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The Great Paradigm Shift

The age pyramid is changing, and this is having a significant impact on the workforce. According to the World Health Organization, by 2050, the number of people aged 60 years and older is expected to double, and by 2100, it is expected to triple! This means that the proportion of older adults in the population is increasing, while the proportion of younger adults is decreasing.

Due to this paradigm shift, more and more employees are finding themselves caring for ageing parents. This can be a significant burden, both financially and emotionally. Many employees are forced to take time off from work to care for their parents, which can negatively impact their career prospects and financial well-being.

In addition to the changing age pyramid, the workforce demographics are also shifting in a way that is creating new challenges for employees. The so-called “sandwich generation” refers to individuals who are caring for both their ageing parents and their children.

According to a report by the Pew Research Center, nearly half of adults in their 40s and 50s have a parent aged 65 or older and are either raising a young child or financially supporting a grown child. This means that more employees are finding themselves with parents to care for rather than kids.

The Impact on Employees

The ageing population and changing demographics of the workforce have resulted in an increasing number of employees facing the challenge of balancing work and caregiving responsibilities. This can be especially challenging for those caring for ageing parents, who may need to take time off from work to provide care, impacting their career prospects and financial stability.

Additionally, caregiving can take an emotional toll, leading to decreased productivity and more absences. These challenges can have significant impacts on both employees and their employers.

The Importance of Support – The Role of Employers

As the number of older adults in the workforce continues to grow, it is becoming increasingly important for employers to help them stay well for longer by offering flexible work options, providing financial planning resources, encouraging health and wellness, offering phased retirement options, and providing opportunities for mentoring. These support initiatives can help employees feel more confident and prepared for retirement while remaining engaged and contributing to an organisations success. By investing in health and well-being of their employees, employers can benefit from the retention of knowledge, experience, and expertise of the most experienced workers.

Get in touch with us at Junoverse to learn more about how our retirement readiness solution READY can help your senior employees or employees with senior parents to care for, boost their well-being while preparing them for retirement in a wholesome and holistic way!

Check out our official video below for further insights.