The aging of the world's population and its effects on global business

Click on the DOI link to access the article (may not be free).The rapid aging of the world's population will bring unprecedented and important changes in the global economic environment, creating unique challenges and opportunities for businesses worldwide. These challenges and opportunities span multiple business areas, including strategy, human resources, cross-cultural management, and marketing, while operating simultaneously at the functional, corporate, and public policy levels nationally and internationally. In this paper, we first present an overview of the aging situation globally and the challenges that result from it. Then we explain some of the reasons behind demographic shifts in different countries, and how a graying population affects macroeconomic systems. Finally, we analyze the implications for businesses, in terms of both opportunities and challenges, and provide insights on how businesses can cope with these changes. We explain our findings through several themes that emerge from our research and discuss their implications for global businesses