Grey Workers Reading Passage
Grey Workers Reading Passage
Paragraph A
Companies recognise shockingly little of how efficient their employees are, given how quickly workers are ageing. The prevailing belief is that older workers receive more compensation despite, instead of as a result of, their increased output. That may help clarify why firms try to convince 55-year-old workers to retire early when they are under financial hardship. The insurance provider Sun Life of Canada said earlier this year that it will be laying off all of its Staff over the age of 50 to "recruit young energy."
Paragraph B
The majority of corporations in Japan are lowering the pension age from the customary 57 to 50 may be around, and in certain cases, like Nissan, to 45, according to corporate psychologist Mariko Fujiwara, who heads a think-tank for Hakuhodo, the second-largest advertising agency in Japan. Salary in Tokyo is correlated with experience much more than possibly anywhere else. It is not unexpected that membership workers' wages have evolved into the most difficult component of corporate financial gains statements, given the increase in the proportion of employees who've already worked for the same company for more than 32 years—from 11% in 1980 to 42% by 1994.
Paragraph C
Hoechst's spokesperson in Germany, Patrick Pohl, articulates a commonly held opinion: "The corporation is attempting to reduce the overall age of the staff. The ease with which the business culture can be "defrosted" is possibly the biggest benefit of removing older employees. Experienced employees are less receptive to experimenting with novel ideas. New workers are much more adaptable and less expensive. Many German businesses find it difficult to let go of ageing employees as soon as they want. The typical age of employees has risen rather than fallen at graphite manufacturer SGL Carbon. Ivo Lingnau, a representative of the corporation, claims that it's not because SGL valued elderly employees more. The union agreement places stringent restrictions on the number of workers who may retire early because it is the result of the combined negotiations.
Paragraph D
Ageing can impact a person's efficiency when they perform demanding hard manual labour. However, other abilities, like the skills to control people politely, lead a conference, or identify problems until they become a major issue, may get better with age. These abilities include those that are essential for product management. Numerous studies indicate that elderly people get paid higher since they are valued more, according to Peter Hicks, who oversees OECD research just on the political ramifications of ageing.
Paragraph E
Furthermore, youth may overstate their merits. Mr. Peterson states that the very few organisations that have retained older personnel discovered an addition to Smart, and their output was good. Additionally, compared to today's recent high school grads, their education levels are substantially higher. Businesses may claim that elderly persons aren't worth building since they are towards the latter of their professional careers, but in reality, younger folks have the worst training ROI due to their propensity to change professions so frequently. According to Mr. Hicks, the average age for training that is driven by employers is between the late forties and early fifties. It primarily belongs to executives.
Paragraph F
If hierarchy pay rates were eliminated, elderly workers might become a more desirable candidate for hire. Even though employees on remuneration frequently make less money with tenure, most businesses (and many employees) are uneasy with the thought of cutting anyone else's salary in older age. Consequently, new ways to use older personnel to retain their skills are needed.
Paragraph G
IBM Belgium came up with one of the innovations mentioned in Mr. Walker's research on overcoming age barriers. IBM made a unique firm named Skill Team to rehire any small employers who wished to continue to work up to the age of 60 after deciding to focus staff cost reduction efforts on those between the ages of 55 and 60. A 55-year-old worker who signed a five-year contract with SkillTeam would put in 58 percent of his hours and earn 88 percent of his previous IBM income over that time. IBM was given services by the company, preserving a few of the property rights that would have been lost.
Paragraph H
Building on these "bridge" jobs—part-time or contract jobs that facilitate a much slower change from high employment to retirement—might be the greatest approach to persuade the elderly to continue working. In the U.S., over 50% of all men and women who held filled careers in midlife went into such "bridging" occupations just after their working career, according to Mr. Quinn, who has researched the issue. The finest and worst paid are typically the ones who remain employed: "There are two distinct categories of bridge employment who keep working because they must as well as those who remain employed because they just want to, despite the fact that they could retire," he adds.
Paragraph I
The elderly may discover more occupations that suit them if the labour market becomes more flexible. They may frequently work for themselves. Occasionally, they also might launch their companies; according to Warwick University research, 70% of enterprises launched in England by persons over 55 thrived, with around just 19%. Employment would not just need to pay to lure the elderly back into the labour force. It must be more enjoyable than travelling the nation in an Airstream trailer, spending time with the grandkids, or golfing. Then there would be a lot more Joe Clarks.
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