Friday, September 21st, 2018

Baby Boomers Provide Help for the Looming Worker Shortage


“Based on data supplied by The Bureau of Labor Statistics, we believe that by the year 2011, we will have a shortfall of 10,033,000 skilled workers. The magnitude of this shortage will make the late ’90s seem like a practice session,” says Joyce L. Gioia, author of Impending Crisis: Too Many Jobs, Too Few People and president of The Herman Group.

Bottom line: Baby Boomers can be key figures in soothing the impending worker shortage crisis. This looming shortage will result in fewer workers available to produce goods and services, threaten standards of living and dramatically reduce Medicare and Social Security funding. Higher employment rates among baby boomers could increase the labor force and reduce claims on retirement benefits.  

Baby Boomers can make a profound difference for U.S. employers because of the knowledge and wisdom they possess, says Gioia. “We are seeing a new trend that personally brings us pleasure: Baby Boomers (i.e. mature workers) are being valued over younger ones for their stability and wisdom.”

However, employers will have to learn to be more flexible if they want to hold on to this valuable human capital. They will have to offer part-time work, as well as job sharing and other accommodations.

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