Experts believe that this can become a huge problem as the pension system may not be able to pay out pensions to all the elderly people. 2. This is the main criticism of seniority - that it values longevity over merit. Older workers may have specialized workplace needs and can attract resentment from younger workers, and they often enjoy higher salaries because of their tenure. When people live longer, there will be an increase in the population of seniors. One of modern sciences greatest achievements is longevity: the unprecedented length of human lives today. "There will come a time when being old is cooler than being young, because what being old will represent is power it will represent money, predicts Dubner. If your business has high start-up costs or little cash on hand, you can use a retirement plan to supplement your compensation package. View in article, Jon Swartz, Ageism is forcing many to look outside Silicon Valley, but tech hubs offer little respite, USA Today, August 4, 2017. Our Global Human Capital Trends research shows that many organizations are unprepared to deal with the aging of global workforces. From the e-Activity, determine which type of pay structure would benefit the company or organization the most. Weekly, Bi-Weekly, or Monthly Payroll: Advantages and Disadvantages Advantage 3: Focus on value-based care cuts costs Greater focus on value-based care will also lead to the reduction in unnecessary procedures and wasteful spending, as providers will be focused on quality instead of quantity. IELTS essay: Compare the advantages and disadvantages of different mediums for car advertisements, IELTS Essay: Should single adults be encouraged to study and live away from their parents. Click here to review the details. But this comes with a whole host of pros and cons, which we have discussed in-depth in our article. An advantage of seniority is that it can essentially guarantee promotions and advancement in a job field. The transition toward older talent can present challenges. Seniority vs. Performance in Promotions: Definitions, Pros and - Indeed We recently spoke with Nancy Easterbrook, director of external affairs at the Stanford Center on Longevity, to garner her insights about the experience of living longer and the ways we can better prepare for and enjoy the later years of our lives. Before opting for a merit pay system, it's a good .