Ana MatarranzThe Managing Director of Howden People and Compensa Capital Humano, the HR technology consultancy of Howden Iberia, presents us with The age factora book that she co-authored and coordinated together with Enrique Arce, director of Diversity and Work-Life Balance at Compensa Capital Humano. It is a work with the participation of fifteen authors that analyses the influence on the world of work of the different generations that coexist in it, the attraction of talent in a declining demographic context or the effects of technology in this environment, among other issues.
What will readers find in 'The Age Factor'?
The age factor is born with the ambition of becoming a reference work for all those managers interested in the intelligent and enriching management of the generational diversity. Readers will find an in-depth and multifaceted analysis of how different generations influence the world of work and society. This has been done through a thorough exploration of intergenerational coexistence within companies, examining the challenges and opportunities that arise when integrating people of very different ages in the same workspace. It addresses issues such as the impact of population ageing, the implications of the delay in retirement age, and how the inversion of the age pyramid, particularly noticeable in countries such as Spain, affects both the economy and social policies.
It also unravels the keys to understanding the importance of attracting and retaining talent in a changing demographic context. The book delves into the sustainability of work, well-being within organisations and the transformative role of technology, especially artificial intelligence, in reshaping work environments.
In addition, The age factor devotes chapters to lifelong learning and the need for constant adaptation of workers and companies to the new realities of the market. Concepts such as resilience, unconscious biases that can influence talent management, the impact on pension systems and the emergence of new leadership styles that respond to generational diversity are addressed.
In short, The age factor aims to be a guide for practitioners, HR managers and anyone interested in understanding the dynamics that define the workforce in today's world and implementing smart strategies for managing generational diversity.
What was it that led you to coordinate, together with Enrique Arce, this book?
The idea stems from a conversation with Manuel Pimentel, the book's editor, in which we debated various aspects of generational coexistence both in the working environment as well as in society.
From here, we realised the importance of dealing in depth with the challenges of effectively manage generational diversity and the multiple benefits it can bring both to society in general and to organisations in particular. Thus, in collaboration with Enrique Arce, a recognised expert in diversity management and colleague at Compensa Capital Humano, of the Howden Group, we decided to contribute to and coordinate the preparation of this book together with 15 other co-authors, all of them leading professionals in various business fields.
In addition to coordinating this work, you have also written two chapters, one on talent and the other on the demographic tsunami and its impact on pensions. One on talent and the other on the demographic tsunami and its impact on pensions. Why these topics and not others?
We are immersed in a time of unprecedented change that can best be described as a change of era. In this context, the world of work is undergoing changes. fast and meaningful driven by digitalisation, artificial intelligence, automation, globalisation and new geopolitical dynamics.
With all this, attracting and retaining talent has become a real challenge for organisations, becoming a central issue on the agendas of their management committees and boards of directors, and for good reason. According to data provided by Compensa Capital Humano, the average cost of replacing an employee ranges between 7,250 and 27,000 euros per person, especially in sectors such as technology, where turnover is more frequent. It should be noted that these calculations focus on profiles considered key, leaving aside managers and executives, whose replacement costs would be considerably higher.
This reality makes it clear that staff turnover in companies generates a substantial loss of productivity. And the data highlights the urgency of implementing effective talent retention strategies to ensure the long-term stability and success of our organisation.
On the other hand, we are facing a demographic tsunami with declining birth rates and an ageing population and longevity that has increased significantly. Today, people have a life expectancy of about 20 years after reaching the age of 65, compared to only 5 years in the 1960s. All these variables confront us with a major demographic challenge that has direct implications for the sustainability of our pension system.
Against this backdrop, in The age factor We analyse the different pension solutions and reforms that have taken place and how they impact on pensions for different generations, looking at various scenarios and measures that both companies and their employees can take in the face of an uncertain future for retirement pensions in Spain.
What are the main trends that will define the future of work?
In the current environment, AI, digitisation and robotisationIn the context of an unstable and uncertain geopolitical landscape, they play a key role, transforming the nature of work as we move through this epochal shift. The pandemic accelerated the adoption of remote working and flexible working, which is likely to continue to be an important trend. In addition, the ageing of the workforce is a factor to be considered and, together with declining birth rates, is leading to an unprecedented inversion of the population pyramid. The economy gig will continue to grow, which means that we will see more freelance workers and employment through platforms, with the consolidation of figures like the freelanceThe ghost workersetc.
Finally, continuous learning will be essentialThe skills required in the labour market will continue to evolve continuously. New technologies give way to new professions that will require different skills in which workers will need to be trained to adapt to these new tasks, both in the field of hard skills, or technical and specific skills and knowledge, as in the case of the soft skillsThe most important thing is to develop a culture of learning, which is more related to social, emotional and behavioural skills. Companies need to invest in continuous training and develop value propositions for employees that are based on the philosophy People Firstputting talent at the centre
What are the issues that most concern companies from a talent management point of view?
There are several areas of concern for companies in this respect, but perhaps one of the main ones is attracting and retaining talent. In certain profiles, organisations face complicated situations when it comes to retaining and attracting experienced employees with in-depth knowledge of the business, while at the same time they need to incorporate young talent that brings freshness and technological skills. In addition, they need to ensure a transfer of know-how and skills from older to younger employees to ensure operational continuity and innovation.
On the other hand, we have the adaptation to new technologies and the need to ensure that employees of all ages have the necessary training and digital tools and platforms to enable them to carry out their professional activity.
We also note that an issue of growing concern and growing business interest is the promotion of health and wellbeing in your workforce. To this end, they seek to implement programmes and policies that promote a healthy lifestyle and encourage well-being in all its aspects: physical and nutritional, mental, financial and social. At this point, they must take into account the needs and requirements of each employee, which will be different depending on their stage of life.