Survey of demographic challenges and discussion of human resource management strategies

Human resource management is one of the key factors in the productivity, growth and value of companies in which knowledge plays a key role. However, especially the shrinking of industrialized societies, in which the population is ageing rapidly, will dramatically influence the structure of the labor force in the next 10 to 15 years. Fortunately, decision-makers and human resource managers are increasingly responding to these challenges and drawing up strategies for managing the future of their corporations. But up to now many long-term concepts have been developed. Instead, short term activities focusing on recruiting and advertising/ self-promotion are given more attention. This is alarming. The authors of this paper compare the development of the populations in different countries and devise approaches to human resource management in times of change. Several long term strategies from different countries will be presented and the effects on headcount, productivity, qualifications, and knowledge will be discussed from a personnel economics point of view.