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Demographic change - old news or growing challenge?

Demographic change - old news or growing challenge?

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Katharina Wegera Market Insight, Market Intelligence

Demographic change is on everyone's mind. On the one hand, the question of gaining new talent is of central importance. On the other hand, the increasing digitalisation places new demands on senior workers faced with rapidly evolving technology. Due to stronger networking and the changing approach to organisational learning, employees within staff development functions now have the task of developing training concepts that meet the differing needs of younger and older employees. This is only a selection of topics associated with demographic change.
 
According to a study by the German Association for Personnel Management (DGFP), demographic change is predicted to have the greatest impact on staff management in years to come. And there are countless options available to assist businesses to deal with these changes. Health management, employer branding and promoting lifelong learning are just a few possibilities - but what options are best suited to your business? The wealth of options could lead businesses to believe that a mix of only a few would be adequate. Effective preparation to meet the demands of demographic change may also sound all too familiar or be oversimplified: understanding the trend, assessing the position of the business and introducing appropriate measures accordingly.
 
Thus, at first glance it seems fairly simple to meet the demands of demographic change. However, the reality is somewhat different: According to DGFP findings, one quarter of the companies never systematically deal with the major HR trends – and every second company that do, adopt an irregular approach. Unfortunately this confirms what I have often witnessed during my time as a business consultant. But how sustainable are the companies operating in the German economy? And shouldn’t these companies deal with the change proactively in order to survive in today’s market anyway? When compared with international companies, those in Germany appear more hesitant to introduce innovations. In terms of demographic change, heads predominantly turn towards the HR leaders responsible for developing a human resources strategy that moves with the times and the changing environment.
 
How are you preparing your business for demographic change? I look forward to hearing your views.