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Older, but none the wiser? The implications of an ageing workforce in the UK

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An ageing workforce will create big talent management challenges for UK employers. They should be changing their reward and resourcing practices now. Historically low birth rates and increasing life …

An ageing workforce will create big talent management challenges for UK employers. They should be changing their reward and resourcing practices now. Historically low birth rates and increasing life expectancy mean that Europe’s working population is ageing fast. In 2012 the continent reached an inevitable demographic tipping point. The percentage of the population of working age fell for the first time in 40 years. It is now forecast to fall every year until 2060. This inescapable trend will have profound implications for governments, citizens and companies across Europe.

The demographic make-up of the UK means that the country has more time to adjust—until the early 2020s—than the continent’s other large economies, according to European Commission forecasts. But are UK companies using that time to their advantage?

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  • 1. A report from the Economist Intelligence Unit. Theimplicationsofan ageingworkforceintheUK Sponsoredby Older, but none the wiser?
  • 2. 1 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Contents Executive summary 2 Calm before the storm 3 Employee demands are changing 5 Healthy workers, healthy profits 7 Tackling the pensions problem 8 Case study: IHG 10 Conclusion 11 Appendix: Survey results 12
  • 3. 2 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Executive summary An ageing workforce will create big talent management challenges for UK employers. They should be changing their reward and resourcing practices now. Historically low birth rates and increasing life expectancy mean that Europe’s working population is ageing fast. In 2012 the continent reached an inevitable demographic tipping point. The percentage of the population of working age fell for the first time in 40 years. It is now forecast to fall every year until 2060. This inescapable trend will have profound implications for governments, citizens and companies across Europe. The demographic make-up of the UK means that the country has more time to adjust—until the early 2020s—than the continent’s other large economies, according to European Commission forecasts. But are UK companies using that time to their advantage? To explore some of the issues that senior executives will have to address as they seek to adapt their organisations to this new world, The Economist Intelligence Unit, on behalf of Towers Watson, surveyed 480 senior executives at companies across Europe, with 84 in the UK. Just over three-quarters (76%) of those in the UK expect the number of their employees aged 60+ to increase by 2020, including 29% who expect it to increase significantly. Key findings include: Companies have a chance to prepare now, but most are not taking it. Workforce ageing will hurt the UK later the continent’s other main economies. But this opportunity is being squandered. When it comes to the kind of workplace changes that experts say are essential, UK companies are at the bottom of the European league table. Less than one-fifth (18%) plan to let older workers cut their hours without feeling less valued. Workforce ageing must move up the business agenda. UK executives are currently the least concerned in Europe about the challenge of managing an ageing workforce. Just one in 17 sees ageing as an issue. By 2020 that figure will leap fourfold— the biggest increase in Europe. The benefits on offer need to change. As the workforce ages, employees will value a different mix of benefits. UK companies are the most likely in Europe (48%) to feel that the benefit programmes they have in place today would not be fit-for- purpose in 2020. Some 60% plan to offer more choice—by far the highest proportion in Europe. Insufficient savings are to blame for the UK pension crisis. Demographic change and government deficits are seen as the biggest challenges to their country’s pension system. But the UK (45%) executives overwhelmingly say the problem is that individuals are not saving enough. That is more than three times higher than in the next country, the Netherlands.
  • 4. 3 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? The economic and business implications of Europe’s ageing workforce are huge. But the UK should have more time to adjust than any of the EU’s other large economies. Germany, one of the most exposed countries, could experience serious labour supply constraints within the next two or three years under the European Commission’s most pessimistic scenario. The UK has a younger population; the Commission does not expect demographics to start hurting its economy until the early 2020s. But when the pain does arrive, the Commission says the UK should have had much more time to adjust, because it will have had more scope to bring people into the workforce and to improve productivity. Perhaps it is no surprise, then, that the survey found that UK executives are currently the least concerned in Europe about the challenge of managing an ageing workforce. Just one in 17 UK executives sees ageing as an issue today; that level is over five times higher in France. But this period of executive calm is not likely to last. UK companies will shift their priorities over the next few years. They currently have a laser- like focus on cost control—68% say it is one of their two most important business concerns, the highest percentage in Europe. As economic prospects brighten, the focus on managing costs will diminish. By 2020 only 20% think it Calm before the storm 1 What would you say is the most important business priority for your organisation currently? (% of respondents) Chart 1 UK in 2020Europe in 2020UK nowEurope Now Risk control and management Talent management (HR) InnovationExpansionCost controlRestructuring 27 26 8 4 57 68 23 20 32 25 42 44 29 24 49 55 24 25 42 45 14 18 14 20 Source: The Economist Intelligence Unit.
  • 5. 4 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? will rank as highly. In its place, UK executives say their main business priorities in 2020 will be innovation (55%) and talent management (45%). With the focus moving away from what people cost to what value they can bring, workforce ageing will become more of a concern. The survey shows that it will climb up the executive agenda across Europe, but nowhere is the expected leap as high as in the UK, where four times as many executives think it will be a top-three issue in 2020—the biggest increase in Europe. UK executives have time to prepare that their peers in other countries would envy, but most are making little use of it. “The key to engaging and retaining older workers is to adjust work to their needs,” says Maria Karanika-Murray, a work psychologist in Nottingham Trent University’s School of Social Sciences. “Some companies are already doing this, but many are unsure of their options.” In important areas, UK companies are lagging far behind. Only 28% of survey respondents say they are planning to ensure that the skills of older employees remain up to date. Just 18% expect to adapt their structures so that older workers who cut their working hours or responsibilities can retain their status in the business and feel valued. On both points, the UK comes bottom in Europe—by a wide margin. More needs to be done, believes Baroness Sally Greengross, chief executive of the International Longevity Centre, a UK think-tank on longevity and demographic change. “There is significant denial around the implications and consequences of our rapidly ageing population,” she said in a recent debate. “If we don’t change our employment practice, industry will face a skills gap: this is inevitable.” What, if anything, does your business plan to do by 2020 in order to adapt to the changing needs of your workforce? (% of respondents) Chart 2 GermanyUKEurope Source: The Economist Intelligence Unit. Other, please specify Looking at how to address inter- generational differences in our workforce Giving employees more choice over their benefits Adapting our structure to ensure that older workers who reduce work hours or responsibilities retain their status within the company and continue to feel valued Ensuring that the skills of older employees remain up to date Offering more flexible working hours or working from home Changing the employee benefits we offer Making physical changes to the workplace 28 24 45 50 55 56 46 46 48 28 32 39 18 48 60 2 2 2 29 27 25 45 60 77
  • 6. 5 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? As employers adjust their human resources plans to fit a brightening economy, employee expectations will also change. For now, job security is still seen by executives as the number one employee concern by a wide margin. And UK employees are thought to worry more about this than those in any other European country, apart from Spain and Italy. But UK executives expect this to roughly halve by 2020. Instead, employees will look much more closely at the quality of their working lives. Today, 55% of UK executives report that work-life balance is a top-three concern for their employees—that is by far the highest figure in Europe. By 2020 executives in every country, apart from France, believe it will become the main employee concern. Reflecting the shift from money to lifestyle benefits, one-third of European executives expect their employees to want more job sharing, part-time working, portfolio careers and the opportunity for phased retirement. The common denominator here is that employees want greater flexibility. But how companies plan to deliver that flexibility varies by country. For Europe as a whole, the most common response is to offer more flexible working hours or working from home (56%). UK companies see this as a way forward too. But they are far more likely to see better benefit Employee demands are changing 2 What do you believe to be the issues your employees see as most important today? (% of respondents) Chart 3 UK in 2020Europe in 2020UK nowEurope Now 41 52 32 42 64 62 29 31 20 14 31 35 23 22 19 18 15 6 17 11 42 55 45 48 14 11 25 17 20 17 33 32 24 24 25 28 3 4 8 7 Source: The Economist Intelligence Unit. Caring for dependents (children and elderly) Skill development Employment flexibility (job sharing, portfolio careers, part-time working, phased retirement) New technology /pace of change Work-life balance Healthcare provision Stress and wellbeing Saving for retirement Job security Financial security
  • 7. 6 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? programmes as the answer to their talent management challenges. And here they see significant need for change. According to the survey, UK companies are the most likely in Europe (48%, compared with an overall European average of 39%) to feel that the benefit programmes they have in place today would not be fit-for-purpose in 2020. Some 60% plan to change the employee benefits they offer and to give employees more choice over their benefits—by far the highest proportion in Europe. But UK executives are also the most likely to believe that the cost of benefits as a percentage of salary will increase (62%). Here they will face a conundrum: how can they offer employees the choice and flexibility of How likely is it that the benefit programmes you have in place now will remain fit-for-purpose in 2020? (% of respondents) Chart 4 Source: The Economist Intelligence Unit. Very unlikely Unlikely Neither/neutral Likely Very likely Don’t know Spain Switzerland Netherlands Italy France Germany UK Europe 27272430 26182635 9 13 2725 31227 7418 21026 32 27 243611 29 295 273 1914 81630433 53621309 benefits and work practices they are looking for without allowing costs to spiral upwards? The survey suggests UK companies may be better placed to deal with this challenge than others. Today, they are less likely to believe their company has built up its benefits offer without an overarching strategy (24%, compared with 37% for all Europeans). But like executives across Europe, only half of them (54%) believe they currently offer a comprehensive benefits package that helps them to attract and retain staff.
  • 8. 7 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? As executives rethink their benefits offer, healthcare will become increasingly significant. Even if state health provision were not under pressure from demographic change, the health and welfare of employees would logically become a growing human resources concern, since workforce ageing will require companies to rely more on older workers anyway. Over two-thirds (70%) of European executives feel this is the case—slightly more than the 64% in the UK, with its National Health Service (NHS). Yet as state health funding comes under pressure in the UK and companies look to offer a richer mix Healthy workers, healthy profits 3 of benefits, it is no wonder that UK executives are the most likely in Europe (79%) to believe health benefits will become increasingly important to employees. But does that rethink necessarily mean an increase in cost? “If older people maintain a healthy lifestyle, there is no reason why they can’t choose to continue to work well beyond the pensionable age and contribute in some way, at no extra burden to the employer,” says Ken Jones, chief executive of the UK-headquartered European business of Astellas, a Japanese pharmaceutical company.
  • 9. 8 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Many companies see phased retirement as an important way of adapting to an ageing workforce. UK executives considering this option are likely to be pushing at an open door. The country’s citizens are almost twice as likely as the average European to want to keep working after their pension age—56% of them are keen on the idea, according to the European Commission. On this measure, only the Danes rank more highly among the EU’s 28 member states. And those in the UK are also much more interested in the option of taking a partial pension while working Tackling the pensions problem 4 What challenges are employers facing in making changes to their retirement benefits? Select up to three (% of respondents) Chart 5 UKEurope Source: The Economist Intelligence Unit. Staffhaven’trequestedany changessoemployersdo notneedtomakeany Lowlevelsoftrustamongst employeesforfinancial products Staffdonothavetimeor resourcestomanage retirementplans Lackofbottomlinebenefit makeschangehardtojustify Lowlevelsofappreciation forretirementbenefits amongemployees Lowlevelsoffinancial literacy/understanding amongstemployers Lackoftaxincentives Lackoftoolstomeasure ROItojustifythecosts Managingtheriskposed tothebusiness (definedbenefitplans) Excessiveregulation Costofimplementing changes Growingcosts (definedbenefitplans) 43 47 40 42 33 38 24 33 19 6 19 14 18 17 18 29 17 12 14 12 12 12 2 1 part-time—82% like the idea, compared with two-thirds of all Europeans. Rethinking retirement in this way might also require a rethink of pensions. And this is where the drive for greater flexibility could hit the buffers. While executives surveyed in the UK are particularly keen to offer employees a more adaptable mix of benefits, 42% say pension arrangements are expensive to change, and 38% say they are excessively regulated.
  • 10. 9 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Pension funding is also a thorny issue. Like their counterparts in Europe, many UK executives (41%) believe employers should help their employees to have a comfortable standard of living in retirement, with 44%—a notch above the European average—saying employers should be primarily responsible for providing retirement provision. But unlike their European peers, UK executives believe individual employees share the same burden of responsibility. What is more, they are far less likely to believe that the employer should bear the risk of retirement provision. Over half (53%) of UK executives disagree with that suggestion—more than double the proportion in Germany and Italy. For UK executives, the greatest threat to pension provision in their country is the fact that—in their view—employees are not meeting their side of the deal. Whereas executives across other countries say the biggest systemic pension challenges are demographic change and government deficits, those in the UK (45%) overwhelmingly point to insufficient savings by individuals. That is more than three times higher than in the next country, the Netherlands. What is the biggest challenge facing the system for retirement savings in the country in which you are based? (% of respondents) Chart 6 UKEurope Source: The Economist Intelligence Unit. Notrelevantformy country,ourretirement systemissustainable Regulatoryand legislativechanges Employersunderestimating thefuturecostofpromised benefits Unrealisticexpectations ofindividuals Toomanypeoplenot workingtoorpastthe stateretirementage Unrealisticgovernment entitlements(Statepension, pensionage) Highcostsforbusinesses providingpensions Insufficientsavings beingmadebyindividuals Governmentdeficits/debt (impactofausterity measures) Demographicchanges (ageingpopulation) 26 20 14 45 18 5 8 7 10 6 4 2 7 2 6 11 4 1 3 0
  • 11. 10 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Workforce ageing could also affect the way IHG deploys older staff, adds Mr Voller. “We would typically have people moving up the career ladder; if they are staying in senior roles for longer, we’d want to make sure we are creating career opportunities for them. What role should they have at the end of their working life? How do we get them sharing their knowledge and experience?” But Mr Voller believes it is important to look at workforce ageing as just one part of a wider talent management issue. IHG already tries to offer its employees a wide range of benefits, for example, and tries to take account of what might appeal to them at the different stages of their life—young or old. “For me it’s about making sure we’ve got the right people in the right jobs at the right time. We don’t put a huge focus on ageing per se; the key thing for us is to find talent.” Compared with their European counterparts, UK companies have been slow to think about the potential impact of workforce ageing. But the issue is on the agenda at InterContinental Hotels Group (IHG), the UK’s second-largest hotel operator. Tony Voller, senior vice president of human resources Europe and global employer brand and resourcing, says the business will need to find new ways to engage its 9,000-strong UK workforce in the years ahead. “We will have to think more flexibly about the way we employ people and the benefits we offer,” says Mr Voller. “It’s great to assume people will want to work longer, although perhaps not at the same pace as they do currently. We will need to think about how we change contracts and so on, so people can get the work-life balance they want.” Case study: IHG
  • 12. 11 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? UK companies cannot escape the impact of demographic change, but they could do a lot more to prepare. The need to address workforce ageing is not yet as urgent as it is in other European countries, but surely that is an opportunity for executives to plan now and deal with the challenge effectively, rather than rush it and make a mess. This is particularly true in the realm of benefits. The survey shows that UK executives see a more Conclusion flexible and employee-focused benefits package as an important way of retaining and motivating workers, who will be in increasingly short supply. Yet those same executives are the most likely in Europe to believe their benefits programme needs a major overhaul. Now would be the time to start that process.
  • 13. 12 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Appendix: UK survey results Cost control Restructuring Expansion Talent management (HR) Innovation Risk control and management 68 26 25 25 24 18 (% respondents) What would you say is the most important business priority for your organisation currently? Select up to two Innovation Talent management (HR) Expansion Cost control Risk control and management Restructuring 55 45 44 20 20 4 (% respondents) What would you say will be the most important business priority for your organisation by 2020? Select up to two
  • 14. 13 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Global competition Technology Talent/people management Ageing Changing size and role of the state Offshoring/outsourcing Other (please specify) 66 54 39 9 9 6 5 (% respondents) By 2020, what will be the main drivers of change for your business? Select up to two Talent management and progression Motivation and engagement Cost control (compensation and benefits) Recruitment Retention Downsizing / offshoring Skills shortages Diversity of workforce Healthy workforce (health, stress and wellbeing) Regulation (state/EU) Ageing workforce Other (please specify) 49 47 41 31 28 19 14 12 9 9 6 0 (% respondents) What are the main people (HR) issues you face as an employer currently? Select up to three
  • 15. 14 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Talent management and progression Motivation and engagement Retention Cost control (compensation and benefits) Recruitment Skills shortages Ageing workforce Healthy workforce (health, stress and wellbeing) Diversity of workforce Regulation (state/EU) Downsizing/offshoring Other (please specify) 54 34 31 27 25 24 22 12 12 8 8 1 (% respondents) What will be the main people (HR) issues you face as an employer by 2020? Select up to three Job security Work-life balance Financial security Skill development Stress and wellbeing Employment flexibility (job sharing, portfolio careers, part-time working, phased retirement) Saving for retirement New technology/pace of change Healthcare provision Caring for dependents (children and elderly) Other (please specify) 62 55 52 24 22 17 14 11 6 4 1 (% respondents) What do you believe to be the issues your employees see as most important today? Select up to three
  • 16. 15 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Work-life balance Financial security Saving for retirement Employment flexibility (job sharing, portfolio careers, part-time working, phased retirement) Job security Skill development Stress and wellbeing New technology/pace of change Healthcare provision Caring for dependents (children and elderly) Other (please specify) 48 42 35 32 31 28 18 17 11 7 0 (% respondents) What do you believe to be the issues your employees see as most important by 2020? Select up to three Changing the employee benefits we offer Giving employees more choice over their benefits Offering more flexible working hours or working from home Ensuring that the skills of older employees remain up to date Looking at how to address inter-generational differences in our workforce Making physical changes to the workplace Other, please specify 60 60 46 28 27 24 18 2 (% respondents) What, if anything, does your business plan to do by 2020 in order to adapt to the changing needs of your workforce? Select all that apply Adapting our structure to ensure that older workers who reduce work hours or responsibilities retain their status within the company and continue to feel valued Very unlikely Unlikely Neither/neutral Likely Very likely Don’t know 13 35 26 18 6 2 (% respondents) How likely is it that the benefit programmes you have in place now will remain fit-for-purpose in 2020?
  • 17. 16 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Increase significantly Increase Stay the same Decrease Decrease significantly 14 48 26 10 2 (% respondents) By 2020, for the typical employee at your company, do you believe that the costs of benefits as a percentage of salary will: We think it’s right to look after our staff, and our benefits reflect that We offer a fully comprehensive benefits package to attract and retain employees We make sure we’re offering what’s normal for our industry, to keep up with competitors It’s often better for employees to get certain benefits through work than buy them themselves In the future, we are more likely to give employees a cash allowance and let them choose what benefits they like We have a carefully selected set of benefits suitable for our employees’ lifestyles We’ve built up benefits over time, without an overarching strategy for choosing them It is difficult to reduce elements of our current benefits package so any change results in an increase in overall costs Due to historic reasons/changes we have lost track of why we have the benefits we have We only offer the minimum benefits that are legally required, and otherwise just pay cash Other, please specify 57 54 54 42 26 25 24 20 11 11 0 (% respondents) Which of the following statements describes your company’s attitude to benefits offered to employees? Select all that apply Individual Employer State Retirement provision Savings scheme Healthcare provision Life insurance Disability protection Critical illness protection End of life care 12 7 43 5 25 22 56 44 1677 4611 58 44 37 4827 2949 1133 (% respondents) Who should be primarily responsible for providing and/or funding the following benefits?
  • 18. 17 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? 1 Strongly agree 2 Somewhat agree 3 Neither agree nor disagree 4 Somewhat disagree 5 Strongly disagree The health and wellbeing of our workforce will be an increasingly important issue for us as an employer The state will play a reduced role in providing healthcare Healthcare costs will increasingly fall on employers Healthcare benefits will be increasingly important to employees 1 619 424 1 232 2046 2444 8 5 3530 2185425 (% respondents) Do you agree or disagree with the following statements about health and wellbeing of your workforce in the future (to 2020)? Rate on a scale of 1 to 5 where 1 is strongly agree and 5 is strongly disagree Wanting employees to have an adequate income in retirement Attracting talent Employee retention Compliance Workforce planning (managing when employees retire) Other (please specify) 32 24 24 13 6 1 (% respondents) What is your company’s main objective in offering retirement benefits now? Wanting employees to have an adequate income in retirement Attracting talent Employee retention Workforce planning (managing when employees retire) Compliance Other (please specify) 31 24 20 13 10 2 (% respondents) What will be your company’s main objective in offering retirement benefits by 2020?
  • 19. 18 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Growing costs (defined benefit plans) Cost of implementing changes Excessive regulation Managing the risk posed to the business (defined benefit plans) Low levels of appreciation for retirement benefits among employees Low levels of financial literacy/understanding amongst employers Lack of tax incentives Lack of bottom line benefit makes change hard to justify Staff do not have time or resources to manage retirement plans Low levels of trust amongst employees for financial products Lack of tools to measure ROI to justify the costs Other, please specify Staff haven’t requested any changes so employers do not need to make any 47 42 38 33 29 17 14 12 12 12 6 0 1 (% respondents) What challenges are employers facing in making changes to their retirement benefits? Select up to three Insufficient savings being made by individuals Demographic changes (ageing population) Unrealistic expectations of individuals Unrealistic government entitlements (State pension, pension age) High costs for businesses providing pensions. Government deficits/debt (impact of austerity measures) Employers underestimating the future cost of promised benefits Too many people not working to or past the state retirement age Regulatory and legislative changes Not relevant for my country, our retirement system is sustainable Other, please specify 45 20 11 7 6 5 2 2 1 0 0 (% respondents) What is the biggest challenge facing the system for retirement savings in the country in which you are based?
  • 20. 19 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? It is not an employer’s role to help their employees to have a comfortable standard of living in retirement Employers should bear the risk of providing for their retirement As an employer, we are concerned about the reputational risk of workers reaching old age and not being able to retire 13 23 4 27262013 3025192 12245011 (% respondents) 1 Strongly agree 2 Somewhat agree 3 Neither agree nor disagree 4 Somewhat disagree 5 Strongly disagree Do you agree or disagree regarding the following statements about retirement provision in the future? Rate on a scale of 1 to 5 where 1 is strongly agree and 5 is strongly disagree Increase significantly Increase Remain the same Decrease Decrease significantly 29 47 18 5 1 (% respondents) How do you expect the number of employees aged 60+ to change by 2020? Older workers are less productive than younger workers are Older workers have greater skills than younger workers do Older workers are less motivated than younger workers are Older workers are easier to manage than younger workers are Older workers take more time off for health reasons than younger workers 14 5 16 6 6 3835112 1835385 3930132 2941214 2446204 (% respondents) Do you agree or disagree with the following statements about older workers? Rate on a scale of 1 to 5 where 1 is strongly agree and 5 is strongly disagree 1 Strongly agree 2 Somewhat agree 3 Neither agree nor disagree 4 Somewhat disagree 5 Strongly disagree Higher costs of benefits Greater employee demand for benefits (healthcare, retirement and other benefits) Increased flexible working (to provide care for older dependents, phased retirement, etc) Progression of younger workers becomes more difficult Greater risk of age discrimination claims 47 39 39 38 22 (% respondents) Which of the following do you think is most likely to happen as a result of an ageing workforce? Select up to two
  • 21. 20 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Board member CEO/President/Managing director CFO/Treasurer/Comptroller CIO/Technology director Other C-level executive SVP/VP/Director Head of business unit Head of department Manager Other, please specify 1 9 6 4 2 22 5 20 31 0 (% respondents) Which of the following best describes your title? Human resources Finance General management Operations and production Marketing and sales Risk Strategy and business development IT Information and research Procurement R&D Customer service Legal Supply-chain management Other 44 15 14 8 5 5 4 2 1 1 1 0 0 0 0 (% respondents) What is your primary job function? Less than 250 250-499 500-1,999 2,000+ 0 0 4 97 (% respondents) How many employees does your company have globally?
  • 22. 21 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Aerospace and Defence Automotive and Transportation Equipment Charities and Non-Profit Chemicals Communications Consumer goods Education Entertainment and media Financial Services: Banking Financial Services: Insurance Financial Services: Other financial services Food and Beverage Government/Public sector Health Care Hospitality (Restaurant, Hotel/Lodging, Tourism and Leisure) IT and High Tech Manufacturing Natural Resources Oil & gas Pharmaceuticals Professional and Business Services Property and Construction Publishing and printing Retail Telecommunications Transportation Utilities Wholesale Other, please specify 4 2 0 1 0 4 0 1 14 5 1 2 0 1 6 8 12 0 7 4 13 0 0 4 8 4 0 0 0 (% respondents) What is your industry?
  • 23. 22 © The Economist Intelligence Unit Limited 2014 Older, but none the wiser? Publicly listed Other privately owned (partnership, limited liability, etc) Private Equity portfolio company Family owned Government/State owned enterprise 71 18 5 4 4 (% respondents) Please state which of the following best describes your company? Less than €500m €500m to €1bn €1bn to €5bn €5bn to €10bn More than €10bn 0 14 22 17 47 (% respondents) What are your organisation's global annual revenues?
  • 24. While every effort has been taken to verify the accuracy of this information, The Economist Intelligence Unit Ltd. cannot accept any responsibility or liability for reliance by any person on this report or any of the information, opinions or conclusions set out in this report.
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