(2012) What are the supply (workforce) and demand (product) implications of an ageing society?

in Reviews
Stephen McNair and Matt Flynn, Centre for research into the older workforce, Middlesex University, UK

This paper reviews evidence to discuss the manufacturing sector’s preparedness for changing age demographics. It examines what demographic change might mean for both the manufacturing workforce, and the demand for products and services in the UK, in the next ten and forty years. On one hand, as the population of traditional "working age" shrinks, manufacturers will need to find ways to make better use of older employees, and to retain them in work longer. On the other hand, as the size of the older population, both active and dependent, rises, manufacturers will need to consider what kinds of products and services older people will want and need, to enjoy extended active retirement, and to manage declining capabilities as they age.


Future of Manufacturing Project: Evidence Paper 22, Foresight, Government Office for Science, October 2012


Keywords

older workers, workforce, manufacturing, employment