Some Timely Demographic Data to Think About- “If You Have the Time”

by Tom McKenty

Here illustrates some current significant truths about the American Labor Force that perhaps many are overlooking.  Much has been made about companies figuring out the work habits of the “Millennial” generation- how to motivate them, coach them, and so on.  Much has also been said about how to attract more of this generation of workers to your company.  After all, Boomers and GenX’ers are getting somewhat “long in the tooth” (Millennials are welcome to “Google that phrase,” if they wish).

Though the article is generally directed toward staffing firms, the underlying demographics are, I think, uniformly applicable.  The time to start attracting and working with Millennials has actually passed! Hey, they now make up over half of the US workforce. Do they make up half of YOUR workforce? If you have not already implemented plans to fully attract, integrate and leverage this bold new generation in to your talent plans, then your organization is just taking what comes your way and dealing with it the same way it has dealt with talent in the past.  That may be fine for now, but what about 5 or 10 years from now?  Note the slope of the lines on the graph in this article.  Rapid turnover is coming (and for some, has already occurred).

Let me ask the question again – Do “Millennials” make up half of your workforce? If not, you are already behind – and as more time passes, you will find yourself falling further behind; and at an accelerating pace.