A new study from Bain & Company has found that 150 million jobs will shift to workers over the age of 55 by 2030. This represents a significant increase from the current number of older workers in the workforce, which is estimated to be around 70 million.
The study, which was conducted in 19 countries, found that the shift to older workers is being driven by a number of factors, including:
- The aging population: The global population is aging, and this is leading to a shortage of younger workers. In fact, the number of people over the age of 65 is expected to double by 2050.
- The changing nature of work: The nature of work is changing, and this is creating new opportunities for older workers. For example, the rise of technology is creating new jobs in the areas of data analysis and software development, which are occupations that are well-suited for older workers.
- The increasing health and fitness of older workers: Older workers are healthier and fitter than ever before, and this is allowing them to work longer. In fact, the average retirement age is expected to increase from 65 to 70 in the coming years.
The shift to older workers will have a number of implications for businesses and governments. Businesses will need to adapt their workplaces to accommodate older workers, and they will also need to develop new training programs to help older workers stay up-to-date on the latest skills. Governments will need to provide financial incentives for older workers to stay in the workforce, and they will also need to make sure that there are enough jobs available for older workers.
The shift to older workers is a positive trend, and it has the potential to benefit both businesses and governments. By adapting to the changing demographics, businesses can tap into a large and growing pool of talent. And by providing financial incentives and creating new jobs, governments can help older workers stay active and productive.
“There was an increase in retirements in some countries during the peak-Covid Great Resignation, but that moment is now looking more like the Great Sabbatical as those workers increasingly return to work,” said James Root, partner at Bain & Company and co-chair of the firm’s think tank, Bain Futures. “People work longer into their lives, yet we’ve found it rare to see organizations put programs in place to fully integrate older workers into their talent system.”
What does this mean for you?
If you are an older worker, this study shows that you have a bright future ahead of you. The demand for older workers is only going to increase in the coming years, so you should be well-positioned to find a job that you enjoy and that allows you to use your skills and experience.
If you are a business owner, this study should give you pause to think about how you can adapt your workplace to accommodate older workers. By making a few simple changes, you can create a more welcoming and supportive environment for older workers, which will benefit both you and your employees.
The shift to older workers is a positive trend that has the potential to benefit everyone involved. By understanding the implications of this trend, we can all work together to create a more inclusive and productive workforce.