Baby Boomers in Asia

25 August 2024 / Report

Addressing the challenge of talent shortages continues to be a key priority for CEOs and CHROs across Asia. Fast-ageing populations in many countries across the region including as Japan, South Korea, Taiwan, Singapore, and China, means that talent pools will continue to shrink in the coming years. Companies in Asia will need to proactively plan their talent strategies in the context of a graying Asia, to ensure a steady pool of talent while addressing the preferences and needs of this growing demographic segment.

In the second quarter of 2024 we conducted a survey of 1,989 baby boomers (born between 1946 and 1964) across Asia along with follow-up interviews to better understand their unique preferences and challenges.

Trusted Insights for What’s Ahead^TM

Baby boomers in Asia are not ready to exit the workforce even as they are forced to end their careers due to mandatory retirement age policies that range from 57 years in Indonesia to 64 in Singapore. These policies are forcing healthy and productive employees out of the workforce. Baby Boomers in Asia say they prefer to retire at the age of 67.5, well beyond the mandated retirement age. Some may choose to “slow down” (i.e., work part time and/or at their own pace). Organizations should consider offering Boomers contractual or part-time work as a cost-effective way of addressing talent shortages.
Baby boomers prefer conventional work formats – either full-time or part-time engagements that offer steady annual income. They have a marked preference for working on-site, with many interviewees saying they value social interactions with co-workers and have difficulty overcoming traditional workplace cultures that emphasize long hours and physical presence as indicators of dedication and productivity. By building intentional intergenerational teams, companies can cultivate a culture that emphasizes closer interaction between generations and mutual respect.
Baby boomers, like Gen Zs, are primarily motivated by financial compensation, but for distinctly varied reasons. While baby boomers wish to ensure adequate funds for retirement, Gen Zs need money to cope with high inflation rates as well as the rising cost of day-to-day living especially in Asian metro cities including Mumbai, Singapore, and Hong Kong. Companies must ensure adequate medical coverage and provide financial counselling to enable baby boomers to better manage their retirement funds.
Baby boomers in the US and Asia share similar reasons for working and face common challenges. Financial necessity is cited as the primary reason for wanting to continue to work in both regions.
Developing an age-inclusive culture and intentionally designed total rewards, hiring practices, and learning programs that consider their unique needs, age-bias training and formation of cross-generational teams are key levers for unlocking the potential of Baby Boomers.