Help Wanted Mar23

Help Wanted

Born between 1981 and 1998, Millennials currently make up a third of the US workforce, but those numbers will need to rise exponentially in order to meet demand. According to the United Nations, the world’s advanced economies are experiencing a rapid decline in working-age population. The UN projects the available workforce to decrease by 5% within the next three years. That decrease is due primarily to aging of the current labor force, which creates an additional burden for country’s with wage-based entitlement programs like social security. As the number of recipients for these programs increase, the workforce contributions struggle to bridge the gap. In 1945, the ratio of workers to retirees was 41.9 to one. By 2010, that number had dropped to 2.9, with the number expected to drop to 2-to-1 by 2030. Ebbs and Flows As the Baby Boomer juggernaut moved from childhood to young adulthood, lower birthrates followed in their shadow. For years, there’s been growing concern over what would happen once the boomer generation hit retirement. The smaller Gen X demographic averaged a mere 3.4 million births per year – or 65 million total – not enough to supplement the 76 million boomers born between 1946 and 1964. Now it appears the tides are shifting. Sometime in April of last year, the U.S. population reached a significant milestone. For the first time in over fifty years, Baby Boomers no longer claimed the biggest portion of the country’s population. Hitting a high of 75.4 million, Millennials edged out the estimated 74.9 boomers to seize the crown. The Millennial population is expected to peak at 81.1 million by 2036 while the Boomers will shrink to 16.6 million by 2050. Shrinking Workforce With 83 million potential workers, the Millennials appear to be just what...