The ageing population is not just a long term fiscal challenge but a demographic change that firms ignore at their peril, according to a report released yesterday by the NZIER.
The pool of available staff in the under 40 age bracket is shrinking and companies will need to work increasingly hard to attract and retain the best and brightest.
Businesses might also want to examine how they attract and retain female, Māori and Pacific Island workers, say NZIER deputy chief executive John Ballingall and Shamubeel Eaqub, principal economist.
With those in the 35-54 age bracket responsible for the bulk of entrepreneurship activity in New Zealand, the report also cautions that the "stock" of innovation could decrease over time unless firms come up with creative ways to incentivise junior or older workers to invest in improving business practices or developing new products.
We've pulled out a few key points from the NZIER's findings, detailed below: