The Boomers are going to be OK.
Baby Boomers are in luck — they’ve become the fastest-growing workforce, according to a new report.
No, not Millennials but aging Baby Boomers will be the generation to force recruiters to adapt, according to Glassdoor’s “Jobs and Hiring Trends for 2020” report, which takes a deep look at job market expectations in the coming year.
The reason why? Experts at the jobs website predict a “gray wave” will impact the workforce in the coming years, both in the US and in the UK. The study cited information provided but the US Bureau of Labor Statistics found that while the American workforce is expected to grow by more than 5% in the next decade, the workforce for those age 65 and older will blossom by 61% in the US. It’s nearly identical to what’s expected abroad with the UK workforce for 65+ to rise nearly 60% over the next 25 years.
The report noted there are many benefits to hiring Baby Boomers because of their “rich institutional knowledge and professional contacts,” which might be hard to find when hiring younger talent. It also cited a report that found older workers are open to investing in furthering their education and gaining more skills just as much as Millennials and younger generations.
While the influx of older workers might be welcoming, there are challenges in terms of culture. Ageism was spotlighted as being expected to grow over the coming decades.
The shift to an older workplace isn’t exactly surprising. A recent report published by nonprofit New American found that despite Millennials being better educated than baby boomers, they are earning 20% less than their elders did at the same age.
According to that report, median earnings for Millennials are down because of the current work culture. With the rise in freelance and contract work, that has affected today’s workers by shortening employment tenure, while limiting employee benefits and opportunity for rising income.