With Baby Boomers getting older and a much smaller pool of young people moving into the workforce an interesting situation is developing. It will be much more impactful than most companies realize and are preparing for.
It is not just the United States that is affected by this trend. Many other countries such as European countries have the same demographics occurring.
China, a current source of much cheap labor, will be experiencing a similar demographic problem ahead as their long term policy of one child per couple starts to affect their workforce. Their current workforce is aging with a much smaller pool of young people entering the workforce.
It is mind boggling to realize how our workforce is going to age over the next 7 years.
Each year there will be an INCREASE of 11 million more workers over the age of 54.
Meanwhile, the number of workers between the ages of 16 and 54 will DECREASE by about 1 million each year.
Source: http://www.bls.gov/opub/mlr/2012/01/art3full.pdf
So what are your options for dealing with this?
1. Hire more older workers as the older ones retire.
2. Try to keep your older workers as long as you can.
3. Automate.
4. Compete successfully for the fewer young workers available.
5. Find a way to do the same work or more with fewer workers.
6. Change your business.
7. Go out of business.
How will you fill your human resource needs?
What changes will you make in hiring, retention, and employee motivation strategies?
Your business future will depend upon your choices in dealing with the coming changes.
Choose wisely to create a good future for your company.
Stay tuned.
Copyright 2013 Lois Moncrief All Rights Reserved
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