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Economic crises and the elderly.

Uschi Backes-Gellner¹, Martin R Schneider

¹Institute for Business Administration, University of Zürich, Zürich, Switzerland. ubg@isu.unizh.ch

|October 26, 2011

Summary

Elderly workers, previously disadvantaged by economic downturns, will soon find more well-paid job opportunities due to demographic shifts. Future strategies must leverage the full potential of an optimal age mix in the workforce.

Area of Science:

Economics
Sociology
Demographics

Background:

Economic crises disproportionately affected older workers in recent decades.
Societal and economic factors historically led to older workers being laid off before younger ones.

Purpose of the Study:

To analyze the shifting employment landscape for elderly workers.
To forecast future employment opportunities for older individuals in affluent societies.
To inform future employment strategies regarding age diversity.

Main Methods:

Analysis of economic trends and their impact on different age groups.
Examination of demographic changes, including declining birth rates and an aging population.
Review of historical employer practices concerning age discrimination in layoffs.

Related Experiment Videos

Main Results:

The trend of elderly workers being displaced during economic crises is reversing.
Affluent societies are projected to offer more meaningful, well-compensated roles for older individuals.
Demographic shifts, such as a smaller younger workforce, will reduce age-based discrimination in hiring and retention.

Conclusions:

Future employment strategies must prioritize an optimal age mix.
Employers should focus on harnessing the full potential of the elderly workforce.
Demographic changes are creating a more favorable environment for older worker employment.