With our minds focused on the recession, many of us have been forgetting a very different, longer lasting problem with far-reaching consequences: the UK's changing demographics.
With every new breakthrough in medical science, potential life expectancy grows. By 2020, almost a third of employees will be over the age of 50. The impact on our economy is immense. Our current retirement and pension models are not sustainable. Living longer means we will have to work longer and save more.
The IoD, in association with the Department for Work and Pensions, outlines the challenges and opportunities of an ageing workforce in a new Director's Guide. The Guide covers all aspects of extending working lives and offers tips on everything from pensions and insurance to flexible working and the law.
IoD Director General Miles Templeman says businesses need to prepare for the fact that our workforce is ageing and must harness the skills and experience of older workers.
"Sharper employers that have made their organisations more appealing to older workers are reaping the benefits with improved customer satisfaction and a healthier workplace culture," says Templeman.
He adds: "There are complex issues around the balance of different age groups in the workplace, health and safety at work, and, crucially, the interplay between pension savings and extending working lives.
"This guide will help directors understand what the questions are and hopefully, allow them to frame possible solutions."
Read Extending Working Lives here >>
IoD Policy exists to advance the case for business in Government, the media and other influential areas.
Policy Team