confidence or complacency? the implications of an ageing workforce in germany

A report from the Economist Intelligence Unit.

The implications of an ageing workforce in germany

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COnfIdEnCE Or COmplACEnCy?

1 © The Economist Intelligence Unit Limited 2014

Confi dence or Complacency? The implications of an ageing workforce in Germany

Contents

Executive summary 2

Leading from the front? 3

Getting the balance right 6

Keeping Germans happy 8

Case study 10

Conclusion 11

Appendix 12



Executive summary

Workforce ageing will hit Germany sooner than any other European country. Are the nation’s executives right to be so relaxed about the impact?

Historically low birth rates and increasing life expectancy mean that Europe’s working population is ageing fast. In 2012 the continent reached an inevitable demographic tipping point. The percentage of the population of working age fell for the fi rst time in 40 years. It is now forecast to fall every year until 2060. This inescapable trend will have profound implications for governments, citizens and companies across Europe.

The working population is ageing fastest in Germany, and many of its companies are leading the way when it comes to adapting to demographic change. Those that have yet to act have little time for further delay, as Germany has less room for manoeuvre than the continent’s other large economies, according to the European Commission.

To explore some of the issues that senior executives will have to address as they seek to adapt their organisations to this new world, The Economist Intelligence Unit, on behalf of Towers Watson, surveyed 480 senior executives at companies across Europe, of which 56 are in Germany. Almost two-thirds (58%) of German respondents expect the number of their employees aged 60+ to increase by 2020, including 7% who expect it to increase signifi cantly.

This report explores some of the major issues that senior German executives will have to address as they seek to adapt their organisations to this new world.

The key fi ndings include the following.

German executives are leading the response to workforce ageing. Compared with their counterparts in other countries, they rank in fi rst or second place when it comes to offering more fl exible working hours or working from home (77%), changing the employee benefi ts they offer (55%), and making physical changes to the workplace (45%).

Early action reduces the sense of panic, possibly. Germany’s working-age population has been declining for years. Yet only 14% of its executives—the same as the average for Europe—see ageing as high-priority human resources issue today.

Talent becomes a priority, but not at the expense of cost control. In the years to 2020 German executives will pay more attention to talent management. The share of those rating it as a top two priority leaps by 237%—by far the biggest increase in Europe. But at the same time—and unlike others in Europe—German executives plan to maintain their tight grip on cost control.

German workers value fi nancial security. Today, they worry less than anyone else in Europe about whether they might lose their jobs, according to their employers. And any fears they do have will ease further as the economy improves. But that will not stop Germans worrying about their fi nancial security. Their worries on this point barely fall between now and 2020—41% of employers rank it is as a concern of their employees today, compared with 39% in six years’ time.



The economic and business implications of Europe’s ageing workforce are huge, and the demographic trends that will affect the continent as a whole are more advanced in Germany than anywhere else.

In the decade to 2012 the German ratio of dependent people (those aged under 15 and over 65) to the working-age population increased from 45.6% to 51.2%—the biggest rise in Europe. The decline of the working-age population in Germany has been under way for a number of years, according to the European Commission, which predicts that the country could experience labour bottlenecks within the next two years. That is much earlier than in the UK, for example,

which is unlikely to feel the pain until the early 2020s.

And with unemployment relatively low, Germany faces another challenge: there is not a lot of productivity slack in its economy, so it will not have as much time to adjust as other countries. “Over the next decade Germany will fi nd it diffi cult to sustain employment and its GDP growth path without recourse to much higher infl ows of foreign workers and a substantial increase in its annual productivity growth,” the Commission says. To achieve annual GDP growth of just 2%, productivity growth levels would have to climb by about 3% annually—three times the level achieved before the 2008 fi nancial crisis.

Leading from the front?1

What are the main people (HR) issues you face as an employer currently, and employer by 2020?(% of respondents)

Chart 1

Europe in 2020 Germany in 2020 UK in 2020UK nowGermany nowEurope now

2112

16

12

41

24

21

4749

39

32

38

3447

44

313026

3931

2521

312726

20

28

43

34

5054

1416

2420

5041

2832

27

14 14

28

22

918

8911

14

11 1114

12 12

99 10

8

199

29

13

6

914

Source: The Economist Intelligence Unit.

Diversity ofworkforce

Downsizing/offshoring

Regulation(state/EU)

Ageingworkforce

Healthyworkforce

(health, stressand wellbeing)

Cost control(compensationand benefits)

Skillsshortages

Talentmanagement

andprogression

Motivationand

engagement

RetentionRecruitment



What, if anything, does your business plan to do by 2020 in order to adapt to the changingneeds of your workforce?(% of respondents)

Chart 2

FranceGermanyEurope


Other, please specify

Looking at how to address inter-generational differences in our

workforce

Giving employees more choiceover their benefits

Adapting our structure to ensure that older workerswho reduce work hours or responsibilities retain their

status within the company and continue to feel valued

Ensuring that the skills of olderemployees remain up to date

Offering more flexible working hoursor working from home

Changing the employeebenefits we offer

Making physical changesto the workplace

2845

27

50

39

5677

46

3648

32

3339

4845

022

2925

21

27

55

49

Despite these gloomy forecasts, German executives are no more concerned about the threat of an ageing workforce than their counterparts elsewhere. Some 14% say it is a priority human resources issue today, which is the same as the European average. By 2020 the level of executive concern doubles, but it leaps much further elsewhere, such as in the UK (280% increase) and Spain (160%).

Likewise, German executives are not especially likely to rate skills shortages as a top three human resources problem, despite the Commission’s prediction that the country will feel the pinch sooner and harder than others. Today, 16% rate it as a top three issue, compared with a European average of 21%. By 2020 it will climb a little to 20%, but this is still below the European average (24%).

German executives might be more relaxed than their European counterparts about the ageing

threat because feel they have responded to it. Given a list of possible management strategies to deal with the challenge of an ageing workforce, German executives lead the way in most areas. They rank in fi rst or second place of European countries when it comes to offering more fl exible working hours or working from home (offered by 77%), changing the employee benefi ts they offer (55%), and making physical changes to the workplace (45%).

The only two areas where they are not among the top two are giving employees more choice over their benefi ts (45%) and looking at how to address inter-generational differences in their workforce (25%). But even on those points they are broadly in line with the European average, and well ahead of laggards such as France and Spain.



Which of the following do you think is most likely to happen as a result of an ageingworkforce?(% of respondents)

Chart 3

GermanyEurope


Increased flexibleworking (to provide

care for olderdependents, phased

retirement, etc)

Progression of youngerworkers becomes

more difficult

Higher costsof benefits

Greater risk of agediscrimination claims

Greater employeedemand for benefits

(healthcare, retirementand other benefits)

4346

23 23

43

3835 3534

39



As Europe’s economic prospects improve, executives across Europe plan to rethink the way they balance cost control with talent management. Those in Germany are on the same journey, but they expect to arrive at a rather different destination.

Today, executives in every country have a clear focus on controlling costs—57% say it is one of their top two business concerns. Talent management is a much lower priority; just one-quarter (24%) rate it as a concern. This makes sense, given recent economic history. The picture is the same in Germany, but the lines between these priorities are drawn more clearly here than anywhere else.

Getting the balance right2The gap between how highly German executives currently rank cost control and how lowly they rank talent management is 48 percentage points—well above the European average (33 points) and second only to Switzerland (49 points). In the years to 2020 German executives will pay more attention to talent. Indeed, in 2020 the share of those who rate it as a top two priority leaps by 237%—by far the biggest increase in Europe (the average is just 73%). But the survey shows that German executives plan a more subtle rebalancing of their priorities than their counterparts in other countries.

Today, those in the UK, Italy and Spain, for example, say cost is far more important than talent; and by 2020, they think talent will be far

What would you say is the most important business priority for your organisation currently?(% of respondents)

Chart 4


19

Spai

n 20

20

Swit

zerl

and

2020

Neth

erla

nds

2020

Ital

y 20

20

Fran

ce 2

020

Germ

any

2020

UK

2020

Euro

pe 2

020

Spai

n no

w

Swit

zerl

and

now

Neth

erla

nds

now

Ital

y no

w

Fran

ce n

ow

Germ

any

now

UK

now

Euro

pe n

ow

Talent management (HR)Cost control

57

24

68

25

63

14

27

49

67

29

50

21

68

19

58

13

23

42

20

4539

48

24

33

13

40

24 26 24

38

16

40



more important than cost. For these executives, the gap between the two concerns in 2020 will range from 24 to 27 percentage points in talent’s favour. By contrast, German executives expect a more balanced set of priorities; yes, talent will rate higher than cost in 2020, but only by a modest 9 percentage points.

The desire of German executives to reach a closer balance between cost and talent management

connects with another of the survey’s fi ndings: although many of them believe that workforce ageing will increase the cost of benefi ts (38%), this is a greater worry for executives in every other country. Perhaps the Germans’ willingness to adapt now to demographic change offers a cost-control lesson to executives in other countries?

Many German executives are looking to manage the impact of workforce ageing by designing better benefi t programmes. The survey suggests there is plenty of scope for improvement here.

Some 41% of them say their company has built up its benefi ts package over time, without any overarching strategy—by far the highest fi gure in Europe, where the average is 29%. And one-fi fth of German executives (20%) say they have lost track of why they even offered the benefi ts

that were in their programme—almost double the European average.

Ironically, German executives are also the most likely in Europe (48%) to say it is often better for employees to get certain benefi ts through work rather than having to buy them themselves. If that is what they believe, a review of the benefi ts they offer seems in order.

Sidebar:

Alignment of countries in cost control and talent management(% of respondents)

Chart 5


23

19

24

% point differenceTalent management (HR)Cost control

Spain SwitzerlandNetherlands Italy France Germany UKEurope

23

42

19 20

45

25

39

48

9

24

33

913

40

2724

2624

38

14

40

24

16

2



A brightening economic outlook across Europe is likely to affect the concerns of employees. The survey shows that in most countries employers think their staff will begin to worry less about whether or not they have a job and more about how hard they work. But the trends are different in Germany.

Today, the country’s workers are the least worried in Europe when it comes to hanging on to their jobs. Only 57% of German executives say this is among their employees’ top three concerns; the average across Europe is 64%. By 2020 that fi gure falls by 38 percentage points in Germany,

Keeping Germans happy3which is one of the biggest proportional drops in Europe.

But the famously prudent Germans are not all smiles. Those easing job fears will not stop them worrying about their fi nancial security. In fact, their concerns on this point barely fall between now and 2020—41% rank this is as a concern today, compared with 39% in six years’ time. Countries such as Switzerland and France, by contrast, both see proportionate falls in concern of more than 29%.

Germans are also set to become much more worried about their work/life balance and

What do you believe to be the issues your employees see as most important today?(% of respondents)

Germany in 2020Europe in 2020Germany nowEurope Now

4141

32

39

64

57

29

20 2023

31

38

2325

19

1115

27

1720

4238

45 46

14

2125

21 20 20

33

39

2421

25

30

3 48 9


Caring fordependents

(children andelderly)

Skilldevelopment

Employmentflexibility

(job sharing,portfolio careers,

part-time working,phased retirement)

Newtechnology

/pace ofchange

Work-lifebalance

Healthcareprovision

Stress andwellbeing

Saving forretirement

Jobsecurity

Financialsecurity

Chart 6



whether they are saving enough for their retirement. Here workers can expect their employers to help them out. The country’s executives are the most likely in Europe to say that the employer should provide or fund retirement savings (64% agree, compared with 41% across Europe). But that generosity has limits: only one-third (36%) of German executives feel that the employer should help employees have a “comfortable” living in retirement—below the European average of 43%.

Like their counterparts across Europe, German executives question whether their country’s system of pension provision is sustainable. About one-quarter (26%) believe demographic change is the biggest threat. They also worry about the high cost to businesses of providing pensions (16%), stretched government fi nances (13%) and a lack of suffi cient savings made by individuals (13%).

When they look to adapt their pension provision to the reality of workforce ageing, executives across Europe see excessive regulation as a barrier. But those in Germany worry about this the least. Instead, their big concern is cost—whether that relates to making changes to provision (43%) or funding (also 43%).

German executives have a different perspective on healthcare, too. Many of them agree with their counterparts across Europe that the responsibility of employers for their workers’

wellbeing and their share of the social welfare burden will only grow. But this trend is less pronounced in Germany. Less than half (40%) of German executives expect the state to play a reduced role in providing healthcare, compared with 54% across Europe.

Even if state health provision were not under pressure, the health and welfare of employees would logically become a growing human resources concern, as workforce ageing will require companies to rely more on older workers. However, German executives are less likely than their European counterparts to believe that the health and wellbeing of their workforce will be an increasingly important issue for them as an employer (56% in Germany, compared with 70% across Europe). They are also the least likely to agree that healthcare costs will increasingly fall on employers (42% in Germany, compared with 55% across Europe.)

Why do Germans not fear increasing costs in this area? Perhaps the answer is that many of them have been adapting their working practices for years. “There has been a noticeable change in our business culture as a result of better awareness of health issues and prevention,” says Ralf Urlinger, vice president for corporate health management at BMW. “It’s diffi cult to quantify the benefi ts in a few years because most of the results will be in the long term. But what we see and hear is that it impacts the motivation of the workforce and their dedication.”



Bosch and Siemens Home Appliances Group (BSH) is Europe’s largest manufacturer of home appliances. It has six main factories in Germany making products under a range of brands. Just under one-third (30%) of its workers are aged over 50, with 10% under 30. Over the last fi ve years their average age has increased from 42 to 43.

“There is no doubt our workforce is ageing, and this creates a lot of challenges,” says Carlito Voss. The company has not been slow to adapt. BSH has been improving the ergonomics of its production lines and adapting shift patterns to suit older workers since 2006, says Mr Voss. In 2010 it opened a new assembly line especially designed for older employees.

One of its most important challenges has been to make each individual employee aware of his or her own responsibilities with regard to the changing workplace—a project Mr Voss is leading.

“We want to continuously invest in the qualifi cations of our employees, but there needs to be an interest from the

employees to improve themselves,” he explains. To help, BSH has built a new training centre, where all employees can learn not only about technical issues but also about ergonomics and health and safety.

Mr Voss believes it is important to invest in the health of employees now, so that they are able to work for longer, rather than taking corrective action later in life. “We are all getting older and working longer, so we have to ask: what is each person’s responsibility, and not only what the company or the government will do about it.”

As an employer, BSH’s role is to invest in ways that will make demographic change easier to manage. “It is a matter of our company culture. We believe it is better to work on prevention; this is the same for younger workers as well as older ones. This is the way to prevent costs and have success in the future.”

Case study



Germany has a rapidly ageing workforce, an imminent shortage of potential employees and less scope for manoeuvre than other countries in Europe. Yet its executives are no more worried about demographic change than their counterparts in other countries. This might sound like complacency.

But Germany reached its demographic tipping point before other countries and has been making the necessary adjustments for years. Companies such as BMW and BSH have already made impressive changes to the way they operate. More importantly, they have begun the

Conclusion

essential process of cultural change, whereby workers are thinking harder about how to make themselves employable for longer.

So perhaps the relative lack of concern is explained by the simple fact that German executives understand the challenges of demographic change; they have tried to do something about it and are learning from what in their experience works.



Appendix: Survey results

Cost control

Expansion

Restructuring

Innovation

Talent management (HR)

Risk control and management

63

36

34

34

14

11

(% respondents)What would you say is the most important business priority for your organisation currently? Select up to two

Talent management (HR)

Innovation

Cost control

Expansion

Risk control and management

Restructuring

48

43

39

38

11

9

(% respondents)What would you say will be the most important business priority for your organisation by 2020? Select up to two



Talent/people management

Global competition

Technology

Ageing

Offshoring/outsourcing

Changing size and role of the state

Other (please specify)

55

54

50

20

16

4

0

(% respondents)By 2020, what will be the main drivers of change for your business? Select up to two

Cost control (compensation and benefits)

Motivation and engagement

Retention

Talent management and progression

Recruitment

Regulation (state/EU)

Skills shortages

Healthy workforce (health, stress and wellbeing)

Ageing workforce

Downsizing/offshoring

Diversity of workforce


50

43

39

39

27

18

16

14

14

9

9

0

(% respondents)What are the main people (HR) issues you face as an employer currently? Select up to three



Talent management and progression

Motivation and engagement

Cost control (compensation and benefits)

Retention

Ageing workforce

Recruitment

Healthy workforce (health, stress and wellbeing)

Skills shortages

Downsizing / offshoring

Diversity of workforce

Regulation (state/EU)


50

32

32

30

29

21

21

20

11

11

9

0

(% respondents)What will be the main people (HR) issues you face as an employer by 2020? Select up to three

Job security

Financial security

Work-life balance

Healthcare provision

Stress and wellbeing

Saving for retirement

New technology/pace of change

Skill development

Employment flexibility (job sharing, portfolio careers, part-time working, phased retirement)

Caring for dependents (children and elderly)


57

41

38

27

25

23

21

21

20

4

0

(% respondents)What do you believe to be the issues your employees see as most important today? Select up to three



Work-life balance

Financial security

Employment flexibility (job sharing, portfolio careers, part-time working, phased retirement)

Saving for retirement

Skill development

New technology/pace of change

Job security


Stress and wellbeing

Caring for dependents (children and elderly)


46

39

39

38

30

21

20

20

11

9

0

(% respondents)What do you believe to be the issues your employees see as most important by 2020? Select up to three

77

55

48

45

45

39

25

2

(% respondents)

What, if anything, does your business plan to do by 2020 in order to adapt to the changing needs of your workforce?Select all that apply

Changing the employee benefits we offer

Giving employees more choice over their benefits

Offering more flexible working hours or working from home

Ensuring that the skills of older employees remain up to date

Looking at how to address inter-generational differences in our workforce

Making physical changes to the workplace

Adapting our structure to ensure that older workers who reduce work hours or responsibilities retain their status within the company and continueto feel valued




Very unlikely

Unlikely

Neither/neutral

Likely

Very likely

Don’t know

5

29

32

25

7

2

(% respondents)How likely is it that the benefit programmes you have in place now will remain fit-for-purpose in 2020?

Increase significantly

Increase

Stay the same

Decrease

Decrease significantly

7

39

46

7

0

(% respondents)By 2020, for the typical employee at your company, do you believe that the costs of benefits as a percentage of salary will:

We make sure we’re offering what’s normal for our industry, to keep up with competitors

We think it’s right to look after our staff, and our benefits reflect that

It’s often better for employees to get certain benefits through work than buy them themselves

We offer a fully comprehensive benefits package to attract and retain employees

We’ve built up benefits over time, without an overarching strategy for choosing them

We have a carefully selected set of benefits suitable for our employees’ lifestyles

It is difficult to reduce elements of our current benefits package so any change results in an increase in overall costs

Due to historic reasons /changes we have lost track of why we have the benefits we have

We only offer the minimum benefits that are legally required, and otherwise just pay cash

In the future, we are more likely to give employees a cash allowance and let them choose what benefits they like


61

50

48

48

41

36

21

20

20

14

0

(% respondents)Which of the following statements describes your company’s attitude to benefits offered to employees? Select all that apply



15

7

6

4

29

15

15

9

42

38

38

22

15

337

366

5313

(% respondents)1 Strongly agree 2 Somewhat agree 3 Neither agree nor disagree 4 Somewhat disagree 5 Strongly disagree

The health and wellbeing of our workforce will be an increasingly important issue for us as an employer

The state will play a reduced role in providing healthcare

Healthcare costs will increasingly fall on employers

Healthcare benefits will be increasingly important to employees

Do you agree or disagree with the following statements about health and wellbeing of your workforce in the future (to 2020)?Rate on a scale of 1 to 5 where 1 is strongly agree and 5 is strongly disagree

13

16

24

26

46

39

33

64

26

60

37

37

44

28

24

58

16

37

17

17

39

(% respondents)Individual Employer State

Retirement provision

Savings scheme


Life insurance

Disability protection

Critical illness protection

End of life care

Who should be primarily responsible for providing and/or funding the following benefits?

Employee retention

Attracting talent

Compliance

Workforce planning (managing when employees retire)

Wanting employees to have an adequate income in retirement


38

24

16

15

6

2

(% respondents)What will be your company’s main objective in offering retirement benefits by 2020?

Employee retention

Attracting talent

Wanting employees to have an adequate income in retirement

Workforce planning (managing when employees retire)

Compliance


32

24

17

15

11

2

(% respondents)What will be your company’s main objective in offering retirement benefits by 2020?



Cost of implementing changes

Growing costs (defined benefit plans)

Excessive regulation

Lack of bottom line benefit makes change hard to justify

Low levels of financial literacy/understanding amongst employers

Lack of tools to measure ROI to justify the costs

Managing the risk posed to the business (defined benefit plans)

Staff do not have time or resources to manage retirement plans

Lack of tax incentives

Low levels of appreciation for retirement benefits among employees

Low levels of trust amongst employees for financial products


Staff haven’t requested any changes so employers do not need to make any

43

43

32

25

23

21

20

16

14

13

9

0

2

(% respondents)What challenges are employers facing in making changes to their retirement benefits? Select up to three

Demographic changes (ageing population)

High costs for businesses providing pensions.

Insufficient savings being made by individuals

Government deficits/debt (impact of austerity measures)

Unrealistic government entitlements (State pension, pension age)

Employers underestimating the future cost of promised benefits

Unrealistic expectations of individuals

Too many people not working to or past the state retirement age

Regulatory and legislative changes

Not relevant for my country, our retirement system is sustainable


26

16

13

13

11

11

6

2

0

4

0

(% respondents)What is the biggest challenge facing the system for retirement savings in the country in which you are based?



23544

11956

41752

119

24

226

(% respondents)

It is not an employer’s role to help their employees to have a comfortable standard of living in retirement

Employers should bear the risk of providing for their retirement

As an employer, we are concerned about the reputational risk of workers reaching old age and not being able to retire

1 Strongly agree 2 Somewhat agree 3 Neither agree nor disagree 4 Somewhat disagree 5 Strongly disagree

Do you agree or disagree regarding the following statements about retirement provision in the future?Rate on a scale of 1 to 5 where 1 is strongly agree and 5 is strongly disagree

Increase significantly

Increase

Remain the same

Decrease

Decrease significantly

7

51

36

6

0

(% respondents)How do you expect the number of employees aged 60+ to change by 2020?

7

6

4

4

4

29

26

27

31

18

47

42

47

49

42

152

262

22

16

352

(% respondents)

Older workers are less productive than younger workers are

Older workers have greater skills than younger workers do

Older workers are less motivated than younger workers are

Older workers are easier to manage than younger workers are

Older workers take more time off for health reasons than younger workers

Do you agree or disagree with the following statements about older workers? Rate on a scale of 1 to 5 where 1 is strongly agreeand 5 is strongly disagree

1 Strongly agree 2 Somewhat agree 3 Neither agree nor disagree 4 Somewhat disagree 5 Strongly disagree

Greater employee demand for benefits (healthcare, retirement and other benefits)

Increased flexible working (to provide care for older dependents, phased retirement, etc)

Higher costs of benefits

Progression of younger workers becomes more difficult

Greater risk of age discrimination claims

46

39

38

34

23

(% respondents)Which of the following do you think is most likely to happen as a result of an ageing workforce? Select up to two



Board member

CEO/President/Managing director

CFO/Treasurer/Comptroller

CIO/Technology director

Other C-level executive

SVP/VP/Director

Head of business unit

Head of department

Manager


2

32

16

9

2

9

5

9

16

0

(% respondents)Which of the following best describes your title?

General management

Finance

Human resources

IT

Operations and production

Information and research

Risk

Strategy and business development

Customer service

Legal

Marketing and sales

Procurement

R&D

Supply-chain management

Other

36

23

18

7

7

5

2

2

0

0

0

0

0

0

0

(% respondents)What is your primary job function?



Less than 250

250-499

500-1,999

2,000+

0

0

7

93

(% respondents)How many employees does your company have globally?



Aerospace and Defence

Automotive and Transportation Equipment

Charities and Non-Profit

Chemicals

Communications

Consumer goods

Education

Entertainment and media

Financial Services: Banking

Financial Services: Insurance

Financial Services: Other financial services

Food and Beverage

Government/Public sector

Health Care

Hospitality (Restaurant, Hotel/Lodging, Tourism and Leisure)

IT and High Tech

Manufacturing

Natural Resources

Oil & gas

Pharmaceuticals

Professional and Business Services

Property and Construction

Publishing and printing

Retail

Telecommunications

Transportation

Utilities

Wholesale


0

7

0

4

0

4

2

2

13

0

0

0

0

0

2

13

20

0

4

4

9

2

2

0

5

7

4

0

0

(% respondents)What is your industry?



Publicly listed

Government/State owned enterprise

Private Equity portfolio company

Other privately owned (partnership, limited liability, etc)

Family owned

46

23

20

11

0

(% respondents)Please state which of the following best describes your company?

Less than €500m

€500m to €1bn

€1bn to €5bn

€5bn to €10bn

More than €10bn

34

63

36

34

14

(% respondents)What are your organisation's global annual revenues?

While every effort has been taken to verify the accuracy of this information, The Economist Intelligence Unit Ltd. cannot accept any responsibility or liability for reliance by any person on this report or any of the information, opinions or conclusions set out in this report.

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confidence or complacency? the implications of an ageing workforce in germany

Economy & Finance

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