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Companies must adapt to a rapidly ageing workforce

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A new report by The Economist Intelligence Unit has found that Europe’s companies must adapt to an ageing workforce, and that this may result in benefits for all employees.

The report revealed that 71% of Europe’s senior executives expect the proportion of their employees aged over 60 to increase by 2020, including 22% who expect it to increase significantly.

As a result, 43% expect increased worker demands and subsequently higher costs for employee benefits. One-half of the executives surveyed plan to change the benefits they offer to adapt to the changing needs of their workforce, as the focus on work-life balance becomes more of a priority.

Monica Woodley, the editor of the report, said:

“Retirement as we think of it today could soon become a thing of the past. By 2020, European businesses say that managing an ageing workforce will be a top priority. However, the strategies and benefits being instituted by employers to target this demographic – such as offering flexible working hours – will see all employees benefit.”

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