Demographic change is one of the least understood yet profoundly important issues facing organizations today. The “working-age population” in the U.S. — those from age 16 to 64 — is contracting at a pace not experienced since World War II. Unlike that period, there is no “baby boom” behind it, and none is expected in the near future. Generation Z has three million fewer people than the Millennial generation, and Generation Alpha, which follows Gen Z, is expected to be even smaller.
Bridging Generational Divides in Your Workplace
It’s both a culture and policy question.
January 05, 2023
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Summary.
Due largely to early retirements and a caustic mix of ageism and cost-cutting measures, businesses let too many older workers go during the pandemic — and when they left, so did a lot of institutional memory, expertise, and loyalty. With fewer younger workers entering the labor market for at least a generation, employers that don’t think beyond today’s working-age population will likely struggle to build a reliable workforce that can maintain operational efficiency and effectiveness. They must reconsider their DEI strategies to meet the demands of a new era if they want to drive operational effectiveness, increase competitiveness, widen their appeal to consumers of all ages and abilities, and build long-term resilience. The authors describe how leaders can account for the changes — and benefits — that come with an aging workforce to power productivity into the future.