{"id":20774,"date":"2020-01-29T18:13:00","date_gmt":"2020-01-29T18:13:00","guid":{"rendered":"https:\/\/benefex-dev.local\/en\/2020\/01\/29\/how-to-deal-with-a-declining-workforce-and-the-arrival-of-generation-z\/"},"modified":"2020-01-29T18:13:00","modified_gmt":"2020-01-29T18:13:00","slug":"how-to-deal-with-a-declining-workforce-and-the-arrival-of-generation-z","status":"publish","type":"post","link":"https:\/\/benifex.com\/en\/how-to-deal-with-a-declining-workforce-and-the-arrival-of-generation-z\/","title":{"rendered":"Dealing with a Declining Workforce and the Arrival of Gen Z"},"content":{"rendered":"<h2 style=\"font-size: 24px; font-weight: normal;\">Employers everywhere are aware of the imminent demography changes about to occur in the workplace. With Generation Z knocking on the door, it\u2019s time for companies to ready themselves for not only a new generation, but a new era.<\/h2>\n<p><!--more--><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">The ageing of older generations we are now witnessing is likely to cause challenges for organizations as they try to retain employees\u2019 skills and knowledge. <\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">The number of employees older than 55 years old is increasing significantly, while the number of newborns is decreasing. <a href=\"https:\/\/www.digitalhrtech.com\/aging-workforce-challenges\/\" rel=\"noopener\" target=\"_blank\">Academy to Innovate HR (AIHR) shares<\/a> that in the U.S. alone, 10,000 baby boomers turn 65 every day, and this will continue until 2030. <\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><a href=\"https:\/\/www.aesc.org\/insights\/blog\/leveraging-europes-aging-workforce\" rel=\"noopener\" target=\"_blank\">Data from the European Labour Force Survey<\/a> shows that 16% of the total workforce in the European Union are aged over 55. In Germany, Finland, and Sweden, the number of mature workers is close to one in five.<\/span><\/p>\n<h3><span style=\"font-family: arial, helvetica, sans-serif;\">Which Industries are Most Affected?<\/span><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">While the issue of an ageing workforce applies to every industry, some industries are more vulnerable than others. The financial sector, for example, is dealing with significant pension pay-outs. <\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><a href=\"https:\/\/www.theguardian.com\/society\/2019\/oct\/13\/nhs-consultant-shortage-rural-coastal-areas\" rel=\"noopener\" target=\"_blank\">Recruiting doctors in rural areas is another challenge<\/a> while many doctors approaching retirement age are being enticed by employers to stay on in their positions since they offer knowledge and security. How else do companies retain knowledge? <\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><span style=\"color: #000000;\">Our advice?<\/span> Don\u2019t wait for tomorrow. There are several things you can do to attract <\/span><span style=\"font-family: arial, helvetica, sans-serif;\">Generation Z and be better prepared for the future.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><img decoding=\"async\" src=\"https:\/\/cdn2.hubspot.net\/hubfs\/2798830\/All%20Markets\/Blog%20images\/there-are-several-things-employers-can-do-to-attract-generation-z.jpg\" alt=\"attract generation z\" width=\"1100\" style=\"width: 1100px; margin: 10px 0px 0px;\"><\/span><\/p>\n<h3><span style=\"font-family: arial, helvetica, sans-serif;\">7 Things You Can Today<\/span><\/h3>\n<h4><span style=\"font-family: arial, helvetica, sans-serif;\">1. Review current competencies<\/span><\/h4>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Evaluate each department to identify what skills are needed and what skills there will be a shortage of in the near future.<\/span><\/p>\n<h4><span style=\"font-family: arial, helvetica, sans-serif;\">2. Complete a quick analysis of your current situation <\/span><\/h4>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Look at your workforce. How old are they? How will the situation look in a few years? Can you entice workers to stay longer? Use intelligence from your benefits administration platform to better <a href=\"\/using-intelligence-to-better-understand-and-engage-your-global-workforce\" rel=\"noopener\" target=\"_blank\">understand and engage your workforce<\/a>. <\/span><\/p>\n<h4><span style=\"font-family: arial, helvetica, sans-serif;\">3. Offer training and development programs <\/span><\/h4>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">What growth opportunities does your company offer? How can knowledge be shared? Can you develop your training programs further? <\/span><\/p>\n<h4><span style=\"font-family: arial, helvetica, sans-serif;\">4. Localize potential capacity challenges <\/span><\/h4>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Identify the most significant capacity challenges your company is facing. Where are they? Which areas will be the most impacted? <\/span><\/p>\n<h4><span style=\"font-family: arial, helvetica, sans-serif;\">5. Look abroad <\/span><\/h4>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">The war of talent knows no boundaries. Look for talent abroad. After all, diversity introduces a wider range of skills and has been shown to increase productivity, creativity, company reputation and more. <\/span><\/p>\n<h4><span style=\"font-family: arial, helvetica, sans-serif;\">6. Automate and Update Technology<\/span><\/h4>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">What manual processes can be automated? A benefits platform&nbsp;allows you to automate tasks and streamline processes for HR, payroll and more. Use an employee engagement platform to reach and communicate with your workforce and to provide them with a self-service option.<\/span><\/p>\n<h4><span style=\"font-family: arial, helvetica, sans-serif;\">7. Become a more attractive employer<\/span><\/h4>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">How can you become a more attractive employer so that you can retain existing employees? What global benefits are you offering employees? How can you attract younger workers, specifically Generation Z, to your organization?<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Having surpassed millennials in 2019 as the largest generation in the western world, Generation Z are entering the workforce at a rapid speed. Your company\u2019s ability to attract and recruit them is crucial.<\/span><span style=\"font-family: arial, helvetica, sans-serif;\"><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">By being proactive and addressing issues head-on, you\u2019ll be better prepared to combat a declining workforce and be in a better position to ensure that skills and knowledge are not lost.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><img decoding=\"async\" src=\"https:\/\/cdn2.hubspot.net\/hubfs\/2798830\/All%20Markets\/Blog%20images\/think-of-how-you-can-attract-younger-workers.png\" alt=\"think-of-how-you-can-attract-younger-workers\" width=\"876\" style=\"width: 876px; margin: 0px;\"><\/span><\/p>\n<h3 style=\"font-size: 24px;\"><span style=\"font-family: arial, helvetica, sans-serif;\">Looking for more insights on Generation Z and how to best prepare for their arrival?<\/span><\/h3>\n<p style=\"text-align: center;\"><span style=\"font-family: arial, helvetica, sans-serif;\"><span style=\"color: #000000;\">Download<\/span> <a href=\"https:\/\/info.benify.com\/generation-z\" rel=\"noopener\" target=\"_blank\" style=\"font-style: italic;\">Generation Z \u2013 The Definitive Guide to The Future Workforce<\/a> <span style=\"color: #000000;\">today!<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Employers everywhere are aware of the imminent demography changes about to occur in the workplace. With Generation Z knocking on the door, it\u2019s time for companies to ready themselves for not only a new generation, but a new era.<\/p>\n","protected":false},"author":17,"featured_media":20775,"comment_status":"closed","ping_status":"open","sticky":false,"template":"tpl.news-post.php","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[730,724],"tags":[734,726],"class_list":["post-20774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employee-engagement","category-employee-experience","tag-employee-engagement","tag-employee-experience"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dealing with a Declining Workforce and the Arrival of Gen Z | Benify<\/title>\n<meta name=\"description\" content=\"With the arrival of Gen Z, employers are aware of the changes that will occur. 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