A key component of the strategic plan for any company is the determination of the optimal number of workers needed to produce the desired level of output. Unless workers of different ages have the same skills and productivity, managers must also decide on the best age structure of their workforce and adopt compensation and employment policies to achieve these objectives. Employer responses to the shifts in the demand for their output impact the age distribution of the workforce while employment and compensation policies influence age specific hiring, retention, and retirement rates. This paper examines how demographic models can be used to project the future age structure of a labor force. In addition, we describe how compensation policies can be used to alter trends in the age distribution of employees. Thus, employers can develop strategic plans for achieving the desired labor force.
Population Research and Policy Review – Springer Journals
Published: May 27, 2009
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