Today’s workforce certainly looks much different than it did a decade ago, thanks to technological innovation, new generations joining the workforce, and expanding global commerce and communications.
Here are 5 things currently defining and shaping the American workforce in 2018.
1. Age
Age groups are defining the current workplace, its contingencies, and opportunities. According to Pew Research, Millennials (those aged 21 to 36 in 2017) now make up the largest group in the workforce. However, people are now staying in the workforce longer than they ever did before, too, so we’re starting to see an older workforce overall. We find more people over the age of 60 working now than we ever have in the past.
2. Diversity
Since the 1960s, we’ve seen more women join the American workforce than ever before, and this trend keeps gaining traction each passing year. By 2024, around 75% of women are anticipated to be participating in the American workforce. And by 2024, less than 60% of the labor force is likely to define itself as “white non-Hispanic,” so it will become more racially diverse; as recently as 1994, over three-quarters of the labor force fell into that category already.
We’ll see more diverse religions and ethnicities represented in the workforce too. Moving forward, we’ll also see more genders, nonconforming individuals, and sexual preferences represented in the workforce as it becomes more diverse.
3. Education
According to Pew Research, the share of adults aged 25 and older with a bachelor’s degree or higher level of education increased from 17% in 1980 to 33% in 2015. More individuals entering the workforce are college-educated, as they are attempting to meet current labor demands in the workforce.
And more Americans are increasing their levels of education mid-career, as well as pursuing certifications and other credentials. The growing demand for higher-skilled jobs is associated with the overall improvement of the education level of the U.S. population.
4. Cross-Generational and Diverse Pipelines are Critical
The most competitive and successful organizations will need to develop robust leadership programs and opportunities and focus on nurturing a diverse pipeline of talent for women leaders, Millennial leaders, and leaders representing diverse groups.
5. Lifelong Learning and Upskilling are Necessary 24/7
As the workforce evolves rapidly, so do technology and the knowledge that each worker will need to obtain. All competitive and successful organizations will develop programs and rely on mobile and cloud-based technologies that allow them to provide their talent with lifelong learning and upskilling opportunities 24 hours a day, 7 days a week. Otherwise, they will waste time and money constantly hiring and/or terminating employees to maintain the talent that’s critical to their organizations.
Be sure to look out for tomorrow’s post, which will outline six additional things currently defining and shaping the American workforce in 2018.