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Issue link: https://digital.macdirectory.com/i/1525170
Commenting on the importance of having a strong, mixed-generation workforce, analysts at Catalyst noted that: - Millennials are the European Union’s minority population, and the working-age population is expected to continue to decline until 2050, meaning boomers will be vital to the area’s economic growth. - More than 26 percent of Japan’s population is 65 or older. By 2060, nearly 40 percent of Japan’s population is projected to be 65 or older, - In Canada, 18.7 percent of those employed are 55 or older. Canada has an aging population due to increased life span and decreased birth rates. - In 2020, India didn’t face a labor shortage when the Baby Boomers retired, but it did face a talent shortage. - Last year millennials comprised about half of the global workforce, but 90 percent of people ages 15 to 24 live in developing regions where there is a scarcity of good, stable jobs. The Harvard report pointed out that older workers, sharing their experience, increases not only their own productivity but also the productivity of those who work with them. For example: - Our wife’s nephew was in home remodeling/construction for more than 20 years. He was faster than his apprentices and was constantly helping them do the job better and faster. - Our over-the-hill physician in our opinion is a better diagnostician (and listener) than the new practitioner, who will probably be his replacement. - Rick and Doug are two seasoned sales managers we know in separate companies who spend a lot of time with team members, making certain they thoroughly understand their markets, their key contacts and how to build/maintain strong customer relationships. The Harvard study found that productivity peaks at 50 and is 60 percent higher than the average 20-year-old. That partially explains why, in the past five years, the labor force grew just 0.6 percent per year (half that of a decade earlier), while productivity grew just 0.5 percent per year. Managers often say they aren’t short of skills because that’s increasingly easy to attain with a