Generational differences are beginning to solidify with lasting implications for the management of human capital
How do companies prepare for and manage these trends?
What are the keys to success as the workforce continues to evolve?
Businesses everywhere are grappling with an unfolding skills dilemma that is challenging the way we manage and plan the workforce of the future. People are remaining in the workforce longer than they used to, yet there is a growing shortage of skilled talent. The aging and declining workforce is a global phenomenon, taking place in all industries and across traditional boundaries.
Generational differences, which emerged over the last decade, are beginning to solidify and have lasting implications for the management of human capital. For the first time, we have four distinct generations in our workplace—and gone are the days when an employee will spend their entire career at one company.
By 2020, nearly half of U.S. workers will be part of the millennial generation, aka Generation Y. Believe it or not, by 2025, they’ll make up 75 percent of the global workforce. Right now, Gen Y and Gen X make up more than 70 percent of the workforce. Naturally, as their numbers rise, a lot of the buzz around baby boomers will fade. But it’s not a conspiracy; it’s simple demography. And the trend is going to continue for the foreseeable future.
Today’s workforce is multi-generational—and it’s changing fast. How do companies prepare for and manage these trends? What are the keys to success as the workforce continues to evolve?