Introduction
Many organizations of today are confronted with the issue of an aging workforce. This issue affects not just productivity but also the management of human capital in organizations. Organizations find it difficult to move on once old, highly experienced employees have exited the workplace. At the same time, they are confronted with the urgent need to plan for this eventuality by facilitating the transfer of crucial knowledge, skills, and competencies to younger employees. The aim of this paper is discuss the importance of the aging workforce for organizations as well as the challenges confronting HR managers in relation to the aging workforce. The paper also provides a critical evaluation of the impact of the aging workforce on human capital practices in organizations.
Importance of the aging workforce for organizations today
Older employees possess invaluable knowledge, skills, and experience. Unfortunately, the aging workforce is conventionally viewed as a problem to be solved rather than a source of unique opportunities for the organization (Goldberg, 2000). If properly used, the skills and experience that older workers possess can easily be leveraged to create competitive advantages for the organization. However, to be able to leverage …
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