THE WORLD AS A WHOLE. In the global community, the ranks of those aged 60 or older are growing 60% faster than the population as a whole. In 1950 there were 12 people aged 15 to 64 to support each person of so-called retirement age. Now the global average is nine – but by mid-century the figure will be down to four, the United Nations forecasts. In some countries the situation will be much worse, and sooner. By 2025 – less than 20 years away – there will be only two workers for each retiree in Japan, just 2½ in Italy and Germany, about 3 in the UK and fewer than 3½ in the US. Now, let’s take a quick tour of just a few countries by way of glancing at their changing demographics. (Note - all demographic statistics are from year-end 2005 AARP data.)

CANADA – 35th in world population – working diligently on encouraging longer workplace contribution. Life expectancy at birth for women is 83.4 years and for men it is 76.4 years. The percentage of population age 60 and above is 19% for women and 16% for men. 19% of men over age 60 are in the labor force and just 8% of women. Their fertility rate is dropping and is now at 1.61 children/woman. The median age for women in Canada is 38.8 years and for men is 36.9 years.

CHINA – 1st in world population – a nation that is hungry to compete for the future. Median age for women is 31.7 years and the median age for men is 31.2 years. Life expectancy is 73.3 years at birth for women and 68.9 years at birth for men. Their fertility rate is, as expected, low at 1.7 children/woman. The percentage of the male population still in the labor force after age 60 is 39%. As for women, reduce that percentage to 14%.

FRANCE – 20th in world population – early retirement taking its toll on economic situation – but lifestyle appears to be at the core of living longer. Women’s life expectancy at birth is 83.1 years and men’s expectancy is 75.6 years. The median age of the population is 39.8 years for women and 36.8 years for men. Their fertility rate is also low at 1.85 children/woman. The percentage of the population over age 60 is 23% of women and 18% of men. But, note - only 4% of women over 60 are still in the labor force as are 6% of men.

INDIA – 2nd in world population – very low median age and life expectancy. Life expectancy at birth for women is 64.3 years and for men is 62.9 years. Their median age is 24.2 for women and 24.1 for men. Their fertility rate continues at higher than “replacement value” at 2.91 children born/woman. The percentage of the population age 60 and above is 8% for women and 7% for men. The percentage of the 60+ population in the labor force is 18% for women and 59% for men.

JAPAN – 9th in world population – longest life expectancy – highest median age. Life expectancy at birth is 84.4 years for women and 77.6 years for men. The median age in Japan is 43.8 years for women and 40.3 years for men. The fertility rate is very low at 1.25 children born/woman. The percentage of the population over age 60 still in the workforce is 20% of women and 45% of men. The percentage of the overall population over 60 is 28% for women and 22% for men.

Take a look at recent headlines from Japan: “Government says that 1 in 5 Japanese are aged 65 or older fueling concerns over the burden presented by a rapidly aging society.” At the same time, the government reported that births dropped to a record low of 1.25 births/woman in 2005.

Japan is one of the countries I study rather carefully as they are pioneering some interesting changes in the workforce – for example, they have raised retirement eligibility age and reduced benefits to maintain pension solvency. Some firms offer bonuses to people who opt to stay working beyond traditional retirement age.

How about US? – Read on!

UNITED STATES – 3rd in world population – economic, social entitlement systems and workplace solutions at a crossroads. Life expectancy at birth is 81 for women and 75.6 for men. The median age is 38.5 years for women and 35 years for men. Fertility rate is 2 children born/woman (2, fyi, is slightly below replacement rate). The percentage of the population over age 60 is 19% for women and 16% for men. The percentage of 60+ in the labor force is 13% for women and 23% for men. Now, ask yourself a few questions about our situation as it is affected by demographic changes. Then, ask yourself where you might take action.

U.S. ECONOMIC SYSTEMS

• What happens when there are not enough people to invest in the stock market and spend in the consumer market? Will Gen “X” be able to keep Wall Street afloat until Gen “Y” appears on the scene?
• What will happen to the economic health of American women who live longer than men but work shorter and, typically, for less income? And, ask yourself, why do women leave work sooner than men? I know. Do you?

U.S. SOCIAL SYSTEMS

• Why do we keep hearing that Social Security is drying up solely because we are retiring? Haven’t you been paying into the fund for 30-40-50 years – much longer than any previous generation? What do you know about the plundering of Social Security by elected officials to pay for things that were not originally intended? What should you know? What action might you take?
• Is Medicare broke for similar reasons? Are we leveraged to the hilt in paying for costs not intended to be covered by Medicare and blaming older folks for an expected reliance on end of life medical care?

U.S. WORPLACE/WORKFORCE INITIATIVES

• It is very well publicized that Gen X does not have sufficient numbers to replace the Baby Boomers. By 2010, this issue will reach critical proportions. What is your employer doing NOW to attract, develop and retain their mature workforce?
• If you are still working full-time and are offered early retirement, ask your employer about the rules of re-engagement – either as a temporary or just-in-time project worker. Know the rules before you leave and setup your next opportunity with your employer. Note - if an employer offers you an early retirement, they are going to ask you to sign a severance agreement– you might build-in your return opportunities in this agreement.
• The odds are extremely great that you will change jobs regardless of your chronological age today. Learn how to use your education assistance program now. Even if there is no such benefit in your company, realize that you must be prepared for economic and societal changes and, if you expect new avenues to open up, you must ask yourself – “If I do not continue to learn, will I be able to work, in any capacity, in the future?

ON ANOTHER - CROSS-GENERATIONAL - NOTE

Recently, I listened to a Monster webcast on Gen “Y” and heard about the top priorities this generation is looking for in their careers…. It struck me how, in many ways, mature workers are similar to Gen “Y” in what they want from work.

Similarities	"Y"	"Matures"
Fewer Hours	Yes	Yes
Flexible Work Arrangements	Yes	Yes
Meaningful Responsibility	Yes	Yes
Make a Real Contribution	Yes	Yes
Work/Life Balance	Yes	Yes
Training to Upgrade Knowledge	Yes	Yes

Differences

It seems to me that one of the main differences between generations is that the “Y” generation expects these priorities to be met and mature generations simply hope for these priorities to be met!

Take some advice from Gen “Y”
Raise your Expectations!