In a world full of ‘talk’ about the ageing consumer it is rare to find examples of companies that are adapting to it, and benefiting from the change.
According to an article in Marketing Week, Aviva (the UK insurance giant) has set up a community to support the development of people aged over 45, helping it to reduce recruitment costs while retaining the best talent.
Until now, the most used example of corporate response to the ageing workforce is from BMW, who applied inexpensive adjustments to their assembly line to see improvements in productivity and declines in absenteeism among an older workforce.
Aviva has more than 5,000 people among its 17,000-strong UK workforce who are over the age of 50. They reckon that the average person in that age group has got around 20 years of service with Aviva so [that equates to] 100,000 years of corporate memory and experience. Something of real value if properly marshalled.
Like all companies, Aviva will need to prove the tangible ROI of this program. By the end of 2019 they will look for movement in some of the headline metrics and a clear business case for the scheme – but current indications are positive.