Indeed chief economist says we’re entering an era of ‘great mismatch’
Fortune • • business
Key Points:
- Industrialized countries, including the U.S., Canada, France, and Italy, are experiencing a workforce shift with workers aged 55 and older projected to comprise over 25% of the workforce by 2031, creating a labor supply gap as baby boomers retire.
- Younger generations, such as Gen Z and millennials, have different career ambitions, leading to shortages in industries like skilled trades, manufacturing, and healthcare.
- AI and automation are seen as potential solutions to address labor shortages by streamlining less desirable or harder jobs, as noted by PepsiCo’s chief people officer.
- The workforce mismatch is a global issue, with younger populations in some countries favoring unconventional careers like influencing over traditional roles such as sales.
- Older workers currently dominate certain sectors, with 80% of the utilities workforce and 40% of manufacturing and wholesale trade employees aged 55 and above, highlighting the urgency of attracting younger talent.