Trend: Aging population

Sources:

• United Nations, Department of Economic and Social Affairs, Population Division (2023). World Population Prospects 2022: Revision 1.
• United States Census Bureau (2023). An Aging Nation: The Older Population in the United States.

Discussion:

The aging population is a global trend that is having a significant impact on workforce planning. According to the United Nations, the global median age is projected to increase from 31.7 years in 2023 to 38.1 years in 2050. In the United States, the median age is projected to increase from 38.8 years in 2023 to 42.3 years in 2050.

The aging population is having a number of impacts on the workforce. First, it is leading to a decrease in the size of the labor force. As more people retire and leave the workforce, there will be fewer workers to replace them. This could lead to labor shortages in some industries.

Second, the aging population is leading to a change in the composition of the workforce. Older workers are more likely to have chronic health conditions and may need more time off from work. They may also be less likely to be willing to relocate or work overtime.

Third, the aging population is leading to a need for new skills and training. As the workforce ages, there will be a need for workers who have skills in caring for the elderly and managing chronic diseases. There will also be a need for workers who have skills in new technologies.

Workforce Planning Implications:

Employers need to be aware of the aging population trend and develop workforce plans to address the challenges and opportunities it presents. Some specific things that employers can do include:

• Develop strategies to attract and retain older workers. This may include offering flexible work arrangements, providing opportunities for professional development, and creating a workplace culture that is inclusive of all ages.
• Invest in training and development to help workers develop the skills they need to be successful in the changing workforce.
• Partner with educational institutions to develop programs that prepare students for the jobs of the future.
• Work with policymakers to develop policies that support the aging workforce, such as policies that expand access to affordable healthcare and provide paid family leave.

Conclusion:

The aging population is a major trend that is impacting workforce planning. Employers need to be aware of this trend and develop strategies to address the challenges and opportunities it presents. By doing so, employers can ensure that they have the workforce they need to succeed in the future.