Risks To Businesses From Population Decline

What plans do you have for the future?

A Shrinking World: Strategies for Business Growth in a Declining Population

A recent study by the Institute for Health Metrics and Evaluation (IHME), published in The Lancet, paints a picture of a world with a shrinking population by the year 2100. This demographic shift, driven by falling fertility rates, presents significant challenges for businesses across the globe. However, amidst the potential disruption, there are also opportunities for those who can adapt and innovate.

This article explores the implications of a declining population for businesses and outlines actionable strategies to navigate this new reality.

Understanding the Impact

Falling fertility rates translate to a smaller workforce, impacting both the supply of labor and the overall size of the consumer market. Here’s a breakdown of the key challenges:

  • Labour Shortage: A shrinking workforce pool will make it harder to find qualified employees. This could lead to wage inflation and potentially hinder business expansion plans.
  • Shifting Consumer Demographics: An aging population means a decrease in demand for certain goods and services traditionally targeted towards younger demographics. Businesses that cater to families with children or young professionals might see a decline in sales.
  • Social Security Strain: With fewer working-age adults supporting a larger elderly population, social security systems may face financial pressure. This could lead to increased taxes or reduced benefits, impacting disposable income and consumer spending.

Strategies for a Shrinking World

Despite the challenges, there are strategies businesses can employ to thrive in this new environment:

  • Embrace Automation and AI: Investing in automation and artificial intelligence (AI) can help offset labour shortages by automating routine tasks and improving efficiency. This allows businesses to do more with less manpower.
  • Focus on Innovation: Developing new products and services catering to the needs of an ageing population is crucial. This could include healthcare solutions, senior living facilities, or products designed for increased accessibility.
  • Reskilling and Upskilling the Workforce: Companies can invest in training and development programmes to equip existing employees with the skills needed for new technologies and changing market demands.
  • Attract and Retain Talent: In a competitive job market, attracting and retaining top talent becomes even more important. Businesses can do this by offering competitive compensation packages, flexible work arrangements, and a positive work culture.
  • Embrace Diversity and Inclusion: A shrinking workforce necessitates tapping into all available talent pools. Diversity and inclusion initiatives that attract women, minorities, and older workers can be a game-changer.
  • Expand into New Markets: Businesses can explore opportunities in countries with higher fertility rates or younger populations. This may involve setting up operations overseas or catering to these demographics through exports.
  • Sustainability and Resource Optimisation: A smaller population might lead to a decrease in resource consumption. Businesses can adapt by focusing on sustainability, developing resource-efficient products, and minimising waste.
  • Invest in Customer Experience: With potentially fewer customers, businesses need to prioritise customer loyalty and satisfaction. Building strong relationships and providing exceptional customer experiences will be critical for retaining a shrinking customer base.
  • Leverage Technology for Marketing and Sales: Marketing and sales efforts can be optimised by utilising big data and analytics to identify and target specific customer segments more effectively.

Examples of Business Adaptation

Several companies are already taking steps to adapt to a shrinking population:

  • Manufacturing: Companies are investing in automation and robotics to reduce reliance on manual labour.
  • Healthcare: Businesses are developing products and services catering to the growing elderly population, such as home healthcare solutions and assisted living facilities.
  • Retail: Retailers are focusing on online shopping experiences and offering delivery services to cater to a more homebound population.

A Call to Action

The declining global population is a long-term trend, but the effects will vary by region and industry. Businesses that proactively recognise this shift and implement adaptation strategies will be best positioned for continued success. By embracing innovation, reskilling their workforce, and catering to the needs of an aging population, businesses can not only survive but also thrive in this new demographic landscape.

Looking Forward

The future may hold a smaller global population, but it also presents exciting opportunities for innovation and growth. Businesses that are proactive and adaptable will be the ones to shape this new economic landscape. The time to plan for a shrinking world is now.

Get help to protect and grow your business

Find out more

Subscribe for free business risk alerts and risk reviews

Connect with us

Read more business risk management articles

Connect with us

 

Why is it so hard to get staff?

What are the effects of shortage of staff?

10 Tips for Recruiting Hard-to-Find Staff in the UK in 2024:

  1. Rethink your employer brand: In a tight market, your company culture and values matter more than ever. Showcase what makes you unique and attractive – flexible work options, strong ESG (environmental, social, and governance) commitment, diverse and inclusive environment, etc.
  2. Target niche talent pools: Look beyond traditional job boards and focus on communities where your ideal candidates gather. Attend industry events, partner with professional associations, engage with universities and colleges for early talent, and leverage social media groups.
  3. Revisit your job descriptions: Ditch generic postings and craft compelling narratives that highlight the role’s impact, growth opportunities, and team dynamics. Use clear and concise language, focusing on essential skills and experience.
  4. Embrace alternative recruitment methods: Consider targeted advertising on niche platforms,employee referrals with attractive incentives, or even talent competitions specific to your industry.
  5. Offer competitive compensation and benefits: Research market rates and factor in the rising cost of living. Go beyond salary with attractive benefits packages like flexible hours, remote work options, generous healthcare plans, and skill development opportunities.
  6. Prioritise a streamlined and engaging candidate experience: Make the application process seamless and efficient. Provide regular updates and feedback, and utilise virtual interviews and assessments to reach broader talent pools.
  7. Focus on diversity and inclusion: Actively seek candidates from underrepresented groups and ensure your recruitment process is free from bias. Partner with diversity recruitment agencies and showcase your commitment to an inclusive workplace.
  8. Leverage employee advocacy: Encourage your current employees to become brand ambassadors. Share employee testimonials, success stories,and company culture insights through social media and internal channels.
  9. Invest in candidate relationship management (CRM): Track your recruitment efforts and build relationships with potential candidates, even if they don’t fit the immediate need. This can create a talent pipeline for future positions.
  10. Be open to new ways of working: Consider alternative work arrangements like freelance, contract, or part-time positions to attract talent with specialised skills or those seeking flexibility.

Remember, attracting top talent in a competitive market requires a proactive and personalised approach. By following these tips and demonstrating genuine care for your employees, you can increase your chances of finding the hidden gems you need for your UK team in 2024.

Get help to recruit hard to find staff

Find out more

Read more business risk management articles

Contact Us

Subscribe for free business risk alerts and risk reviews

Contact Us

Struggling to recruit in the UK? Discover the 10 most challenging vacancies and expert tips on attracting the talent you need.

Can’t find the workers?

Recruiting in the UK: Battling the Hydra of Unfilled Vacancies

The UK’s job market is booming, unemployment is down, and businesses are crying out for talent. But amidst this apparent abundance, a hidden monster lurks – the hydra of hard-to-fill vacancies. These positions, like mythical beasts, seem immune to traditional recruitment methods, leaving employers frustrated and productivity stalling. As a UK recruitment expert, I’ve seen this struggle firsthand, and here I aim to identify the 10 most ferocious heads of this hydra, delving into why they’re so challenging to tame and offering practical tips for employers seeking to slay these recruiting dragons.

1. The Tech Titans:

Leading the charge are the Software Engineers, Architects, and Developers – the digital alchemists turning ideas into silicon gold. Their specialised skills are in high demand across industries, from fintech to healthcare, but their supply remains limited. The allure of remote work and lucrative US opportunities further complicates the hunt. Tips: Upskill existing employees, embrace flexible work arrangements, and highlight your company’s innovative projects to attract tech talent.

2. The Carers Conundrum:

On the opposite end of the tech spectrum lies a critical, yet under-valued, head: the Care Assistant. The ageing population relies heavily on these compassionate souls, but low wages, high pressure, and emotional strain make recruitment a constant struggle. Tips: Advocate for improved pay and working conditions, invest in training and development, and showcase the rewarding nature of care work.

3. The Culinary Conundrum:

From Michelin-starred kitchens to bustling bistros, the aroma of unfilled vacancies hangs heavy in the air. Skilled Chefs are a rare breed, demanding both culinary artistry and managerial acumen. Long hours, intense pressure, and limited career progression push many away. Tips: Offer competitive salaries, flexible work schedules, and opportunities for learning and development. Emphasise the creative freedom and satisfaction of crafting culinary masterpieces.

4. The Customer Service Centaurs:

The ever-demanding realm of Customer Service requires a mythical blend of patience, problem-solving, and communication skills. Yet, these modern-day centaurs are often undervalued and overworked, leading to high turnover and recruitment woes. Tips: Foster a positive work environment, invest in employee training, and empower your customer service heroes with autonomy and decision-making power.

5. The Construction Hydra:

Brick by brick, the UK’s construction industry faces a skills shortage. From Bricklayers and Electricians to Carpenters and Plumbers, skilled tradespeople are in high demand. The perception of physically demanding work and limited career prospects discourages potential recruits. Tips: Partner with training institutions, offer apprenticeships and attractive career paths, and highlight the competitive salaries and job security of the construction sector.

6. The Logistics Labyrinth:

Keeping the wheels of the UK economy turning are the heroes of the Logistics industry. From HGV Drivers and Warehouse Operatives to Logistics Coordinators, their invisible hand ensures goods flow seamlessly. However, long hours, unpredictable schedules, and physically demanding work make recruitment a logistical nightmare itself. Tips: Offer flexible work arrangements, invest in automation to reduce physical strain, and showcase the vital role logistics plays in keeping society running.

7. The Digital Detectives:

In the ever-expanding digital realm, Cybersecurity Specialists are the knights safeguarding our data and infrastructure. Yet, their specialised skills are scarce and constantly evolving, making recruitment a game of cat and mouse against cybercriminals. Tips: Partner with universities and cybersecurity training programs, offer competitive salaries and opportunities for professional development, and emphasise the critical role of cybersecurity in protecting our digital world.

8. The Scientific Squad:

From geneticists to engineers, the UK’s Science, Technology, Engineering, and Mathematics (STEM) sectors face a talent gap. The perception of complex studies and limited career options deters students, leaving research labs and engineering projects understaffed. Tips: Make STEM education more engaging and accessible, showcase the real-world impact of scientific research, and offer internship and apprenticeship programs to foster early interest.

9. The Medical Mages:

The healthcare system’s beating heart – Nurses, Doctors, and other Medical Professionals – are battling burnout and staff shortages. Long hours, emotional stress, and complex bureaucracy make these vital roles even harder to fill. Tips: Invest in staff wellbeing, improve working conditions, and offer flexible work arrangements. Advocate for better pay and career progression opportunities to attract and retain medical professionals.

10. The Education Architects:

Shaping the minds of future generations, Teachers are facing unprecedented challenges. Low salaries, lack of autonomy, and an increasingly demanding work environment make this noble profession less appealling. Tips: Invest in teacher training and support, empower educators with decision-making power, and showcase the creative freedom and rewarding impact of teaching. Emphasise the vital role of education in shaping a better future.

Conquering the Hydra:

These 10 heads are just a glimpse of the hydra of unfilled vacancies. While the challenges are real, so are the solutions. By understanding the reasons behind the talent shortage, embracing innovative recruitment strategies, and investing in employee well-being and development, employers can slay these recruitment dragons and attract the talent they need to thrive. Remember, conquering the hydra requires not just brute force, but also cunning, adaptability, and a commitment to fostering a work environment where talent can flourish.

Get help to fill job vacancies in the UK

Contact Us

Subscribe for free business risk management alerts and risk reviews

Contact Us

Read more business risk management articles

Contact Us

Where are the biggest risk management skills gaps?

BusinessRiskTV helping to prepare businesses to weather the coming risk storms!

Top 10 Business Risk Management Jobs with Skills Shortages Heading into 2024: A Recruiter’s Perspective

As the calendar edges closer to 2024, business leaders worldwide are taking stock, strategising, and bracing for the ever-evolving landscape of risk. In this volatile climate, one thing remains constant: the critical need for skilled and dedicated professionals in business risk management (BRM).

However, a concerning trend is emerging – a widening skills gap within the BRM domain. Several key job titles within this field are facing acute shortages, leaving organisations exposed and vulnerable. Recruiters shed light on the top 10 such roles and the crucial skills employers are desperately seeking.

1. Chief Risk Officer (CRO): The captain of the BRM ship, the CRO oversees the entirety of an organisation’s risk landscape. They require exceptional leadership, strategic acumen, and deep understanding of industry regulations. “A strong CRO is worth their weight in gold. They not only identify and mitigate threats but also build a culture of proactive risk awareness within the company.”

2. Operational Risk Manager: Responsible for day-to-day risk assessment and mitigation within specific operations, these individuals juggle meticulous attention to detail with broader strategic thinking. Strong analytical skills, process improvement expertise, and a keen eye for potential disruptions are essential. “Operational risk managers are the silent guardians of efficiency. Their vigilance ensures smooth operations and prevents costly hiccups.”

3. Cyber Security Risk Analyst: With cyber threats escalating by the day, skilled cyber security risk analysts are in high demand. They must possess a blend of technical expertise (think vulnerability assessments and penetration testing) and strong communication skills to translate complex technical jargon into actionable insights for leadership. “In today’s digital age, cyber security is not just an IT issue, it’s a business imperative. Cyber security risk analysts are the frontline soldiers in this critical battle.”

4. Business Continuity and Disaster Recovery (BCDR) Planner: Adept at conjuring disaster preparedness plans from thin air, BCDR planners are masters of resilience. They require meticulous planning skills, logistical prowess, and the ability to keep a cool head under pressure. “A good BCDR planner is worth their weight in gold when disaster strikes. They ensure our business can weather any storm, minimising downtime and protecting our bottom line.”

5. Enterprise Risk Management (ERM) Specialist: ERM specialists are the glue that binds an organisation’s risk management framework together. They excel at data analysis, risk modelling, and translating complex risk assessments into actionable insights for different departments. “ERM specialists are the translators of the risk world. They break down complex data into digestible information that empowers informed decision-making across the organisation.”

6. Fraud Investigator: Unearthing financial deception and safeguarding organisational assets, fraud investigators are the financial detectives of the business world. They require a keen eye for detail, sharp analytical skills, and the tenacity to follow the money trail wherever it leads. “Fraud investigators are the silent guardians of our financial integrity. Their vigilance protects our bottom line and ensures investor confidence.”

7. Environmental, Social, and Governance (ESG) Analyst: With ESG considerations becoming increasingly crucial for businesses, skilled ESG analysts are a hot commodity. They must possess a comprehensive understanding of sustainability principles, social impact measurement, and the ability to translate complex ESG data into actionable insights for leadership. “ESG analysts are the bridge between business and sustainability. They help us make informed decisions that not only benefit our bottom line but also create a positive impact on the planet and society.”

8. Supply Chain Risk Analyst: In today’s globalised world, supply chains are intricate and vulnerable. Supply chain risk analysts are the watchdogs, identifying and mitigating potential disruptions, from resource shortages to geopolitical instability. Strong analytical skills, supplier relationship management expertise, and a global perspective are key. “In today’s interconnected world, supply chain resilience is paramount. Supply chain risk analysts are the first line of defense against disruptions that can cripple our operations.”

9. Regulatory Compliance Officer: Their role is pivotal in protecting organisations from legal repercussions and reputational damage. “Compliance officers are the unsung heroes of corporate governance. Their vigilance ensures we operate within the bounds of the law and maintain the trust of our stakeholders.”

10. Internal Auditor: Acting as the organisation’s independent watchdog, internal auditors assess internal controls, identify risks and inefficiencies, and make recommendations for improvement. They require strong accounting and analytical skills, a keen eye for detail, and the ability to communicate complex findings to leadership in a constructive manner. “Internal auditors are the eyes and ears of the board. Their independent assessments ensure transparency and accountability, driving continuous improvement within the organisation.”

Closing Thoughts:

The skills gap in business risk management is a pressing concern, but it also presents a golden opportunity for talented professionals. By honing the skills outlined above, individuals can position themselves for rewarding careers in this critical field. For businesses, proactively addressing this gap through targeted recruitment, skills development programmes, and competitive compensation packages is crucial for building organisational resilience and navigating the turbulent waters of the future.

As we step into 2024, let us remember that business risk management is not merely a cost centre, but a strategic investment in the future. By fostering a culture of risk awareness, investing in skilled professionals, and implementing robust risk management frameworks, organisations can navigate the ever-changing landscape with confidence, seizing opportunities while mitigating threats.

Remember, the future belongs to those who anticipate the storm and build their ship accordingly.

Get help to fill skills gaps quickly and inexpensively

Contact Us

Protect and grow your business faster

Find Out More

Read more business risk management articles

Contact Us

Advertise your job vacancy online with our Post A Job service

Advertise your jobs on BusinessRiskTV.com

Advertise a job online cheaper and easier. Find out how to advertise a job vacancy on BusinessRiskTV. Post a job online on BusinessRiskTV to advertise job online. Are you a professional recruiter or employer with job vacancies to fill? Do you want job hunters to apply to your jobs direct with you? If you can fill your job vacancies faster what will it mean for your business objectives? Advertise your skills online to stop your job hunting for dream job.

“Make sure your business is properly resourced to take on the business environment challenges”

BusinessRiskTV

There is a growing skills gap in the UK. Many recruiters would employ more people if they could find the right people with the right skills and experience. We help you to engage and attract job hunters that may not even know they are looking for a job!

Job Vacancy Poster Service With BusinessRiskTV

Jobs and Careers Development Skills Gap Filling

Develop your career faster and fill skills gaps quicker

Job Advertise Options include but not limited to:

  1. Advertise a job vacancy on a specific page that interests people you want to employ
  2. Create your own link from an image or text direct to your recruitment process funnel or existing job vacancy posting you want to fill.
  3. Create your own advertorial to promote your business interests on subjects that interest people you want to apply for jobs and direct their application to your own recruitment process.
  4. Create your own website page on BusinessRiskTV listing multiple job postings that link to your own online recruitment process.
  5. Sponsor a page image or service to promote your business interests and attract new recruits.

We have a number of innovative ways you can fill your skills gaps quicker and cheaper to achieve your business objectives faster.

Subscribe to BusinessRiskTV Recruitment Partners for free alerts and bulletins to your email inbox on ideas to fill job vacancies faster

BusinessRiskTV.com Free Subscription Online
Subscribe to BusinessRiskTV.com for free

Enter code #Recruiters

Promote and market your job vacancies on BusinessRiskTV

We have a number of flexible cost effective ways to get your job vacancies noticed more quickly more cheaply. Contact us to find out more

Enter code #Recruiters

Post Your Job Vacancy Advertisement In The Best Place On BusinessRiskTV To Reach Best Candidates For Your Job Vacancy

Search and apply for jobs

Find and apply for jobs online with help from BusinessRiskTV.com. Fill your job vacancies faster with the best people. CLICK HERE or email editor@businessrisktv.com to create your job vacancy post on BusinessRiskTV.

Read articles and watch videostream on jobs careers and recruitment trending on BusinessRiskTV

Skill gap in the workplace UK
UK Business and Economy News and Risk Analysis Report August 2020

UK Business and Economy News and Risk Analysis Report August 2020

Business Risk Jobs London

Find and apply risk jobs in London on BusinessRiskTV

Farmers and Agricultural Job Vacancies

Subscribe to BusinessRiskTV.com for free enter code #FarmJobs

Job Vacancies Near Me

Find Jobs With BusinessRiskTV

Discover great new career development opportunities with BusinessRiskTV.com

There is a job vacancy advertised on BusinessRiskTV for you

Read more business risk management articles and watch videostreaming live or ondemand for free

MarketplacesExhibitions
Save MoneyRisk Magazine

#BusinessRiskTV #Recruiters #AdvertiseJob #JobVacancy #JobVacancies #PostaJob #AdvertiseJob #SkillsGapUK #Recruitment #BusinessLeaders #PostaJobOnline #HowToAdvertiseAJobVacancy #AdvertiseJobOnline #PostAJob

BusinessRiskTV Advertise your job vacancy online with our Post A Job service

Business Risk Jobs London

Find and fill business risk management jobs in London with BusinessRiskTV.com

Subscribe to BusinessRiskTV for free to find out more

Find risk professionals looking for new job in London. Fill your business risk management job vacancies faster. Get the latest business risk management news headlines opinions debates reviews and deals on BusinessRiskTV.

Enter code #BusinessRiskJobsLondon

London Marketplace

London Online Marketplace

Manage the people risk in your business better with BusinessRiskTV.

Apply to business risk jobs in London

New exciting business risk job opportunities in London. Find and apply for latest business risk jobs in London. London business risk job hunting tip is to give us as much information as possible including:

  • What industry
  • Are you actively looking for new job
  • Why in a couple of sentences should you be headhunted

How do you want contacted about the latest business risk jobs in London? Provide mobile or email or both.

BusinessRiskTV helping to connect people and businesses to fill skills gaps faster and boost career development

Finding the latest best risk management jobs in London can be time consuming or unfruitful. We make life and career development easier.

Finding new employees to fill skills gaps faster. Post you risk management job vacancy.

Featured London Risk Management Jobs

Develop your career in risk management faster. Get put in front of recruiters now hiring or about to hire in London.

Risk Manager Jobs London
Register for free business risk jobs in London alerts enter code #LondonRiskJobs

RECOMMENDED BUSINESS RISK JOB OPPORTUNITIES AND CAREER DEVELOPMENT GUIDES

Jobs and Careers Development Skills Gap Filling

Develop your career faster and fill skills gaps quicker

BusinessRiskTV Business Risk Jobs London

How To Attract Develop and Retain Employees

Protect and grow your business with the best assets your business needs with help from BusinessRiskTV

Beating your competitors to top high performing talent

Fill your skills gaps faster to increase your business productivity with better access to more high-performing recruits. Attract develop and retain talent your competitors can’t find or attract.

How To Increase Business Performance By Attracting and Retaining Employees Better

A growing skills gap in the UK Australia and USA will hold back organisations who are not more innovative and creative with their recruitment process. It is one of the biggest threats to corporate objectives this year.

Retaining increasingly expensive employees is also key to improve business model sustainability.Its more profitable to keep talented high performers. They have the skills and knowledge to help you grow faster and replacing them will impact on your profit and make it less likely you will achieve your business objectives.

So you’ve got talented staff but how do you turn them into high performers

Attracting and retaining the best employees can be supported by selling and delivering better employee engagement strategy. Engage your employees more to help you achieve your business objectives with more certainty.

Recruitment strategies to attract and retain talent in UK

How do you attract the right employees to help you improve your business performance? Many employees are looking for an opportunity to help your business grow faster. To retain such employees you need to develop them to help develop your business.

We can work with you to turn new recruit enthusiasm into improved results working together with more established employees who know your business processes and objectives well.

There is enormous costs associated with recruiting employees. What a waste to let this talent pass leave quickly through high turnover of staff. Work harder at retaining staff and not only will you boost your business performance, but you will reduce your recruitment costs, as people will stick with you, not leave to join your competitor.

Get help from BusinessRiskTV to help you attract and retain the best people in the UK. Increase your chances of business success by developing your existing business leaders to implement a new improved business strategy.

High employee turnover costs you time, money and your personal productivity.   Top talent is hard to attract and even harder to keep. Adopt new more creative ways to source, select and retain talented employees.

Reshape and redefine your employer-employee relationship. Learn more about more creative ways to attract employees, help them perform better to keep them longer

BusinessRiskTV.com Free Subscription Online To Learn How To Attract The Right Employees

Recruit and Retain Employees More Easily and Cost Effectively enter code #AttractingEmployees

BusinessRiskTV Attracting Employees Strategies