Rethinking talent strategies across industries amid demographic shifts

America’s workforce is under historic pressure. Demographic shifts, long-term declines in workforce participation and the rapid retirement of Baby Boomers have been building for decades.

Since 1990, the U.S. civilian workforce has grown by nearly 20 percent, but that growth has not kept pace with labor demand. Workforce participation peaked between 1998 and 2001 and has been declining ever since. COVID-19 accelerated nearly all of these trends, turning a slow-moving challenge into an immediate and sustained crisis for employers across industries.

Manufacturing, healthcare and other critical sectors are already feeling the impact of a shrinking and aging labor pool. Fewer people are working today than before the pandemic, and a larger share of the population is choosing not to participate in the workforce.

According to the U.S. Bureau of Labor Statistics, workforce participation is expected to fall below 60 percent, with most recent growth concentrated among workers over the age of 50. As fewer workers are available to meet growing demand, productivity, innovation and economic growth are increasingly at risk.

These challenges are not temporary, and they cannot be solved by relying on the same recruitment and retention strategies that worked in the past. Markstein partners with industries and organizations to rethink how talent is attracted, retained and grown. By combining data-driven insights, creative communications and strategic partnerships, we help clients develop workforce strategies designed for today’s realities and tomorrow’s demands.

Tomorrow’s workforce won’t wait. We’re building it today.

Source:U.S. Bureau of Labor Statistics