{"id":17510,"date":"2017-03-23T05:00:29","date_gmt":"2017-03-23T12:00:29","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=17510"},"modified":"2020-12-24T22:09:36","modified_gmt":"2020-12-25T06:09:36","slug":"help-wanted","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/help-wanted\/","title":{"rendered":"Help Wanted"},"content":{"rendered":"

\"shutterstock_562474756\"Born between 1981 and 1998, Millennials currently make up a third <\/a>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%<\/a> within the next three years.<\/p>\n

That decrease is due primarily to aging of the current labor force, which creates an additional burden for country\u2019s 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<\/a> 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.<\/p>\n

Ebbs and Flows<\/strong><\/p>\n

As the Baby Boomer juggernaut moved from childhood to young adulthood, lower birthrates followed in their shadow. For years, there\u2019s 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 \u2013 or 65 million total \u2013 not enough to supplement the 76 million boomers<\/a> born between 1946 and 1964.<\/p>\n

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\u2019s population. Hitting a high of 75.4 million, Millennials<\/a> 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.<\/p>\n

Shrinking Workforce<\/strong><\/p>\n

With 83 million potential workers, the Millennials appear to be just what the global economy needs. Unfortunately, the simplicity of the numbers belies a more complicated reality. According to the UN\u2019s 2015 Revision of World Population Prospects<\/a>, two longstanding trends will make filling empty desks much more challenging: lengthening lifespans and declining fertility.<\/p>\n

\u201cBy 2050, the world\u2019s population will have grown by 32%, but the working-age population (15-64 years old) will expand just 26%,\u201d states a Wall Street Journal overview<\/a> of the report.<\/p>\n

Populations and Productivity<\/strong><\/p>\n

In order to achieve economic growth, a country needs a robust workforce and sustained productivity<\/a>. As the Wall Street Journal points out in its analysis of the UN report, shifting in demographics not only upend the size of the country\u2019s workforce, it also changes the type of work available.<\/p>\n

\u201cAs a population ages, what people buy also changes,\u201d explains the Journal\u2019s Greg Ip,\u201d shifting more demand towards services such as health care and away from durable goods.\u201d<\/p>\n

Though the current administration promises to deliver 3% economic growth<\/a> over the next decade, many economists estimate changes in GDP will hover between near 2%<\/a> \u00a0based on the nation\u2019s current population and projected productivity. As Ip explains, in order to hit that 3% mark, would mean, \u201cGetting millions of Americans who have quit the labor force to return.\u201d<\/p>\n

\u201cBut it\u2019s a tall order,\u201d he concludes, \u201cbecause the population is aging.\u201d<\/p>\n

Picking up the Slack<\/strong><\/p>\n

For the last 50 years, the proportion of worker-to-retiree has been almost inverted. When Social Security began in 1933, a small number of beneficiaries were support by a large pool of workers. By 1970, the proportion had somewhat stabilized at 3-1, but with the Silver Tsunami<\/a> now cresting, the funding is dangerously unbalanced.<\/p>\n

\u201cAs birth rates decline and the baby boomers retire, the worker-to-beneficiary ratio is on the decline,\u201d explains Veronique de Rugy<\/a>, Senior Research Fellow with George Mason University\u2019s Mercatus Center. \u201cThe increased longevity of Americans only further compounds the problem,\u201d<\/p>\n

\u201cThe program was stable when there were more than 3 workers per beneficiary. However, future projections indicate that the ratio will continue to fall from two workers to one, at which point the program in its current structure becomes financially unsustainable.\u201d<\/p>\n

According to the World Bank, current US population growth<\/a> is .8 and falling. With birth rates declining, employers looking to fill vacancies will look to automation and immigration. By some estimates, robots<\/a> could cut up to 90% of the world\u2019s current workforce, cutting labor costs by 65%. Artificial intelligence won\u2019t just come for assembly-line work; a report from the McKinsey Global Institute<\/a> estimates a reduction of up to $9 trillion in global wage costs \u201cas computers take over knowledge intensive tasks.\u201d<\/p>\n

While robots may come to the rescue, Ip advocates for increased immigration, arguing immigrants not only bring with them much-needed skills (particularly those participating in the H-1B visa program for skilled workers) but that their youth can offset \u201cthe cost of pensions and health benefits for the soaring retiree population.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Shifting demographics could shrink the country\u2019s workforce, threatening economic growth and wage-based entitlements like social security.<\/p>\n","protected":false},"author":103,"featured_media":17517,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[1876,498,262,1878,291,1181,868,1877,1484],"class_list":["post-17510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aging-workforce","tag-automation","tag-employment-trends","tag-immigration","tag-millennials","tag-robotics","tag-seniors","tag-social-security","tag-workforce"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Shifting demographics could shrink the country\u2019s workforce, threatening economic growth and wage-based entitlements like social security.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Help Wanted\" \/>\n<meta property=\"og:description\" content=\"Shifting demographics could shrink the country\u2019s workforce, threatening economic growth and wage-based entitlements like social security.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/help-wanted\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-23T12:00:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-25T06:09:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/03\/shutterstock_562474756.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cutright Elizabeth\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cutright Elizabeth\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/help-wanted\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/help-wanted\/\",\"name\":\"Help Wanted - 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