Opportunity or Threat
The demographic change in the United Kingdom cannot be looked at as a less productive workforce only but as an opportunity for creating more experienced businesses. The article “British workforces 'not geared up' to employ older workers” (et al. 2012), written by Louisa Peacock expresses the fear that older workforces will be less productive due to respiratory issues. To the contrary, the article “50 and not out”, tells us how older people in the UK have shown high interest in starting businesses and have been highly successful. There are both positive and negative factors about age in relation to workforce.
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Older workforce tends to be less productive and have more health issues, which results in them to be generally less productive. The article “British workforces 'not geared up' to employ older workers” (et al. 2012) expounds on how workers aged between 51 and 60 have respiratory problems. This causes often absenteeism resulting to increase in waste of revenue. A proven study using U.S. Bureau of Labor Statistics information states “older workers are more severely injured and die with greater frequency from work-related injuries than younger workers”. The study implies to the UK too because of its dependence on worker’s age. It also states the injuries suffered by older workers or death, depending on the worker’s job which can be a risk instead of an asset.
The article “50 and not out” contradicts the idea by showing that workers often become entrepreneurs after the age of 50 and are more successful in running a business for five years than workers of younger aged (et al. 2012). The article states that older workers often have the idea that they do not have the necessary skills to start a business, however through their experience they most likely do. An older worker may not be as physically skilled as a younger worker, but they have years of experience. Mcguinness (2013) states that “Research shows that people with limited education have low employment rates in old age, while those with college and advanced degrees tend to remain in the work force longer.”
In looking at the question on extend of opportunity to demographic change; one cannot simply generalize the older workers as less physically capable. However the fact that they often have years of education with years of experience is of essence.
Looking at the positive and negative aspects of the demographic change, one must consider that it is also highly dependent on the situation. Someone aged 50 or older will most likely be highly productive and may benefit the economy by employing workers when starting a business. However someone who has worked the same physical job and does not have a high level of education may not have the necessary skills to start a business. He may be a risk to working society, if he can only act as an employee doing physical labor.
Future of the demographical change in U.K will the overall population growth and an increase further in the average proportion of the population aged 55 years and above. The demographics represent more as an opportunity than a threat to UK business which impacts directly to the economy. The pivotal issue to deal with is the health aspect of the aged while supporting their experience in delivery of business techniques and employment of the younger generation. The young generation that is aged between 30s and 20s can gain business knowledge through learning form business practices applied by the aged group.
The young generation requires the older generation to impart the knowledge they have to them. The physical ability of the young generation is very essential for faster economic growth in the implementation of duties. Therefore, the existence of young generation helps to actively transcend the knowledge from the aged in an easier and faster pace due to their ability to recap and employ gained knowledge. The balance in quality work through knowledge and practical application of the knowledge is fundamental to the country’s growth.
The demographics give clear understanding of the population growth with increase in the number of young in age. The increase in young aged in the population indicates a need to utilize the knowledge availed by the old so as to equip the younger generation. The support granted from the old aged by employing the young in running their businesses helps in tackling the increase in unemployment.
References
Centers for Disease Control and Prevention. (2012). Retrieved October 25 2013. From
Centers for Disease Control and Prevention.
Federation of Small Businesses. (2012). Retrieved October 25 2013. From
www.FSB.ORG.uk
McGuinness, K. (2013). Hr. /Benefits. Retrieved October 25. 2013. from
Plansponsor.com
The Telegraph. (2012). retrieved October 18 2013. From
www.telegraph.co.uk/finance/jobs/8180206/British-workforces-not-geared-up-to-employ-older-workers.html
