Earlier this month, Pew Research published another story about the changing (and aging) workforce: Fewer jobs are available for younger workers, now that older employees are less likely to give-up their positions. A number of motives contribute to this “graying” of the workforce. First, people are living longer, and that means having an income to supplement retirement savings can be important. But also, having a job—for the older employee—is a matter of fulfillment and self-actualization.
For example, just 17% of workers 65+ said they had a job because, “They need the money.” Of the remaining workforce, aged 16-64 49% said they worked because, “They need the money.”
In contrast, 20% of 16-64 year-olds said, “They want to work.” But among 65+ employees, 54% said simply, “They want to work.”
Implications: I’m wondering if a new variation on “the generation gap” might be in the offing. Could the younger pool of workforce candidates begin to resent the older, asserting that, “It’s my turn?” (This is a particularly valid question, given the high rate of teen unemployment, as reported this fall by the New York Times.)
Could the older workforce be pressured out of the labor market when the competition heats up?
Does a company like yours respect the differing motivations required to attract and retain the kind of talent you’re looking for? For some workers, the emphasis might be on service and self-actualization. For others, money talks louder than anything. I found it interesting that this study drew a generational line in the difference between the two.
And if these demographic extremes will be competing for hot jobs... how long will it be before there are changes in the appearance of the student body at your local college or university... as workers young and old seek the skill sets to compete more effectively?
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