Accelerate May 2015 - Page 83

Resourcing & Rewards Responses: State, Business and Organisational What might be some responses to this? There is a need for state and business intervention with policies and practices, including incentives and support for more immigration, migration, later retirement, retiree rehiring and female participation, in turn requiring better and more flexible work-life balance and supports, etc. However, the constraints from Asian national and corporate culture makes such changes difficult. Nevertheless, some examples of state-level responses are as follows (Wassener, 2014; Waldmeir, 2015; IBM, 2004): • China – relaxed one-child policy, albeit limited take-up, SOEs to re-employee older workers; • Japan – encouraged companies to employ workers longer. Canon, since 1982, had a system to re-employ retirees until 63, increased to 65 in 2007; • Singapore – made traditional seniority pay more flexible; • Hong Kong – encouraged fertility treatment and more women in the workforce and raised retirement ages; • South Korea – projected to create jobs, job training and wage support for the elderly. For businesses, Vernon (2010) sets out 14 ‘best practice’ The other part of the demographic trend is an ageing of populations and more older people. China by 2050 will face over one-quarter of its population being 65 years old and over (BBC News, 2012). This will result in fewer active people being responsible for more inactive ones. initiatives for creating more inclusive workplaces for older employees. These include the following:• ‘Conduct age profile analysis’ of an organisation’s workforce. For example, Deutsche Bank did so for its workforce across Asia Pacific; • ‘Ensure favourable working environment’. For example, SingHealth in Singapore invested in automation and mechanisation in hospitals; • ‘Encourage employees to take charge of health and wellbeing’. For example, Alexandra Hospital in Singapore introduced the programme ‘Wellness for Older Workers (WOW); • ‘Provide alternative working arrangements’. For example, Sanyo in Japan offered f