Demographic Changes Regarding Age in Bermuda & Effect on the Workforce
Research the issue of aging in their society, particularly in terms of:
Recent demographic changes regarding age.
The effect this is currently having on their society going forward – what will be happening over the next generation and beyond?
The effect an aging society has on their workforce
Analyze what you find and form a point of view.
Write a case study presenting your findings and analysis, including a recommended intervention strategy to address ageing in this society.
Topic: Demographic Changes Regarding Age in a Specific Country, and the Effect on the Workforce
Objective:
Experience using secondary research to create a case study
Applying best practices in creating a case study
Applied analysis of information obtained through research
Critical thinking about management issues changing age demographics present from a management perspective
Requirements:
Research the issues presented by demographic changes regarding age in the workforce for your country of choice.
It can help your analysis to focus on a specific Human Capital Question to answer from the list of 25 provided, or one the instructor approves in your proposal - see attachment
Select a specific country to be the subject of this case study
Identify how the country is vulnerable to changing age demographics, and the impact on their workforce.
Write a case study targeted to the country's senior business and public policy decision makers.
Deliverables:
Proposal – Due on Brightspace November 17th
Complete and submit the proposal form provided by the instructor.
Final Case Study & Proposed Intervention Strategy – Due on NYU Classes December 19th.
Refer to the resources provided this semester on how to write a case study for direction on format.
Start Date
A Case Study
Author's Name:
Affiliated Institution:
Course Code:
Date:
Demographic Changes Regarding Age in Bermuda, and the Effect on the Workforce
Executive Summary
Bermuda is an independent British foreign territory in the western north of the Atlantic Ocean. The country is known for its colorful tourist destinations characterized by pink sand beaches. According to Wight (2018), its population has declined since 2010 and is projected to continue shrinking for the coming year. One of the factors contributing to its population decline is the fall of fertility rates leading to fewer births. The problem has facilitated a great problem in the country as the aging demographic has constantly changed. Hence, the older population in the country has been expanding while the younger population has been shrinking.
Introduction
In the 20th century, improved health and increased longevity among the older ages were significant achievements in many regions of the world (The National Institute on Aging, 2015). However, following many findings that researchers have developed, these significant achievements present difficult challenges. This is because they are interfering with societal aging, which greatly affects work and retirement patterns, family functioning, economic growth, and societal and governmental ability to provide enough resources to the older adults (Jakovljevic & Ogura, 2018). Bermuda, a self-governing British overseas territory, is not exceptional to the aging challenges. Based on the 2016 census in this country, the data indicated that older residents are highly expanding (Department of Statistics in Bermuda, 2018).
According to the United Nations (2017), in a country with a population of more than seven percent representing people above 65 years, the country's population is aged. Based on the 2016 Bermuda census, people above 65 years of age were represented by 17 percent, which indicates that the country's population is aged (Government of Bermuda, 2021). Therefore, while it may be celebrated that the country's population has a higher life expectancy, it is devastating that the future generations might have greater dependency issues since industries will experience poor or no output from their workforce.
Findings and Analysis
The use of interviews and questionnaires were the main methods of collecting data for the study. Purposeful sampling and non-probability sampling were applied to select respondents for the interviews and questionnaires. Based on the gathered information, it was revealed that changes in the aging society of Bermuda would make more people retire and leave most positions in industries and institutions vacant. This will be catalyzed by the fall of fertility rates in the country. Bermuda statistics show that between 2016 and 2026, the country's total fertility rate is expected to be constant as it will remain at 1.4 offspring per woman (Department of Statistics in Bermuda, 2018). Thus, this shows that the country's couple will have fewer children to substitute themselves. Second, Bermuda industries and other employment institutions will be forced to bring back the elderly workforce to the organizations. Therefore, this will cause increased dependency rates as more individuals will be claiming governmental benefits such as pensions while few people will be working to pay taxes (Department of Stat...