In the current dynamic workforce landscape, organisations face an unprecedented demographic shift that poses substantial risks across various aspects of their operations. People risk, at its core, encompasses two critical elements:

1) The departure of older employees leaving the workforce, and
2) The increasing share of the workforce population aged 55 and older.

The departure of seasoned employees into retirement may result in the loss of invaluable skills, knowledge, and experience, potentially leading to skill gaps and a shortage of human resources to fill critical roles, particularly as younger generations enter the workforce in smaller numbers. Moreover, retaining older workers for extended periods presents a unique challenge that demands a nuanced approach rooted in better understanding and awareness.

To navigate this demographic risks successfully, organisations must seek tools to predict, manage, and mitigate these risks effectively, ensuring the availability of essential human resources and skills for the future. This proactive stance encompasses comprehensive ageing workforce analytics, workforce longevity planning, knowledge transfer initiatives, age-inclusive employment practices and more.

The pace of change driven by the departure of older employees and the growth of the 55 and older workforce segment is swift. It creates a dynamic landscape that demands a strategic, forward-thinking approach. Organisations must act today to safeguard their future by effectively managing people risk.

With Junoverse READY™, we offer tailored services to manage people risk and ensure a resilience and future proof workforce.

In our contemporary business landscape, no organisation can afford to underestimate the potential brand and reputation risks associated with the mismanagement of an ageing workforce. These risks extend beyond the immediate operational challenges and have far reaching consequences that can impact an organisation’s standing and success.

Cultivating an age-friendly workplace is a crucial step in mitigating brand and reputation risk. Failing to address the needs of your ageing workforce can lead to the perception of your organisation as uncaring or unresponsive to the needs of older employees and erode trust and damage its reputation. In addition, the occurrence of pre-retirements due to ill health caused by the organisation is a significant brand and reputation risk.

On the flip side, organisations that proactively manage age related risks and challenges stand to gain substantial advantages. A well-managed ageing workforce comes with a boosted Employee Value Proposition (EVP). This is not only a powerful tool for retaining people, but also for enhancing the organisation’s brand and reputation. A strong sense of Corporate Social Responsibility (CSR) is cultivated by demonstrating a commitment to the welfare and inclusivity of all employees.

Implementing solutions like Junoverse READY™ can help mitigate brand and reputation risk through responsible and effective age management is not only a prudent business strategy but also a reflection of an organisation’s commitment to its employees and stakeholders.

We offer tailored services that not only help organisations manage and mitigate brand and reputation risk, but contributes to an overall brand enhancement.

The shifting demographics within the workforce underscore the need for a more profound grasp of compliance risks linked to Diversity, Equity, Inclusion, and Belonging (DEIB), particularly in the context of an ageing workforce. Age-specific discrimination can manifest in various ways, demanding a keen awareness of its intricacies. These issues not only challenge the fundamental principles of equity and inclusion but also cast an unwelcome shadow of compliance risk over organisations. It is of utmost importance to recognise age as a protected category, on par with other attributes that fall under the DEIB umbrella.

As we are witnessing a surge in lawsuits, settlements and legal actions related to age discrimination, it is critical that organisations take proactive measures. It is not sufficient to merely adhere to DEIB principles and anti-discrimination laws. Organisations must transcend the treatment of older workers as a collective entity and pivot towards a more individualised approach.

A pivotal strategy for mitigating compliance risk hinges on the understanding that older employees are not a homogenous group. They are unique individuals with distinct needs, skills and aspirations. The imperative to develop individualised employee longevity plans is indispensable in addressing these distinctions. This approach fosters a culture of fairness, respect, and compliance with age-related legal requirements.

We provide tailored services paired with digital solutions such as Junoverse READY™ that embrace an individualised approach to address the unique needs of ageing employees, while recognising age as a pivotal diversity attribute. In doing so, we strengthen not only compliance but also an organisation’s dedication to fostering a more equitable and inclusive workplace.