We are beginning to see shifts in the workforce that are influenced by an increasingly older population. Requests for more flexible schedules to care for aging family members. Vocal and much needed advocates calling out ageism in the recruitment process. The rise of fractional executives to lead organizational functions, especially in start-ups. This is not a phase; this will be the new way of working. Here’s why.
Global demographics are shifting. According to the World Health Organization, one in six people in the world will be 60 or older by 2030. While countries such as Japan and South Korea have acclimated to having a predominantly older population, the global shift is unprecedented.
Left unaddressed, these demographic shifts will impact the healthcare system, workplace productivity, and a country’s GDP. These are all big issues that lead to longer, fuller discussions. Yet from a workplace perspective, there is much that can be done now to prepare for the inevitable changes. Here are three aspects to consider.
- Support more flexible work schedules. This is not a
nreturn to office debate. Rather, it’s about building flexibility into our social and work infrastructures so that employees can balance the needs of work and loved ones without fear of losing their livelihoods. Trust employees to meet their deadlines and honor their commitments. Additionally, when they are in the office, ensure the work environment is conducive to productivity, connection, and collaboration. - Learn from blue zones. There is much to be gained by taking a closer look at blue zones, those regions of the world inhabited by people living exceptionally long lives based on lifestyle choices. From a work perspective, employers can do much to introduce programs that recognize balance, social interactions, and stress reduction now. This can pave the way for longer, healthier lives.
- Use technology to advance or support longevity. The longevity market sector is big, with experts estimating it will go from $27 billion in 2023 to $44 billion in 2031. While there are many segments to it—smart homes, fall prevention and detection, social engagement, transportation, and more as evidenced by this great AgeTech Market Map—the one area that needs immediate attention is in closing staffing gaps in senior care communities. According to the American Health Care Association, 94% of senior care facilities find it difficult to attract new staff, with 67% reporting a lack of qualified or interested candidates.
Technology innovations that are helping to address the senior care staffing issue include robots in the dining room and kitchen, and automated workflows to streamline scheduling, data entry, and other administrative tasks. There is also an uptick in using AI to better understand subtle shifts in a resident’s body movement. This can indicate immediate needs, such as wandering or falls, or long-term health issues such as frailty. This, too, can help close staffing gaps by sending alerts and staff to the residents most in need, as opposed to routinely scheduled check-ins. The cost savings from reduced risks and avoiding compliance violations can potentially be redirected to improving staff training and wages.
Companies that offer staffing, billing, training, or other types of solutions that complement the needs of senior care communities are encouraged to form partnerships with longevity tech providers to help address these issues.
Prepare for the future
These are just a few ways that employers and communities can work more closely together to prepare for the upcoming changes. While we don’t know how the workplace will look by the year 2030, we cannot be surprised when these demographic shifts have a ripple effect on the entire population.
Workplaces that prepare for changes now will be in a better position to recruit and retain top talent. Tech innovators that see the opportunities in longevity technology can seize a significant market share now. Commercial real estate investors and owners would do well by gaining a better understanding of how to run their senior communities most efficiently. For each of us, longevity is a gift, not an issue to be fixed or dismissed. After all, isn’t being well-cared for what we want, especially as we age?
Honghao Deng is CEO and cofounder of Butlr.