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Infographic - Challenges and opportunities for SMEs in an ageing population

It's no secret that SMEs face a range of challenges when it comes to managing their workforce as the population ages. For instance, there's a fine balance between supporting the "rising stars" of a business while retaining mature aged employees.

However, SMEs are also presented with a range of opportunities in this context. From being presented with a wider talent pool to snapping up government incentives for recruiting mature employees and keeping them on the books, there is a multitude of benefits on offer.

For instance, staff aged over 55 are five times less likely to switch jobs than their younger peers. Considering the costs of hiring and training new staff, this figure could help businesses' bottom lines.

Small-to-medium enterprises should also pay attention to their target market. Couples aged between 50 and 70 have the highest median net worth of any age group.

Managing an ageing population holds its challenges, but businesses can also tap into the benefits that it brings and reap the rewards, as highlighted in the infographic below.

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Infographic ageing popualtion

 

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