Demographic changes in the workforce are having a profound impact on employers as the number of workers ages 55 and older continues to grow.
However, Pew research states that next year (2019), Millennials will, for the first time, outnumber Baby boomers in the USA (73 million to 72 million). Baby boomers are born between the years 1946 to 1964 and Millennials are born between 1981 to 1996. The time of Boomers being the largest population in the workforce is ending.
For full disclosure, I am a Boomer. No, I won’t share the year. But as all Boomers can state today, we all qualify for AARP. Many of you reading this are already in-the-know. The significance is subtle but distinct. That’s a fancy way of saying that you may not realize this is a big deal.
The torch is officially being passed to the next generation. Most of our major corporations are headed by C-Suite members that are Boomers, HR included. However, a significant portion of startups and emerging businesses are now being led by members of other age groups, and in many cases Millennials. And the Boomers in leadership are aging out. So, what are the ramifications of this phenomena?
Since the economy has gone through a growth spurt the past few years, there has been discussion about where Boomers fit into the future of work. My generation grew up envisioning life-long employment at their workplaces. That was shattered several years ago. Now Boomers are facing issues including age discrimination and concerns over being overqualified or unqualified for job opportunities.
Additionally, the focus of benefits and work environments have shifted dramatically in the past decade as this transition was taking place. Sixty-year-olds have different needs then twenty-seven-year-olds.
One might argue that every time a generation passes the torch there are similar concerns of those being displaced. I would argue that the world is very different then 30 years ago. Join me for #Nextchat on October 3. We’ll discuss the issues surrounding an aging workforce, its implications for the workforce and how employers can plan for the impact.