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Public sector gears up to tackle ageing workforce
S'pore ahead of other countries in preparing for greying labour force: survey
By OH BOON PING
(SINGAPORE) When it comes to dealing with an ageing workforce, Singapore's public organisations are ahead of their counterparts elsewhere in tackling the problem head-on.
A survey by KPMG found that 62 per cent of respondents here said their organisations have started addressing the challenges posed by a greying labour force - compared with 55 per cent in South Africa, 37 per cent in Canada, 28 per cent in the US, and 26 per cent in Germany.
This comes as no surprise given that in Singapore, the ratio of working people to every person over 65 is expected to drop to four workers for every three elderly people by 2050, compared with the present 10-to-1 ratio.
The report, which polled 100 public sector employees from eight markets, said that in most developed economies today, the ratio is about four working people for every person over 65.
Globally, the forecast for Australia, Canada, Germany and the UK is around 2-to-1 by 2050. As a result, public service organisations are likely to be affected as their workforces grow older. For example, eight out of 10 respondents from Singapore see the ageing public sector workforce as a significant challenge, compared with 73 per cent in Australia, around 70 per cent in Germany and South Africa, and 50 per cent in the US.
'Based on the population forecasts, the resources per elderly person are likely to be scarce. So preparations need to be made now,' said Lim Yen Suan, executive director of KPMG Advisory Services.
The public sector will need to meet the demands of a growing elderly population, with a smaller and less experienced workforce. This means a drop in tax revenue, which will exert intense pressure on public organisations to deliver more with less.
'Demographic change is an unstoppable force. Consequently, the best talent will still be in short supply,' said Ms Lim.
'Creating an attractive employer brand is paramount. The public sector has an outstanding proposition to sell to job seekers, offering exciting careers full of challenge, responsibility and variety - with competitive salaries and benefits. Packaging this effectively to the widest possible audience should help in recruiting the brightest and the best.'
She also believes the issue of knowledge and skills transfer should be addressed before vital experience is lost. Making the most of employees' knowledge and experience, coupled with supporting continuing professional development, have been identified as priorities in response to an ageing workforce, she said.
'By addressing issues such as performance management, strategic sourcing, and service/process harmonisation, the public sector can respond positively to these significant challenges.'
S'pore ahead of other countries in preparing for greying labour force: survey
By OH BOON PING
(SINGAPORE) When it comes to dealing with an ageing workforce, Singapore's public organisations are ahead of their counterparts elsewhere in tackling the problem head-on.
A survey by KPMG found that 62 per cent of respondents here said their organisations have started addressing the challenges posed by a greying labour force - compared with 55 per cent in South Africa, 37 per cent in Canada, 28 per cent in the US, and 26 per cent in Germany.
This comes as no surprise given that in Singapore, the ratio of working people to every person over 65 is expected to drop to four workers for every three elderly people by 2050, compared with the present 10-to-1 ratio.
The report, which polled 100 public sector employees from eight markets, said that in most developed economies today, the ratio is about four working people for every person over 65.
Globally, the forecast for Australia, Canada, Germany and the UK is around 2-to-1 by 2050. As a result, public service organisations are likely to be affected as their workforces grow older. For example, eight out of 10 respondents from Singapore see the ageing public sector workforce as a significant challenge, compared with 73 per cent in Australia, around 70 per cent in Germany and South Africa, and 50 per cent in the US.
The public sector will need to meet the demands of a growing elderly population, with a smaller and less experienced workforce. This means a drop in tax revenue, which will exert intense pressure on public organisations to deliver more with less.
'Demographic change is an unstoppable force. Consequently, the best talent will still be in short supply,' said Ms Lim.
'Creating an attractive employer brand is paramount. The public sector has an outstanding proposition to sell to job seekers, offering exciting careers full of challenge, responsibility and variety - with competitive salaries and benefits. Packaging this effectively to the widest possible audience should help in recruiting the brightest and the best.'
She also believes the issue of knowledge and skills transfer should be addressed before vital experience is lost. Making the most of employees' knowledge and experience, coupled with supporting continuing professional development, have been identified as priorities in response to an ageing workforce, she said.
'By addressing issues such as performance management, strategic sourcing, and service/process harmonisation, the public sector can respond positively to these significant challenges.'
