This study investigates how enterprises strategically adapt to population aging—a major structural demographic shift—by adjusting their compensation policies. Drawing on a panel dataset of Chinese listed firms, we find that firms increase average wage levels in response to an aging labor force, while maintaining stable total wage expenditure. To manage rising labor costs, firms reduce employment scale and narrow internal pay disparities. These adjustments are particularly evident in economically underdeveloped regions, non-high-tech industries, service sectors, and large enterprises. Further analysis reveals that such compensation realignments are positively associated with improvements in total factor productivity, implying firms proactively restructure human resource allocation to mitigate long-term demographic pressures. Our results shed light on how demographic shifts influence firm-level decisions, providing useful insights for both corporate HR strategy and public policy — especially in emerging economies facing rapid population aging.