Multi-generational Workforce—Turning Social Responsibility into an Opportunity

The United Nations General Assembly (UNGA) designated October 1 as the International Day of Older Persons. This day underscores the unique needs of older people around the world, placing emphasis on their rights, addressing violations, and fostering solidarity through equity and reciprocity between generations. These efforts offer long-term solutions to fulfill the Sustainable Development Goals that are related to the health and well-being of people of all ages.

THE AGING POPULATION, ECONOMY, AND BASIC RIGHTS

In 2021, there were 761 million persons who were 65 years of age or older. The proportion of older people worldwide is anticipated to rise from about 10% to around 17% between 2021 and 2050. This change in demographics will lead to a decline in economic output, as more countries become older societies with fewer individuals in the labor force. Consequently, the financial load on social security and pension programs to provide older persons with a respectable standard of living will increase. Apart from the financial impact, some studies suggest that prolonging working life may improve older persons' mental health after retirement by strengthening social interaction and social support. As a result, one factor that contributes to inequality and violates the right to a full life and continued participation in society as an individual is the refusal to give those over 65 opportunities for employment.

MULTI-GENERATIONAL WORKFORCE AS AN OPPORTUNITY

Creating a multi-generational workforce by allowing older individuals to continue working is one method through which companies can contribute to reducing financial issues and societal injustices. Organizations now have the chance to benefit from the experience and expertise of older workers while also incorporating new ideas from younger employees. Better decision-making, inventiveness, and productivity can result from a diverse workforce that includes employees of all ages. One GREAT example of such an initiative is undertaken by OR, PTT Oil and Retail Business. In Thailand, there are elderly people who lack job opportunities due to their advancing age. Therefore, OR has partnered with the Ministry of Social Development and Human Security's Department to open "Café Amazon for Chance," staffed by elderly baristas. With the support of this program, businesses could gain the advantages of a multi-generational workforce while also enabling senior citizens to participate in society, find employment, and even attain a level playing field with younger people, both mentally and financially. . As the aging population continues to increase, a single company alone cannot create a multi-generational workforce or encourage older individuals to engage in economic activity. All parties must work together to find solutions to an aging society issue in order for society to become more resilient and sustainable, including various other activities that can increase the overall impact.

#BRANDi #ThinkWithBRANDi #GoodtoGREAT #Internationaldayofolderpersons #MultigenerationalWorkforce

Priding ourselves on sharing GREAT insights to society, we will continue to publish FREE content for ALL readers to uplift their knowledge and go from Good to GREAT!