Employability - the expiration date of knowledge

The fact that life expectancy is increasing means that those in work today should be planning to reach an average age of 90, with quite a lot of those who are well-educated reaching 100. One consequence of increasing life expectancy is that the right to work will be further extended. At present the retirement age is 67, but political discussions are being held about increasing this to 69.

This trend brings new challenges for employers. As employees get older – and continue to work – a joint interest arises in making sure that they still possess updated skills or feel equipped to change occupational direction in life.

We believe that employers and employees have much to gain from using payroll and development discussions to review each individual’s skills and consider how they can be developed so that he or she is employable within or outside the company up to the age of 75.

Workshop/Lecture – aimed at company management and managers

How are difficult discussions and skills shortages handled among employees? How can payroll discussions include a provision for skills development? Which support tools are currently lacking? These are examples of three issues we raise at our workshops.

Workshop/Lecture – Employees

In our workshops for employees we deal in detail with a number of issues, such as: How do I deal with challenges relating to the continuous requirements for skills development and uncertainty about how long I am going to live? How can I as an individual use my payroll discussion to look after both pay and pension, while at the same time guaranteeing my employability until the age of about 75?

For most people, employability is the biggest financial risk exposure. We therefore believe that an assessment of their own employability should be on the table ahead of mortgages and pension savings.

One important consideration when finding a way forward is for the individual to assess his or her expenses when not in work (retired). The need for financial resources affects a person’s requirements for the level of employability and how long they should work.

System support that provides base data for decisions

Compensation & Benefits has rules and administrative capacity to support employers in mapping and identifying financing models for skills development with a cost that can be shared between the parties. We can also offer system support to facilitate development discussions that focus on skills development.