The Silver Age of the Norwegian workforce: Leveraging tech to bridge the gap

The aging population worldwide presents both challenges and opportunities for business and society. Norway is no exception, but by addressing four critical areas organizations can prosper in an era with a shortage of competence.

On June 5th, 2024, the Norwegian Statistics Bureau (SSB) released projections showing that by 2030, the population aged 65+ will surpass those aged 0–19. This shift challenges business leaders to attract and retain talent as a significant portion of the workforce nears retirement, impacting economic growth, productivity and competitiveness. At the same time, the demographic change presents an opportunity for transformation, requiring new management strategies to adapt to digital advancements.

I’ve identified four critical areas that all offer unique opportunities for Norwegian organizations to not only adapt but also thrive in a rapidly evolving landscape and create long-term value that will have a ripple effect:

·       Digital transformation: Embracing advanced technologies like AI and automation can enhance efficiency and create growth opportunities, where AI in particular has the potential to support functions. A BCG study indicates that 27% of Nordic organizations face organizational and/or financial challenges impacting viability; proactive digital adoption can help address these. However, digitalization must be paired with organizational improvements and process changes for maximum benefit.

·       Change management & strategy: Effective workforce planning, leadership development, strategic direction, and employee engagement are crucial to address future talent gaps. A tailored, multi-pronged approach is essential:

First, implement a companywide strategy for intergenerational collaboration and knowledge sharing. Involving younger employees in daily operations bridges skills gaps and retains institutional knowledge, increasing retention and fostering a sense of value and ownership.

Second, integrate digital transformation with change management. Technologies like cloud platforms and AI can enhance communication, collaboration, and knowledge sharing, addressing future knowledge gaps.

Third, leverage new technologies proactively to create enthusiasm. Leadership should focus on long-term strategies to boost employee satisfaction and retention, especially among younger workers. Cultivating a culture of continuous learning and development is key.

·       Upskilling and reskilling: Future-proofing the talent pool is critical to closing the skills gap and preparing the workforce for new demands. Effective programs depend on mapping current and future skills gaps and offering personalized learning paths. Solutions must be flexible and user-friendly, often involving partnerships with industry experts to leverage technology and education. Utilizing micro-learning modules, online platforms, and up-to-date courses enhances flexibility and accessibility. These initiatives should align with the organization’s digital transformation and change management strategies to keep employees relevant.

·       Talent acquisition & retention: A diverse talent pool and strong employer branding that attracts top talents are key. Invest in employee experience and work-life balance to attract top talent and create a competitive edge. Understanding the needs of different workforce segments (like Gen-x, Millennial, Gen-Z, and Gen Alpha) helps build an attractive employer culture with clear career paths.

Although predicting the future is challenging, addressing these critical areas can help Norwegian businesses confidently face upcoming workforce challenges. Cognizant Consulting offers a comprehensive suite of services to help organizations identify their needs and develop customized plans and solutions for success. You can download the full report here og check out our Consulting pages.