An estimated 10,000 Baby Boomers will turn 65 every day for at least the next 17 years, according to data from the Pew Research Center. And while many of them might choose to work beyond the traditional retirement age of 65, leaders everywhere are facing the same daunting issue: A great tsunami of Baby Boomer retirement is coming.
Though it’s likely to reshape the workplace for years to come, many organizations say they aren’t prepared for such an unprecedented brain drain. The projections of younger workers entering the workforce are even more shocking.
In fact, according to the Bureau of Labor Statistics, for the 10 years between 2010 to 2020, the number of workers between the ages of 16 to 54 will decrease by about 1 million—while the number of workers over the age of 54 will increase by more than 11 million.
Statistics as bracing as those have many organizations redoubling their efforts at retaining older workers.
But as a leader, your biggest human capital challenge is this: Where will you find enough next-generation workers with the skills required for success? This challenge is even greater when you factor in the nature of today’s flexible and contingent labor market.
Consider this: Today’s contingent economy has people moving constantly from one job to another, one type of work to another, one industry to a different industry. In fact, on average, a person between the ages of 25 and 45 will hold 11 different jobs in their lifetime. Thirty percent of us will work in more than 15 different jobs over the course of our careers.
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