The U.S. workforce is now composed of four generations: Baby Boomers, Gen X, Millennials, and Gen Z. Age ranges for these generations in 2019 were: boomers (55-73); Gen X (39-54); Millennials (23-38); and Gen Z (6-22).
Within the next decade approximately 2.7 million “Baby Boomers” (b. 1946-1964) will retire, ensuring tens of thousands of skilled, well-paid positions will become available, all without a ready supply of American workers to fill them. Statistics paint an especially gloomy picture for the manufacturing sector, and a widening of the skills gap as young employees replace old.
It’s 2019 and the robots haven’t taken over...yet. Despite wild internet theories and predictions that robotics and automation would take jobs away from Americans, especially in the labor and trades, the United States is actually looking at a large skills gap in the trades and an even larger number of unfilled jobs.
It’s a fact: our workforce is aging. By 2024, nearly 1 in 4 people in the labor force are projected to be age 55 or over.
This is a big change from 1994, when people ages 55 and older represented only 11.9 percent of the labor force – a share smaller than those held by other age groups: 16-24, 25-34, 35-44 and 45-54. But by 2024, their projected share will be the largest among these age groups.
One in every five American workers will be over the age of 65 by 2015, and one in four Americans will be over 55 by 2020, according to NIOSH’s webpage “Healthy Aging at Work” established in March 2014.
Managing health problems can help companies keep experienced staffers
April 12, 2013
Providing accommodations to aging workers with disabilities, chronic health problems or reduced work capacity can help employers retain experienced staff who might otherwise leave the workforce prematurely, according to two briefs issued recently by the U.S. Department of Labor.