Is Your Industry Aging Out?
FACT: In the wake of the Great Recession, some Baby Boomers are delaying retirement, hoping that a few extra years of work will help them replenish nest eggs devastated by the economic downturn.
FACT: In the wake of the Great Recession, some Baby Boomers are delaying retirement, hoping that a few extra years of work will help them replenish nest eggs devastated by the economic downturn.
MYTH: Delayed retirements have become the norm and severe labor shortages are no longer a concern.
With all the hulabaloo in the media focused on prolonged retirements, some employers have mistaken delays in retirement for long-term workforce sustainability.
It’s the equivalent of mistaking a category 5 hurricane for a light rain shower.
XYZ University just teamed up with GradStaff to author a report examining the aging of our workforce — which will hopefully dispel some of the myths and set the record straight.
Here are a few of the facts:
Our nation’s workforce is aging rapidly and turnover is already happening. On average, 10,000 Baby Boomers (1946-1964) retire everyday. The U.S. Bureau of Labor Statistics predicts a shortfall of 10 million workers.
Four of America’s largest industries are also the oldest by median employee age: real estate, manufacturing, insurance, and health care. The loss of skilled talent in these four industries alone is likely to generate economic fallout.
Research and surveys indicate that most industry executives realized they were headed for a talent gap in the early 2000s. Here we are 12 years later and companies still aren’t building the capacity they need for the future.
By 2015, Generation Y (1982-1995) will outnumber the Baby Boomers in the workforce.
Turnover in entry-level hiring is astronomical–70% of college grads leave their first job after graduation within two years.
The bottom line: The success of our nation relies solely on its ability to recruit and retain the next generation of talent. And so far, we’re failing miserably.America’s Aging Workforce Crisis is a f*ree downloadable report that brings to light the challenges our aging workforce presents, as well as strategies for succession planning, recruiting and retaining practices, and leadership development.I urge you to read the report, share it with others, register for the Workforce 2015: A Call to Action webinar, and seriously reconsider your organization’s talent strategy.After all, the most valuable resource our country has is talent. Without it, we have nothing.