The working world is getting older. Younger generations are having fewer children, which has resulted in a drop in employment as more people enter their retirement years. While the decision to have children is never one to be taken lightly, the results of so many people choosing to stay childless is having a tricky impact on the global economy.
When employment dips, consumption drops and costs rise. There are widespread employment shortages which increase government shortfalls. Essentially, not having enough of a working population slows the economy right down, and we all begin to feel the pinch.
Similarly, the problem with an increasingly aging workforce is the lack of diverse thought. An injection of youth culture into brands and businesses is crucial to ensure we’re keeping up with global attitudes. This is especially important in industries like politics, where a breadth of opinion is the backbone to success. Only this week, complicated conversations are being had in the USA over the increasingly elderly law-makers being put in charge of the livelihoods of people far younger than them. An oversaturation of one age group is always something to avoid.
Helpfully, there are some countries that are not aging anywhere near as fast. In the Philippines, for example, the median age is 24 and people are reproducing at double the rate of the USA, likely because of its proud Catholicism. Given that the world is not aging at the same rate, one concept is becoming increasingly attractive for businesses: outsourcing.
Only five years ago, the concept of outsourcing your workforce from other parts of the world might’ve seemed complicated, or even impossible. That was until the pandemic happened. These days, we know that remote work works, and that people can successfully build careers in all corners of the earth from the comfort of their homes.
Integrating workforces across borders isn’t just great for the developed world - it also creates a cycle of success where developing nations also feel the benefits. Developed countries get to diversify the age of their workforces at a fraction of the cost, while developing countries get better career opportunities and salaries. It's a win-win for both economies.
At Remotify, we specialise in making remote work work for everyone, no matter where you are in the world. We’re also passionate about sharing the talent of the Philippines with the rest of the world, connecting our workforce with global businesses. Want to find out how we can help you? Book a call with a member of our friendly team today!
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