout the years for instance. This will in turn give us more insights as to why Singapore is currently facing with the challenge of an aging workforce. Next, impact and challenges of aging workforce in the service industry will be further elaborated. Some of the impact of an aging workforce will be lower labour productivity rate and greater healthcare services for the elderly. One challenge face by HR companies will be how they can retain the knowledge and skills of these older workers. Solutions for HR companies on how to overcome such challenges are also suggested. One such solution is to implement a flexible retirement age program for the older workers. Moving on to Part B of this report, our group visited the Fairprice located at Ang Mo Kio and made an evident observation. Observations of the workers were made. We have identified a few problems associated with having too many aging staff further explained below. This is followed by our recommended solutions with one of the problems illustrated through a skit which can be found under Appendices. Introduction Singapore faces the problem of an ageing workforce which brings about new opportunities and challenges faced by employers and government and how they respond to an aging population. Today, Singaporeans have a longer life expectancy and will need to work longer, so that we lead healthy and productive lives and have sufficient reserves for retirement. For employers, it means that there will be less young people entering the workforce each year in the future. Singapore’s workforce is aging rapidly and companies and the government faces the challenge to positively shape the mindsets of employers and employees towards employing older workers and to facilitate the re-design of jobs to make them more suited for older workers. Part A Demographics Age is one of the major demographic changes in Singapore. People are living much longer than they used to. Compared to year 2000, life expectancy has increased from 78 years to 79. 9 years in year 2006. The population has also increased from 4,027,900 to 4,483,900 in the same period. Life expectancy at birth has increased from 71 males and 76 females to 77 males and 81 females. Life expectancy at retirement age 62 is now over 20 years for both males and females. From year 2000 to 2006, the number of males per 1000 females is falling from 998 to 982. If this continues, there is bound to have more females than males.

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