Business consultant Corey Shader says there are significant opportunities that the aging population across the world presents to businesses everywhere.
FORT LAUDERDALE, FLORIDA, UNITED STATES, February 16, 2023 /EINPresswire.com/ — Demographics around the world are always changing, yet there’s a major trend that’s emerged in recent years that could significantly affect your business.
Business consultant Corey Shader points out that recent United Nations reports show that many populations around the globe are aging rapidly. That’s because not only are average lifespans increasing, but fertility rates are sitting below replacement level.
It’s a trend that’s expected to continue, too, with median ages doubling from 35 at the beginning of the century to 45 by the end of the decade.
The aging of the population will bring many challenges to business. For one, the workforce is aging rapidly. While many people are staying in the workforce longer today than they were in the past — partly due to the fact that they expect to live longer — new workers are entering at the same rates.
The younger generation of workers isn’t less talented, but it is smaller in sheer numbers. This makes the competition for these new workers fiercer, forcing companies to either pony up more money for salaries and benefits or seek out alternatives.
Corey Shader says many businesses have turned toward automation to either augment or completely replace specific roles within the company, or at least to streamline processes so not as many workers are needed.
Outside of the company, most customer bases are aging as well. This can provide both a challenge and an opportunity for businesses at the same time.
The needs of elderly populations are much different than that of younger populations. If businesses are able to provide products and services that meet the needs of the growing elderly population, they could capitalize on a huge new stream of revenue.
This includes everything from the product line or services the business offers, such as health-care related products or services that make their lives easier. It also relates to where businesses are located, as the elderly tend to live in more suburban and rural areas of the country.
For businesses with a global reach, Corey Shader says it’s important to understand where the demographics are shifting. Just 20 years ago, the oldest populations in the world were in countries such as Germany, Italy and Japan. Today, that group now includes Chile, Vietnam, Kuwait and Thailand.
Depending on your business’ reach, it’s important to know where these shifts are occurring so business owners can shift their own focus to meet the needs of the people.
Global demographics will always change, of course, but this shift toward an aging population is one that hasn’t been experienced in modern times, presenting new and unique challenges and opportunities to businesses around the world.
About Corey Shader
Corey Shader is a self-made entrepreneur, consultant, investor, real estate developer, and founder of several companies, notably Insurance Pipeline. Operating primarily out of Ft. Lauderdale, Corey’s endeavors span across the nation, consulting for start-ups, and sitting on the board of digital media and senior healthcare agencies. As a consultant, Corey helps young businesses develop sales funnels and maximize profitability. Shader takes pride in challenging others to push themselves to be their very best — he believes in constant self-improvement, inspiring others through sharing his own life experiences.
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