With new advances in healthcare and technology, life expectancy and the number of people over the age of 65 continues to rise. In a few short years, more than twenty-five percent of the developed world will be over the age of 65. However, the worldwide fertility rate has fallen from 5.0 to 2.7 over the past 30 years, with it falling to 1.6 in developed countries alone. By the end of the 2020s, the working-age population will be shrinking in every developed country and the global economy will not be able to support the retired population.
Historically, people in developed countries have retired earlier in life. For example, in many European countries people retire in their fifties. The Baby Boom generation, currently a leading force in the economy, politics and the workforce, is slowly beginning to retire. The question is whether this generation will be able to retire by age 65.
Recently, The Pfizer Journal® convened a panel of experts from around the world to discuss the growing issue of aging productivity in a Global Summit on the Aging Workforce. The panel, which took place in Edinburgh, Scotland, consisted of key thought leaders from all aspects of the workforce, including economists, technology specialists, pharmaceutical executives, statisticians and policy makers, each representing their own field and presenting their expertise on this issue of growing importance.
Panelists included:
Gary R. Andrews, MD,International Association of Gerontology, University of South Australia Ernst R. Berndt,PhD, DPhil, Alfred P. Sloan School of Management, Massachusetts Instituteof Technology Baroness SallyGreengross, The International Longevity Centre-UK, House of Lords Anne-MarieGuillemard, PhD, Center d'Etudes des Mouvements Sociaux, Universityof Paris-V Sorbonne Valger
"Pfizer researches the physiological, psychosocial, and cognitive changes associated with aging and develops innovative products that allow people to live to their fullest potential," said Dr. Sal Giorgianni, Editor-in-Chief of The Pfizer Journal®. "Pharmaceuticals and technology are the major forces that will be called upon to help maintain the productive status of the aging worker."
During this two day summit, the panel discussed various aspects of the aging workforce, including:
The myths and factsabout the aging worker and their impact on business; Policies that arecurrently in place or under in development; Age discrimination; The role ofhealthcare quality for the aging worker; The multi-generationalworkplace; Life after 55; The role oftechnology on aging productivity; and Globalization andthe aging workforce.
About The Pfizer Journal®
The Pfizer Journal® presents facts, opinion and commentary from thought leaders on issues concerning health and the future of medical care. The Pfizer Journal®, available in print and also online at http://www.thepfizerjournal.com http://www.thepfizerjournal.com , helps readers gain a deeper understanding of issues related to existing medical treatments, tomorrow's therapies and behavior and environmental issues that influence our health and well-being.
Supporting Quotes from Panelists
"The Global Summit on the Aging Workforce addressedissues vital to the long-term sustainability of economies, theprofitability of businesses and the effectiveness of our workforce," said Kerry Platman, PhD, Senior Research Associate for the CambridgeInterdisciplinary Research Centre on Ageing at the University of Cambridge. "We are seeing a new consensus over the need to reverse the early retirementculture which has established itself in much of the developed world. Howwe keep active, engaged and productive is increasingly recognized as oneof the key challenges for all developed economies and societies."
"We live in an era defined by manychallenges " from global warming to terrorism " but none is ascertain as global aging and none will have as large an impact on families,employers and national governments," said Richard Jackson, PhD,Program Director, Global Aging Initiative, Center for Strategic andInternational Studies.
"The aging workforce is a profoundlydifferent situation, one that societies have not faced before, as is thewhole aging of society," said Baroness Sally Greengross, Executive Chair, TheInternational Longevity Centre-UK, House of Lords. "Perhaps one thing we haven't looked at is how young people are going to cope in the future with being a minority both at work and in the rest of their lives."
"We essentially disenfranchise people astenuous, limited and disrespectful of the skills that many of these peoplehold," said Frederick W.Telling, PhD, Vice President, Corporate Policy and Strategic Management,Pfizer Inc. "As a result, there is truly a need for a new cultural view of what an older person is and their relationship to society."
"One company cannot solve this problemalone and it will require the combined effort and energy of individualworkers, businesses and governments worldwide. The livelihood ofmillions of people and the vitality of the world economy may depend onit. Globally people need to be able to continue to stay productiveand work. Standards must be put in place to allow for the accessible technologyneeded to enhance the workforce." Bonnie Kearney, Group Product Manager, Accessible Technology Group Microsoft Corporation
"It's been a very interesting roundtablebecause the participants came from all over the world to represent a widerange of disciplines," said Gary R. Andrews, MD, Immediate Past-President,International Association of Gerontology, University of South Australia. "And what really comes through is the need for there to be a fundamental change in the way everybody everywhere looks at aging: younger people, health care workers, policy makers, the politicians and older people themselves. They all need to change their attitude and perspective on aging and what it is, so that they can appreciate the fact that aging is essentially a part of living."
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