With decades of experience and a willingness to work under flexible arrangements, this demographic has immense potential to fill global labour gaps and drive economic growth.
The world is confronted with the paradox of needing more skilled labour while simultaneously facing opposition to immigration and high relocation costs.
Given these challenges, it is imperative to find ways to bridge these gaps. Short-term and remote work arrangements offer a practical solution, especially for the silver generation whose vast experience and preference for flexibility make them well-suited to meet these demands.
Some regions of the world experience labour surpluses in certain industries while others are in the process of building key industries but lack the skills domestically to do so.
For example, India’s renowned information technology (IT) talent could address Europe’s tech shortages while UK retirees with financial expertise could overcome key labour shortages in emerging financial hubs in the Middle east and North Africa (MENA).
These cross-border labour exchanges could be vital in filling key skill gaps in high-demand sectors.
It is estimated that there will be $8.5 trillion of unrealised global output by 2030 because of labour shortages. It is estimated that labour shortages in financial services will impact small countries with outsized finance industries such as Hong Kong and Singapore.
Skills shortages in the former’s financial services industry will result in lost revenue that is worth around 12% of its total economy, and the latter’s unrecognised revenue because of skilled worker shortages could be equivalent to 6% of its economy by 2030.
India stands out as one of the few places with labour surpluses across a range of sectors, making it a key player in the global skilled worker supply chain.
However, there are growing concerns about the quality and skills of India’s workforce, which could undermine its ability to address global skill shortages. This has been exacerbated by the disruptions of the covid pandemic.
The advent of artificial intelligence (AI) tools could further disrupt labour flows and causes concern in parts of the world where skill and labour shortages in key sectors will have to be plugged by either reengaging older workers or through immigration or both.
Moreover, with a more interconnected yet protectionist world, complexities around compliance, project structuring and management get even trickier to navigate. It is for such projects that the experience and wisdom of the silver generation is needed.
Those who have been at the forefront of developing new technologies are most likely to synthesise complex phenomena in ways that a younger workforce, while intelligent, is unlikely to achieve without the same exposure and experience.
This need for senior leadership is reflected in the World Economic Forum’s findings, which suggest that by 2027, six in 10 workers will require reskilling. India’s IT sector, for example, shows how experienced leaders in technology can play a vital role in mentoring and even creating startups globally.
The silver generation represents a significant and largely untapped resource. Their expertise allows them to fill critical skill gaps, mentor younger workers and help drive long-term organizational success.
Moreover, by mentoring younger workers and leading complex projects, they can not only boost productivity but also foster cross-generational collaboration, creating more resilient, dynamic industries.
By matching labour shortages in key regions with the available expertise across borders, it is possible to address these global skill gaps effectively, often through remote or short-term arrangements.
Such flexibility is likely to appeal to the silver generation and reduces the relocation costs for firms. India is an outlier in this data but will face a policy challenge in the coming years as its population starts to decline.
As migration policies become more restrictive and labour shortages worsen, the silver generation offers a sustainable solution that can complement or even replace traditional immigration. Leveraging their expertise isn’t just a short-term fix.
It’s a strategic advantage for companies, economies and societies alike. With the right incentives and structures in place, we can unlock their full potential and reshape the future of work, ensuring that the global economy remains competitive and innovative.
The author is a senior policy advisor at Wisdom Circle.
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