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
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.