Benefits of age management in agribusiness

Abstract

The labour market is differentiated by age and the individual’s position in it is determined by age. Effective use of all workers’ potential should therefore be a key human resource management strategy for all businesses regardless of the sector. One of the measures is taking into consideration the workers’ age in agribusiness, i. e. applying age management. The aim of the paper is to evaluate the application of age management and to identify and evaluate its benefits for farming enterprises. The data was obtained by quantitative research at selected agribusinesses in the Czech Republic (n = 259). The research has shown that 25.1 % of the respondents applies age management and its application is influenced by the company size and the number of 50+ employees. Of this 41.5 % of agribusinesses spend 2–5 % of their costs on applying age management. The research has also identified two factors (stabilization and quality of processes) categorizing the benefits resulting from age management. It can therefore be summarised that age management is an opportunity how to effectively utilize human potential of all ages and to maintain and improve company’s performance with respect to future demographic trends.