Older, but none the wiser the implications of an ageing workforce in the UK

A report from the Economist Intelligence Unit.

Older, but
none the wiser?

The implications of an
ageing workforce in the UK
Sponsored by


Older, but none the wiser?

Contents

1

Executive summary

2

Calm before the storm

3

Employee demands are changing

5

Healthy workers, healthy profits

7

Tackling the pensions problem

8

Case study: IHG

10

Conclusion

11

Appendix: Survey results

12

© The Economist Intelligence Unit Limited 2014


Older, but none the wiser?

Executive
summary

An ageing workforce will create big talent management
challenges for UK employers. They should be changing their
reward and resourcing practices now.
Historically low birth rates and increasing life expectancy
mean that Europe’s working population is ageing fast. In 2012

the continent reached an inevitable demographic tipping
point. The percentage of the population of working age fell
for the first time in 40 years. It is now forecast to fall every
year until 2060. This inescapable trend will have profound
implications for governments, citizens and companies
across Europe.
The demographic make-up of the UK means that the country
has more time to adjust—until the early 2020s—than the
continent’s other large economies, according to European
Commission forecasts. But are UK companies using that time to
their advantage?
To explore some of the issues that senior executives will have
to address as they seek to adapt their organisations to this new
world, The Economist Intelligence Unit, on behalf of Towers
Watson, surveyed 480 senior executives at companies across
Europe, with 84 in the UK. Just over three-quarters (76%) of
those in the UK expect the number of their employees aged 60+
to increase by 2020, including 29% who expect it to increase
significantly.

2

Key findings include:
Companies have a chance to prepare now, but most are
not taking it. Workforce ageing will hurt the UK later the
continent’s other main economies. But this opportunity is
being squandered. When it comes to the kind of workplace
changes that experts say are essential, UK companies are at
the bottom of the European league table. Less than one-fifth
(18%) plan to let older workers cut their hours without feeling

less valued.
Workforce ageing must move up the business agenda. UK
executives are currently the least concerned in Europe about
the challenge of managing an ageing workforce. Just one in 17
sees ageing as an issue. By 2020 that figure will leap fourfold—
the biggest increase in Europe.
The benefits on offer need to change. As the workforce ages,
employees will value a different mix of benefits. UK companies
are the most likely in Europe (48%) to feel that the benefit
programmes they have in place today would not be fit-forpurpose in 2020. Some 60% plan to offer more choice—by far
the highest proportion in Europe.
Insufficient savings are to blame for the UK pension crisis.
Demographic change and government deficits are seen as the
biggest challenges to their country’s pension system. But the
UK (45%) executives overwhelmingly say the problem is that
individuals are not saving enough. That is more than three
times higher than in the next country, the Netherlands.

© The Economist Intelligence Unit Limited 2014


Older, but none the wiser?

1

Calm before the storm

The economic and business implications of
Europe’s ageing workforce are huge. But the UK
should have more time to adjust than any of the

EU’s other large economies. Germany, one of
the most exposed countries, could experience
serious labour supply constraints within the
next two or three years under the European
Commission’s most pessimistic scenario. The UK
has a younger population; the Commission does
not expect demographics to start hurting its
economy until the early 2020s. But when the pain
does arrive, the Commission says the UK should
have had much more time to adjust, because it
will have had more scope to bring people into the
workforce and to improve productivity.

Perhaps it is no surprise, then, that the survey
found that UK executives are currently the least
concerned in Europe about the challenge of
managing an ageing workforce. Just one in 17
UK executives sees ageing as an issue today; that
level is over five times higher in France. But this
period of executive calm is not likely to last.
UK companies will shift their priorities over
the next few years. They currently have a laserlike focus on cost control—68% say it is one of
their two most important business concerns,
the highest percentage in Europe. As economic
prospects brighten, the focus on managing
costs will diminish. By 2020 only 20% think it

Chart 1
What would you say is the most important business priority for your organisation currently?
(% of respondents)

Europe Now

UK now

Europe in 2020

UK in 2020

68
57

55
49
42
32

27 26

23

25
20

44

42

29
24

45

24 25
14

8

14

4

Restructuring

Cost control

Expansion

Source: The Economist Intelligence Unit.

3

20

18

© The Economist Intelligence Unit Limited 2014

Innovation

Talent management

(HR)

Risk control and
management


Older, but none the wiser?

Chart 2
What, if anything, does your business plan to do by 2020 in order to adapt to the changing
needs of your workforce?
(% of respondents)
Europe

UK

Germany

Making physical changes
to the workplace

24

28
45
50

Changing the employee
benefits we offer

55

Offering more flexible working hours
or working from home

46

Ensuring that the skills of older
employees remain up to date

48

39
48

Giving employees more choice
over their benefits

Other, please specify

77

32

18

45

Looking at how to address intergenerational differences in our
workforce

56

46

28

Adapting our structure to ensure that older workers
who reduce work hours or responsibilities retain their
status within the company and continue to feel valued

60

60

29
27
25
2
2
2

Source: The Economist Intelligence Unit.

will rank as highly. In its place, UK executives
say their main business priorities in 2020 will
be innovation (55%) and talent management
(45%).
With the focus moving away from what people
cost to what value they can bring, workforce

ageing will become more of a concern. The survey
shows that it will climb up the executive agenda
across Europe, but nowhere is the expected leap
as high as in the UK, where four times as many
executives think it will be a top-three issue in
2020—the biggest increase in Europe.
UK executives have time to prepare that their
peers in other countries would envy, but most
are making little use of it. “The key to engaging
and retaining older workers is to adjust work to
their needs,” says Maria Karanika-Murray, a work
psychologist in Nottingham Trent University’s
School of Social Sciences. “Some companies are

4

© The Economist Intelligence Unit Limited 2014

already doing this, but many are unsure of their
options.”
In important areas, UK companies are lagging far
behind. Only 28% of survey respondents say they
are planning to ensure that the skills of older
employees remain up to date. Just 18% expect
to adapt their structures so that older workers
who cut their working hours or responsibilities
can retain their status in the business and feel
valued. On both points, the UK comes bottom in
Europe—by a wide margin.
More needs to be done, believes Baroness Sally

Greengross, chief executive of the International
Longevity Centre, a UK think-tank on longevity
and demographic change. “There is significant
denial around the implications and consequences
of our rapidly ageing population,” she said
in a recent debate. “If we don’t change our
employment practice, industry will face a skills
gap: this is inevitable.”


Older, but none the wiser?

2

Employee demands are changing

As employers adjust their human resources
plans to fit a brightening economy, employee
expectations will also change. For now, job
security is still seen by executives as the number
one employee concern by a wide margin. And UK
employees are thought to worry more about this
than those in any other European country, apart
from Spain and Italy. But UK executives expect
this to roughly halve by 2020.

believe it will become the main employee concern.

Instead, employees will look much more closely
at the quality of their working lives. Today, 55%

of UK executives report that work-life balance is
a top-three concern for their employees—that
is by far the highest figure in Europe. By 2020
executives in every country, apart from France,

But how companies plan to deliver that flexibility
varies by country. For Europe as a whole, the
most common response is to offer more flexible
working hours or working from home (56%).
UK companies see this as a way forward too.
But they are far more likely to see better benefit

Reflecting the shift from money to lifestyle
benefits, one-third of European executives
expect their employees to want more job sharing,
part-time working, portfolio careers and the
opportunity for phased retirement. The common
denominator here is that employees want greater
flexibility.

Chart 3
What do you believe to be the issues your employees see as most important today?
(% of respondents)
Europe Now
64

UK now

Europe in 2020

UK in 2020

62
55

52
42

41
32

42

45

48

35
29

31

33 32

31
23 22

20

25

19 18

14

17

15

14

11

24 24 25
17

20

28

17

11

6

Financial
security

Job
security

Saving for
retirement

Stress and
wellbeing

Healthcare
provision

3 4

Work-life
balance

Source: The Economist Intelligence Unit.

5

© The Economist Intelligence Unit Limited 2014

Employment
Skill
New
flexibility
development
technology
(job sharing,
/pace of
portfolio careers,

change
part-time working,
phased retirement)

8 7

Caring for
dependents
(children and
elderly)


Older, but none the wiser?

Chart 4
How likely is it that the benefit programmes you have in place now will remain fit-for-purpose in 2020?
(% of respondents)
Very unlikely

UK

Very likely

Don’t know

30

24
26

29

3

14

24

19
43

9

30

4

3
7

26
30

21

12
18

29

3

7 2

27

36

2

6 2

25

27

11

7

18

32

27

Netherlands

27

35

5

Italy

Spain

Likely

13

Germany

Switzerland

Neither/neutral

9

Europe

France

Unlikely

10 2
16

8

36

5

Source: The Economist Intelligence Unit.

programmes as the answer to their talent
management challenges. And here they see
significant need for change.
According to the survey, UK companies are the
most likely in Europe (48%, compared with an
overall European average of 39%) to feel that
the benefit programmes they have in place today
would not be fit-for-purpose in 2020. Some 60%
plan to change the employee benefits they offer
and to give employees more choice over their
benefits—by far the highest proportion in Europe.
But UK executives are also the most likely to
believe that the cost of benefits as a percentage of
salary will increase (62%).
Here they will face a conundrum: how can they
offer employees the choice and flexibility of

6

© The Economist Intelligence Unit Limited 2014

benefits and work practices they are looking
for without allowing costs to spiral upwards?
The survey suggests UK companies may be

better placed to deal with this challenge than
others. Today, they are less likely to believe their
company has built up its benefits offer without
an overarching strategy (24%, compared with
37% for all Europeans). But like executives across
Europe, only half of them (54%) believe they
currently offer a comprehensive benefits package
that helps them to attract and retain staff.


Older, but none the wiser?

3

Healthy workers, healthy profits

As executives rethink their benefits offer,
healthcare will become increasingly significant.
Even if state health provision were not under
pressure from demographic change, the health
and welfare of employees would logically become
a growing human resources concern, since
workforce ageing will require companies to rely
more on older workers anyway.
Over two-thirds (70%) of European executives
feel this is the case—slightly more than the 64%
in the UK, with its National Health Service (NHS).
Yet as state health funding comes under pressure
in the UK and companies look to offer a richer mix

7

© The Economist Intelligence Unit Limited 2014

of benefits, it is no wonder that UK executives are
the most likely in Europe (79%) to believe health
benefits will become increasingly important to
employees.
But does that rethink necessarily mean an
increase in cost? “If older people maintain a
healthy lifestyle, there is no reason why they
can’t choose to continue to work well beyond the
pensionable age and contribute in some way,
at no extra burden to the employer,” says Ken
Jones, chief executive of the UK-headquartered
European business of Astellas, a Japanese
pharmaceutical company.


Older, but none the wiser?

4

Tackling the pensions problem

Many companies see phased retirement as
an important way of adapting to an ageing
workforce. UK executives considering this option
are likely to be pushing at an open door. The
country’s citizens are almost twice as likely as the

average European to want to keep working after
their pension age—56% of them are keen on the
idea, according to the European Commission. On
this measure, only the Danes rank more highly
among the EU’s 28 member states. And those
in the UK are also much more interested in the
option of taking a partial pension while working

part-time—82% like the idea, compared with
two-thirds of all Europeans.
Rethinking retirement in this way might also
require a rethink of pensions. And this is where
the drive for greater flexibility could hit the
buffers. While executives surveyed in the UK
are particularly keen to offer employees a more
adaptable mix of benefits, 42% say pension
arrangements are expensive to change, and 38%
say they are excessively regulated.

Chart 5
What challenges are employers facing in making changes to their retirement benefits? Select up to three
(% of respondents)
Europe

UK

47
43
40

42
38
33

33
29
24
19

18

17

18

14

17
12

14

12

12 12

Source: The Economist Intelligence Unit.

8

© The Economist Intelligence Unit Limited 2014

Low levels of trust amongst
employees for financial
products

Staff do not have time or
resources to manage
retirement plans

Lack of bottom line benefit
makes change hard to justify

Low levels of appreciation
for retirement benefits
among employees

Low levels of financial
literacy/understanding
amongst employers

2

Lack of tax incentives

Lack of tools to measure
ROI to justify the costs

Managing the risk posed
to the business

(defined benefit plans)

Excessive regulation

Cost of implementing
changes

Growing costs
(defined benefit plans)

6

1

Staff haven’t requested any
changes so employers do
not need to make any

19


Older, but none the wiser?

Chart 6
What is the biggest challenge facing the system for retirement savings in the country in which you are based?
(% of respondents)
Europe

UK
45

26
20

18
14

2

6

4

1

3

0

Not relevant for my
country, our retirement
system is sustainable

7

Regulatory and
legislative changes

2

Employers underestimating
the future cost of promised
benefits

4

Unrealistic expectations
of individuals

6

Too many people not
working to or past the
state retirement age

7

Unrealistic government
entitlements (State pension,
pension age)

Insufficient savings
being made by individuals

Government deficits/debt
(impact of austerity
measures)

Demographic changes
(ageing population)

5

11

10

High costs for businesses
providing pensions

8

Source: The Economist Intelligence Unit.

Pension funding is also a thorny issue. Like their
counterparts in Europe, many UK executives
(41%) believe employers should help their
employees to have a comfortable standard of
living in retirement, with 44%—a notch above
the European average—saying employers should
be primarily responsible for providing retirement
provision.
But unlike their European peers, UK executives
believe individual employees share the same
burden of responsibility. What is more, they
are far less likely to believe that the employer
should bear the risk of retirement provision. Over

9

© The Economist Intelligence Unit Limited 2014

half (53%) of UK executives disagree with that
suggestion—more than double the proportion in
Germany and Italy.
For UK executives, the greatest threat to pension
provision in their country is the fact that—in
their view—employees are not meeting their
side of the deal. Whereas executives across
other countries say the biggest systemic
pension challenges are demographic change
and government deficits, those in the UK (45%)
overwhelmingly point to insufficient savings by
individuals. That is more than three times higher
than in the next country, the Netherlands.


Older, but none the wiser?

Case study: IHG
Compared with their European counterparts,
UK companies have been slow to think about
the potential impact of workforce ageing. But
the issue is on the agenda at InterContinental
Hotels Group (IHG), the UK’s second-largest
hotel operator.
Tony Voller, senior vice president of human
resources Europe and global employer brand
and resourcing, says the business will need to
find new ways to engage its 9,000-strong UK

workforce in the years ahead.
“We will have to think more flexibly about the
way we employ people and the benefits we
offer,” says Mr Voller. “It’s great to assume
people will want to work longer, although
perhaps not at the same pace as they do
currently. We will need to think about how we
change contracts and so on, so people can get
the work-life balance they want.”

10

© The Economist Intelligence Unit Limited 2014

Workforce ageing could also affect the way IHG
deploys older staff, adds Mr Voller. “We would
typically have people moving up the career
ladder; if they are staying in senior roles for
longer, we’d want to make sure we are creating
career opportunities for them. What role should
they have at the end of their working life? How
do we get them sharing their knowledge and
experience?”
But Mr Voller believes it is important to look
at workforce ageing as just one part of a wider
talent management issue. IHG already tries to
offer its employees a wide range of benefits,
for example, and tries to take account of what
might appeal to them at the different stages
of their life—young or old. “For me it’s about

making sure we’ve got the right people in the
right jobs at the right time. We don’t put a huge
focus on ageing per se; the key thing for us is to
find talent.”


Older, but none the wiser?

Conclusion

UK companies cannot escape the impact of
demographic change, but they could do a lot
more to prepare. The need to address workforce
ageing is not yet as urgent as it is in other
European countries, but surely that is an
opportunity for executives to plan now and deal
with the challenge effectively, rather than rush it
and make a mess.
This is particularly true in the realm of benefits.
The survey shows that UK executives see a more

11

© The Economist Intelligence Unit Limited 2014

flexible and employee-focused benefits package
as an important way of retaining and motivating
workers, who will be in increasingly short supply.
Yet those same executives are the most likely
in Europe to believe their benefits programme

needs a major overhaul. Now would be the time to
start that process.


Older, but none the wiser?

Appendix: UK
survey results

What would you say is the most important business priority for your organisation currently? Select up to two
(% respondents)
Cost control
68

Restructuring
26

Expansion
25

Talent management (HR)
25

Innovation
24

Risk control and management
18

What would you say will be the most important business priority for your organisation by 2020? Select up to two

(% respondents)
Innovation
55

Talent management (HR)
45

Expansion
44

Cost control
20

Risk control and management
20

Restructuring
4

12

© The Economist Intelligence Unit Limited 2014


Older, but none the wiser?
By 2020, what will be the main drivers of change for your business? Select up to two
(% respondents)
Global competition
66

Technology
54

Talent/people management
39

Ageing
9

Changing size and role of the state
9

Offshoring/outsourcing
6

Other (please specify)
5

What are the main people (HR) issues you face as an employer currently? Select up to three
(% respondents)
Talent management and progression
49

Motivation and engagement
47

Cost control (compensation and benefits)
41

Recruitment

31

Retention
28

Downsizing / offshoring
19

Skills shortages
14

Diversity of workforce
12

Healthy workforce (health, stress and wellbeing)
9

Regulation (state/EU)
9

Ageing workforce
6

Other (please specify)
0

13

© The Economist Intelligence Unit Limited 2014

Older, but none the wiser?
What will be the main people (HR) issues you face as an employer by 2020? Select up to three
(% respondents)
Talent management and progression
54

Motivation and engagement
34

Retention
31

Cost control (compensation and benefits)
27

Recruitment
25

Skills shortages
24

Ageing workforce
22

Healthy workforce (health, stress and wellbeing)
12

Diversity of workforce
12

Regulation (state/EU)
8

Downsizing/offshoring
8

Other (please specify)
1

What do you believe to be the issues your employees see as most important today? Select up to three
(% respondents)
Job security
62

Work-life balance
55

Financial security
52

Skill development
24

Stress and wellbeing
22

Employment flexibility (job sharing, portfolio careers, part-time working, phased retirement)
17

Saving for retirement
14

New technology/pace of change
11

Healthcare provision
6

Caring for dependents (children and elderly)
4

Other (please specify)
1

14

© The Economist Intelligence Unit Limited 2014


Older, but none the wiser?
What do you believe to be the issues your employees see as most important by 2020? Select up to three
(% respondents)
Work-life balance
48

Financial security
42

Saving for retirement

35

Employment flexibility (job sharing, portfolio careers, part-time working, phased retirement)
32

Job security
31

Skill development
28

Stress and wellbeing
18

New technology/pace of change
17

Healthcare provision
11

Caring for dependents (children and elderly)
7

Other (please specify)
0

What, if anything, does your business plan to do by 2020 in order to adapt to the changing needs of your workforce?
Select all that apply
(% respondents)
Changing the employee benefits we offer

60

Giving employees more choice over their benefits
60

Offering more flexible working hours or working from home
46

Ensuring that the skills of older employees remain up to date
28

Looking at how to address inter-generational differences in our workforce
27

Making physical changes to the workplace
24

Adapting our structure to ensure that older workers who reduce work hours or responsibilities retain their status within the company and continue
to feel valued
18

Other, please specify
2

How likely is it that the benefit programmes you have in place now will remain fit-for-purpose in 2020?
(% respondents)
Very unlikely
13

Unlikely

35

Neither/neutral
26

Likely
18

Very likely
6

Don’t know
2

15

© The Economist Intelligence Unit Limited 2014


Older, but none the wiser?
By 2020, for the typical employee at your company, do you believe that the costs of benefits as a percentage of salary will:
(% respondents)
Increase significantly
14

Increase
48

Stay the same
26

Decrease
10

Decrease significantly
2

Which of the following statements describes your company’s attitude to benefits offered to employees? Select all that apply
(% respondents)
We think it’s right to look after our staff, and our benefits reflect that
57

We offer a fully comprehensive benefits package to attract and retain employees
54

We make sure we’re offering what’s normal for our industry, to keep up with competitors
54

It’s often better for employees to get certain benefits through work than buy them themselves
42

In the future, we are more likely to give employees a cash allowance and let them choose what benefits they like
26

We have a carefully selected set of benefits suitable for our employees’ lifestyles
25

We’ve built up benefits over time, without an overarching strategy for choosing them
24

It is difficult to reduce elements of our current benefits package so any change results in an increase in overall costs
20

Due to historic reasons/changes we have lost track of why we have the benefits we have
11

We only offer the minimum benefits that are legally required, and otherwise just pay cash
11

Other, please specify
0

Who should be primarily responsible for providing and/or funding the following benefits?
(% respondents)

Individual

Employer

State

Retirement provision
44

44

12

Savings scheme
77

16

7

Healthcare provision
11

46

43

Life insurance
37

58

5

Disability protection
27

48

25

Critical illness protection
49

29

22

End of life care
33

16

11

© The Economist Intelligence Unit Limited 2014

56


Older, but none the wiser?
Do you agree or disagree with the following statements about health and wellbeing of your workforce in the future (to 2020)?
Rate on a scale of 1 to 5 where 1 is strongly agree and 5 is strongly disagree
(% respondents)

1 Strongly agree

2 Somewhat agree

3 Neither agree nor disagree

4 Somewhat disagree

5 Strongly disagree

The health and wellbeing of our workforce will be an increasingly important issue for us as an employer
30

35

32 2 1

The state will play a reduced role in providing healthcare
8

46

20

19

6

Healthcare costs will increasingly fall on employers
5

44

24

24

4

Healthcare benefits will be increasingly important to employees

25

54

18 2 1

What is your company’s main objective in offering retirement benefits now?
(% respondents)
Wanting employees to have an adequate income in retirement
32

Attracting talent
24

Employee retention
24

Compliance
13

Workforce planning (managing when employees retire)
6

Other (please specify)
1

What will be your company’s main objective in offering retirement benefits by 2020?
(% respondents)
Wanting employees to have an adequate income in retirement
31

Attracting talent
24

Employee retention
20

Workforce planning (managing when employees retire)
13

Compliance
10

Other (please specify)
2

17

© The Economist Intelligence Unit Limited 2014


Older, but none the wiser?
What challenges are employers facing in making changes to their retirement benefits? Select up to three
(% respondents)
Growing costs (defined benefit plans)
47

Cost of implementing changes
42

Excessive regulation
38

Managing the risk posed to the business (defined benefit plans)
33

Low levels of appreciation for retirement benefits among employees
29

Low levels of financial literacy/understanding amongst employers
17

Lack of tax incentives
14

Lack of bottom line benefit makes change hard to justify
12

Staff do not have time or resources to manage retirement plans
12

Low levels of trust amongst employees for financial products
12

Lack of tools to measure ROI to justify the costs
6

Other, please specify
0

Staff haven’t requested any changes so employers do not need to make any
1

What is the biggest challenge facing the system for retirement savings in the country in which you are based?
(% respondents)
Insufficient savings being made by individuals
45

Demographic changes (ageing population)
20

Unrealistic expectations of individuals
11

Unrealistic government entitlements (State pension, pension age)
7

High costs for businesses providing pensions.
6

Government deficits/debt (impact of austerity measures)
5

Employers underestimating the future cost of promised benefits
2

Too many people not working to or past the state retirement age
2

Regulatory and legislative changes

1

Not relevant for my country, our retirement system is sustainable
0

Other, please specify
0

18

© The Economist Intelligence Unit Limited 2014


Older, but none the wiser?
Do you agree or disagree regarding the following statements about retirement provision in the future?
Rate on a scale of 1 to 5 where 1 is strongly agree and 5 is strongly disagree
(% respondents)

1 Strongly agree

2 Somewhat agree

3 Neither agree nor disagree

4 Somewhat disagree

5 Strongly disagree

It is not an employer’s role to help their employees to have a comfortable standard of living in retirement
13

20

26

27

13

Employers should bear the risk of providing for their retirement
2

19

25

30

23

As an employer, we are concerned about the reputational risk of workers reaching old age and not being able to retire
11

50

24

12

4

How do you expect the number of employees aged 60+ to change by 2020?
(% respondents)
Increase significantly
29

Increase
47

Remain the same
18

Decrease
5

Decrease significantly
1

Do you agree or disagree with the following statements about older workers? Rate on a scale of 1 to 5 where 1 is strongly agree
and 5 is strongly disagree
(% respondents)

1 Strongly agree

2 Somewhat agree

3 Neither agree nor disagree

4 Somewhat disagree

5 Strongly disagree

Older workers are less productive than younger workers are
2

11

35

38

14

Older workers have greater skills than younger workers do
5

38

35

18

5

Older workers are less motivated than younger workers are
2

13

30

39

16

Older workers are easier to manage than younger workers are
4

21

41

29

6

24

6

Older workers take more time off for health reasons than younger workers
4

20

46

Which of the following do you think is most likely to happen as a result of an ageing workforce? Select up to two
(% respondents)
Higher costs of benefits

47

Greater employee demand for benefits (healthcare, retirement and other benefits)
39

Increased flexible working (to provide care for older dependents, phased retirement, etc)
39

Progression of younger workers becomes more difficult
38

Greater risk of age discrimination claims
22

19

© The Economist Intelligence Unit Limited 2014


Older, but none the wiser?
Which of the following best describes your title?
(% respondents)
Board member
1

CEO/President/Managing director
9

CFO/Treasurer/Comptroller
6

CIO/Technology director
4

Other C-level executive
2

SVP/VP/Director
22

Head of business unit
5

Head of department
20

Manager
31

Other, please specify
0

What is your primary job function?
(% respondents)
Human resources
44

Finance
15

General management
14

Operations and production
8

Marketing and sales
5

Risk
5

Strategy and business development
4

IT
2

Information and research
1

Procurement
1

R&D
1

Customer service
0

Legal
0

Supply-chain management
0

Other
0

How many employees does your company have globally?
(% respondents)
Less than 250
0

250-499
0

500-1,999
4

2,000+
97

20

© The Economist Intelligence Unit Limited 2014


Older, but none the wiser?
What is your industry?

(% respondents)
Aerospace and Defence
4

Automotive and Transportation Equipment
2

Charities and Non-Profit
0

Chemicals
1

Communications
0

Consumer goods
4

Education
0

Entertainment and media
1

Financial Services: Banking
14

Financial Services: Insurance
5

Financial Services: Other financial services
1

Food and Beverage
2

Government/Public sector
0

Health Care
1

Hospitality (Restaurant, Hotel/Lodging, Tourism and Leisure)
6

IT and High Tech
8

Manufacturing
12

Natural Resources
0

Oil & gas
7

Pharmaceuticals
4

Professional and Business Services
13

Property and Construction
0

Publishing and printing
0

Retail
4

Telecommunications
8

Transportation
4

Utilities
0

Wholesale
0

Other, please specify
0

21

© The Economist Intelligence Unit Limited 2014


Older, but none the wiser?
Please state which of the following best describes your company?
(% respondents)
Publicly listed
71

Other privately owned (partnership, limited liability, etc)
18

Private Equity portfolio company
5

Family owned
4

Government/State owned enterprise
4

What are your organisation's global annual revenues?
(% respondents)
Less than €500m
0

€500m to €1bn
14

€1bn to €5bn

22

€5bn to €10bn
17

More than €10bn
47

22

© The Economist Intelligence Unit Limited 2014


While every effort has been taken to verify the accuracy
of this information, The Economist Intelligence Unit
Ltd. cannot accept any responsibility or liability
for reliance by any person on this report or any of
the information, opinions or conclusions set out
in this report.


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