08. Embracing Experience and Wisdom: Strategic Human Resources Management for the Aging Workforce in Sri Lanka's Corporate Landscape

 

1        Introduction

Companies worldwide must pay attention to this global issue of an aging workforce. Because of the low reproduction rates and steady rise in life expectancy, Sri Lanka is also confronted with this problem(Department of Census and Statistics, Sri Lanka, 2012). Effective human resources management (HRM) strategies are needed to harness the potential of older employees. This report presents evidence from Sri Lankan companies' efforts to manage their aging workforce effectively.

 

Source (Montgomery, 2023)

 

2        Navarasingham’s (2017) Aging Workforce Study

According to Navarasingham (2017) study on the management of Sri Lanka's aging workforce revealed that whereas some organizations consider older workers as trustworthy, experienced, and devoted, others see them as less innovative and teachable. The report underlines how important it is for HR to put policies in place that support workplace integration and age diversity.

 

3        HRM Strategies for the Aging Workforce

Businesses can use a variety of HR techniques to manage their aging staff. Among these strategies are flexible work hours, progressive retirement plans, ongoing education opportunities, and age-appropriate health and wellness initiatives (Bohlmann, et al., 2018). Intergenerational coaching can also be utilized to help senior employees convey their knowledge to younger workers (McKenzie, 2017).

 

Source (COEH & California Labo, 2023)

3.1       Evidence from Sri Lankan Companies

Source (DailyFT, 2015)

 

John Keells Holdings PLC 

One of the biggest corporations in Sri Lanka, John Keells Holdings PLC, has put in place a number of HRM initiatives targeted at its aging labor force. The organisation provides flexible work schedules and optimal workplace modifications to accommodate the physical requirements of senior staff members. It has also created health care coverage and retirement planning programs especially for older workers (John Keells Holdings PLC, 2020). 

Commercial Bank of Ceylon

Another well-known Sri Lankan business that has realized the importance of customized HRM procedures for an aging staff is Commercial Bank of Ceylon. The bank provides wellness initiatives, routine health examinations, and part-time or consulting positions after retirement to help hold onto its seasoned employees. By using this approach, the bank is able to keep senior staff members' invaluable knowledge and experience while allowing them to retire gradually (Commercial Bank of Ceylon, 2020).

Dialog Axiata PLC

Being a major player in the telecom industry, Dialog Axiata PLC has launched wellness and health initiatives that senior workers can participate in. They emphasize routine medical screening and have fostered an inclusive culture that recognizes senior employees' achievements. Additionally, Dialog Axiata promotes lifelong learning regardless of age, enabling senior employees to remain abreast of technology developments ( Dialog Axiata PLC, 2020).

4         Conclusion

In conclusion, a strategic approach to HRM in businesses is to leverage the expertise and wisdom of the older employees while also adhering to their unique requirements. The instances from Sri Lankan businesses show how HR may improve lifetime learning, flexible work schedules, and inter-generational cooperation, all of which can have a beneficial effect on senior employees' experiences at work.More Sri Lankan businesses must understand how crucial it is to incorporate efficient HRM strategies for the aging workforce in order to retain a vibrant and knowledgeable staff.

5        References

Dialog Axiata PLC, 2020. Annual Report, Colombo: Dialog Axiata PLC.

Bohlmann, C., Rudolph, C., Zacher, H. & Kooij, D., 2018. How Age‐Divide HR Practices Affect Older Employees' Perceptions of Age Discrimination: Protecting Old Workers' Psychological Contracts or Breaching Young Workers' Psychological Contracts?. Journal of Organizational Behavior, 39(8), pp. 947-963.

COEH & California Labo, 2023. Workplace Design Considerations for the Aging Workforce (and for all!), s.l.: COEH & California Labo.

Commercial Bank of Ceylon, 2020. Annual Report, Colombo: Commercial Bank of Ceylon.

DailyFT, 2015. Sri Lanka’s ageing population and implications to business establishments. [Online]
Available at: https://www.ft.lk/Columnists/sri-lankas-ageing-population-and-implications-to-business-establishments/4-505387
[Accessed 13 04 2024].

Department of Census and Statistics, Sri Lanka, 2012. Census of Population and Housing, s.l.: Department of Census and Statistics, Sri Lanka.

John Keells Holdings PLC, 2020. Annual Report, John Keells Holdings PLC: s.n.

McKenzie, A., 2017. Ageism in the Workplace. [Online]
Available at: https://www.manpowergroupsolutions.com/.
[Accessed 13 04 2024].

Montgomery, D., 2023. Who’s not working? Understanding the U.S.’s aging workforce. [Online]
Available at: https://www.minneapolisfed.org/article/2023/whos-not-working-understanding-the-uss-aging-workforce
[Accessed 13 04 2024].

Navarasingham, T., 2017. Managing Age Diversity at Work in Organizations in Sri Lanka.. Kelaniya Journal of Human Resources Management, 12(1), pp. 37-49.

 

 

 

 

 

Comments

  1. Sakvithi SenadeeraApril 13, 2024 at 5:40 AM

    Strategic HRM acknowledges the value of experience in Sri Lanka's aging workforce. Adapting policies for flexible work arrangements and skill development ensures retention and taps into the wealth of knowledge for organizational success.

    ReplyDelete
  2. Shehan PriyashanthaApril 13, 2024 at 7:31 AM

    Well Researched Article

    ReplyDelete
  3. Sachini HithakshikaApril 13, 2024 at 7:50 AM

    Well describe how SHRM can used with aging workforce while giving the industrial examples.

    ReplyDelete
  4. Gowri PereraApril 13, 2024 at 8:19 AM

    Well informative article, Well described

    ReplyDelete
  5. Rusky AhamedApril 14, 2024 at 2:38 AM

    The examples from Sri Lankan companies reveal how HRM may improve opportunities for lifetime learning, provide flexible work schedules, and encourage intergenerational cooperation—all of which contribute to make older employees' experiences positive.

    ReplyDelete
  6. Amina MahmoodApril 14, 2024 at 8:56 PM

    Very informative article, and you have justified the topic by showing examples from Srilankan companies.

    ReplyDelete
  7. Dhanushka PathiranaApril 15, 2024 at 2:22 AM

    This blog post provides a timely and insightful analysis of the challenges and opportunities associated with managing an aging workforce in the corporate landscape of Sri Lanka. You have done an excellent job of highlighting the benefits that experienced workers bring to organizations, such as higher levels of productivity, lower turnover rates, and enhanced knowledge transfer.

    ReplyDelete
  8. Tharuka LiyanaarachchiApril 15, 2024 at 3:52 AM

    Your blog offers a comprehensive exploration of how strategic HRM practices can effectively manage the aging workforce within Sri Lanka's corporate landscape. By drawing on evidence from prominent companies like John Keells Holdings PLC, Commercial Bank of Ceylon, and Dialog Axiata PLC, you highlight the importance of implementing customized HRM initiatives to address the unique needs of senior employees. Overall, a well-researched and insightful analysis of the strategic HRM approaches needed to embrace the aging workforce in Sri Lanka.

    ReplyDelete
  9. sudarshiApril 16, 2024 at 1:21 AM

    The Sri Lankan companies' examples show how HR may improve lifetime learning, flexible work schedules, and intergenerational cooperation all of which can improve the work experiences of older employees. More Sri Lankan businesses must understand that they must adopt efficient HRM methods for the aging population if they hope to retain a youthful and skilled workforce.

    ReplyDelete

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