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As the Baby Boomer generation begins to face retirement age and leave the workforce, Generation Y and the Millennial generations become the majority of the existing working class. It is clear there is a change coming to the makeup of the workforce. Many companies with Baby Boomer generation workers who have delayed their retirements because of a poor economy now face the fact they may not have sustainability in longterm skilled employees within the office. Once Baby Boomers retire, employers will have a Millennial generation facing high levels of responsibility with little to no experience earlier in their careers than any prior generation has faced before.
The infographic shows us the impact this change in generation gap will have.
• Over the next two years, Millennials will make up close to half of the American workforce.
• The Millennial generation have had slow career promotions due to Baby Boomer aged employees staying on the job longer. In just a few years Millennials will face rapid advancement in high numbers as a result of mass retirements.
• The national workforce is rapidly aging and will continue to age and retire creating a loss of skilled, talented and reliable workers.
• The annual rate of birth for the Millennial generation compares to have been nearly the same rate as that of Baby Boomers over an 18 year period of time. Millennials number 70 million Americans.
It can be helpful for companies to use HR training videos now to help with any possible talent gap created by the change in ages of the workforce that is soon to occur. In order for businesses to maintain a focus of success, recruiting and retaining talent in the office is very important. Putting in place successful planning strategies along with leadership development can help the industries facing the soon to be generation changes.
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