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| Hiring, Terminations and Retention |
| Workforce Demographics: How we can help you prepare for the future |
The American workforce is on the brink of some sweeping demographic changes that you will need to take into account as you make plans for your business. We’ve listed two of the major considerations here. We can help you anticipate some of the impending workforce changes and make a business plan that will accommodate them.
Immigration: minorities aren’t in the minority any more
Over the next few decades, the U.S. Department of Labor predicts that more than two-thirds of the growth in the U.S. population will be due to net immigration. While only one in four workers are members of a minority group now, analysts predict that at least half of all workers nationally will be members of a “minority” group by the year 2050. As an employer, be prepared to meet the needs of a more diverse workplace, including understanding your obligation to protect your employees’ civil rights.
The aging workforce: expect a raise in the median age of your employees
As the “baby boomers” age and get ready to retire, you’ll find that one of your challenges will be accommodating the needs of older workers. Increased incidence of disabilities is one trend to prepare for. In addition, employees with aged parents will need increased flexibility in their work schedules so that a balance between work and family responsibilities can be maintained. Expect elder care options to become a valuable workplace benefit.
If analysts are accurate in predicting an increase in life expectancy, your workers can expect to live at least until they are 82. This may mean that many of them will need to work longer (well beyond age 65) in order to afford an adequate retirement. Wise employers will provide a good 401k plan and financial counseling to their employees.
Because each of these changes will affect your available pool of employees, your employment benefits will need to reflect the increases.
(Source: U.S. Department of Labor)
Over the next 50 years, we can expect increases in educational attainment, more women in the workforce, and an increased number of children under age 17. How will these changes impact your workforce and the benefits you provide?
Year: 2002
White: 73.6%
Black: 12.0%
Hispanic: 10.2% (may include members of any race)
Asian and Pacific Islander: 3.3%
American Indian: 0.7%
Year: 2050
White: 52.8%
Black: 13.6%
Hispanic: 24.5% (may include members of any race)
Asian and Pacific Islander: 8.2%
American Indian: 0.9%
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