OLD AGE NEVER RETIRES: HUMAN CAPITAL MANAGEMENT IN A DEMOGRAPHIC TRANSITION ERA

Abstract

This academic article examines human capital management in the context of Thailand’s rapidly aging society by analyzing three key dimensions: public policy, personnel management, and Buddhist principles. Drawing on document analysis, research studies, and case examples from both domestic and international contexts, the study aims to propose sustainable and value-based approaches to managing an aging workforce. The findings suggest that effective human capital management should move beyond age-based frameworks and instead focus on recognizing the potential, experience, and intrinsic value of older adults. At the policy level, the state should support flexible post-retirement employment options; at the organizational level, management strategies must accommodate multi-generational workforces; and at the societal level, attitudes toward older people must shift from viewing them as burdens to seeing them as valuable assets. Furthermore, integrating Buddhist principles such as the Four Brahmaviharas, the Four Iddhipada (Bases of Accomplishment), and the Seven Sappurisa Dhammas provides an ethical foundation for managing aging human capital with compassion, fairness, and dignity. The article proposes a three-dimensional integrated model linking state, organizational, and social sectors to promote a sustainable, meaningful elderly workforce system that aligns with the demographic dynamics of the 21st century.