When people talk about workforce disruptions, they’re usually referring to technology advances or evolving work structures and environments. Rarely does anyone mention demographic changes, even though these are primary drivers of who is available to work and where. Let’s look at the big ones impacting the future of work that are sweeping the globe.
The Rise and Fall of Fertility
In many western nations, the birthrate has dropped below replacement levels, meaning that each pair of adults will have fewer than two children, causing the native-born population to decrease. While population may not decrease in industrialized countries due to immigration, the resulting workforce may have different work preferences and abilities – potentially resulting in geographic skills mismatches (i.e. organizations in a given area require skills that are not readily available in their location). At the same time, fertility rates continue to increase in countries like China and India, leading these developing nations to become the leading exporters of skilled talent working in the professional gig economy by the mid-21st century.
Boomers Exit Stage Right
The baby boomers, born roughly 1946-63, have taken longer than expected to retire from their traditional, full-time occupations. Two factors are at play here. First, many boomers lost savings in the recession and needed to work more years to support a much longer lifespan. Second, because they are healthy, many want to continue to contribute to the workforce. Rather than allowing this immense amount of institutional knowledge circle the drain, organizations would be smart to leverage boomers in part-time mentoring and consulting roles.
For more, visit the SilkRoad blog.
Comments