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THE AGING WORKFORCE


A breaking new study reveals by the year 2030, workers over the age of 55 will consume 150 million jobs. In this newsletter we are looking at what this means for the workforce and what the future looks like.

 
MASSIVE SHIFT

"A whopping 150 million jobs will shift to workers over the age of 55 by 2030, according to a new global study from Bain & Company. In the Group of Seven countries, Bain predicts, older and experienced workers will make up more than quarter of the workforce by 2031.


“That’s a massive shift,” Andrew Schwedel, partner at Bain & Company, told CNBC’s “Squawk Box Asia” on Tuesday. “Japan is already at the vanguard of this with almost 40% of the workforce over age 55. Europe and the U.S. are not far behind, with anywhere from 25 to 30%.” But an aging workforce isn’t unique to developed markets — China’s elderly population (65 and older), for example, will double by 2050, according to the study." Learn more


HOW WORKPLACES CAN ADAPT

"The world is facing a number of changes simultaneously -- including a tight labor market, job churn from technological advancement and a declining population. Meanwhile, people in many countries around the world are living -- and working -- longer. In fact, the World Health Organization estimates that between 2015 and 2050, the proportion of the world's population that is over 60 years old will nearly double. While more people than ever will likely need to work longer to support themselves, for the first time, workplaces will need to ensure they court and retain these older workers. This group had traditionally been ignored in many sectors but as populations decline, they could be critical to fill key roles. (Currently countries like Singapore have already reached full employment and workers 55 and older there enjoy one of the country's highest employment rates.)


A number of strategies will be needed to meet the needs of this transformed workforce, both for society, workers and business." Learn more


HOW OLDER WORKERS CAN STAY COMPETITIVE

"At some point, each of us must navigate how to remain competitive as new generations of talent enter the workforce. There is no denying that younger workers bring with them unique skill sets that are changing the labor market. But I submit to you that as a seasoned worker, you bring years of experience and institutional knowledge to the table that employers find well worth the cost of a higher salary.


Instead of focusing on the skills and talent of upcoming generations, this is a key opportunity to recognize all you have to offer as an experienced worker and to take the time to invest in fine-tuning your skill sets. I encourage you to push past preconceived notions surrounding older workers and instead understand your full value and how to market your unique skills and experiences. There are several approaches you can take to set yourself apart from younger talent. Start by being a lifelong learner." Learn more


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