February is the perfect time for organizations to re-evaluate their workforce strategies and align with demographic realities. While January is often spent on resolutions and goals, February invites a deliberate, strategic look at long-term challenges—such as labor shortages, the aging workforce, and how to build an inclusive, multigenerational workforce.

With labor market updates showing rising vacancies and workforce shortages, and retirement planning on many minds as tax season looms, it’s the perfect moment to ask:

What are we doing about the untapped potential of older workers?

WAKE UP!

Switzerland is facing a historic labor shortage, exacerbated by its aging population and shifting demographics. The data speaks for itself:

• At the end of 2023, 1.73 million people over 65 lived in Switzerland, including over 503,600 aged 80+. (Federal Statistical Office (FSO) Reports)
• By 2040, the labor market could be short 430,000 to 1.2 million workers, driven by retiring baby boomers and insufficient youth replacements. (Employés Suisse Labor Market Study, 2035)
• In 2023, there were over 120,000 job vacancies, yet only 8% of jobs were filled by individuals aged 55+, despite this group representing 23% of the workforce. (Adecco Annual Skills-Shortage Index, 2024)

The paradox? Companies struggle to fill roles but remain hesitant to tap into the valuable resources of older workers. What are we doing about it?

SHAKE UP!

The current approach isn’t sustainable. Employers and policymakers must rethink strategies to leverage the untapped potential of experienced professionals. Here are the hard truths:

• Only 22% of companies consider hiring older workers a solution to talent shortages. (Swiss Life Pension Research, 2024)
• Half of employers believe the ideal retirement age is below 65, ignoring longer life expectancy and the desire of many to stay engaged. (ManpowerGroup Worker Scarcity Survey, 2022)
• Switzerland’s reliance on immigrant labor to fill gaps faces challenges as international competition for skilled workers intensifies. (SECO Analysis)

Globally, three out of four companies report recruitment difficulties, highlighting the universal nature of this issue. (ILO Global Trends) Could embracing flexible retirement options and fostering a multigenerational workforce be the answer?

THRIVE!

At Wake-Up, Shake-Up, Thrive!, we see the challenge—and the opportunity. Older professionals are not a burden; they are a critical asset in solving the labor shortage. Here’s how we’re making an impact:

• WUSUT Check-Up Assessment: A tailored assessment that helps organizations identify areas for growth and capitalize on their 50+ demographic.
• Retirement Preparation Workshops: Empowering employees to redefine retirement, fostering purpose, and enabling career rewiring.
• Collaborations with Pension Funds: Developing innovative programs to prepare employees for fulfilling, extended careers.
• Coaching for Organizations: Training employers to recognize the value of older employees and adopt inclusive hiring practices.

Join the Movement

The numbers demand action, but together, we can rewrite the story. If you’re an individual or organization ready to lead the change, let’s connect!

Visit Wake-Up, Shake-Up, Thrive! for more insights and solutions.

Further Reading

• Federal Statistical Office (FSO) Reports: Data on Switzerland’s aging population and workforce demographics.
• Swiss Life Pension Research, 2024: Insights into employer attitudes toward hiring older workers.
• ManpowerGroup Worker Scarcity Survey, 2022: Global and Swiss recruitment challenges.
• Adecco Annual Skills-Shortage Index, 2024: Expertise gaps in key sectors.
• Employés Suisse Labor Market Study, 2035: Workforce shortage projections for Switzerland.
• SECO Analysis: Commentary on labor market reliance on immigrant labor.
• ILO Global Trends: Aging populations and labor markets worldwide.
• University of Lausanne Labor Market Studies: Impact of Swiss childcare policies on workforce participation.