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N.H.'s Changing Workforce: Managing the Multigenerational Workforce

The New Hampshire Business Review, 10/10/08

Abstract:

Financial needs, health-care concerns and an overall desire to remain mentally and physically active are keeping people in the workplace well beyond what was once considered retirement age. The result is that the face of today’s workforce is changing, with individuals with vivid memories of World War II often working side by side with Baby Boomers, Gen Xers and members of the Millennial Generation.

For today’s businesses, developing a better understanding of each generation can mean the difference between surviving and thriving.

“Most employers are aware this demographic shift is on the way,” said Deborah Russell, director of workforce issues for AARP. “As far as how many are aware that this is something that needs to be addressed is not as prevalent right now as it will be going forward.”

According to the U.S. Bureau of Labor Statistics, nearly a third of the workforce will be age 50 or older by 2014. By 2011, Baby Boomers – those born between 1946 and 1964 – will make up 38 percent of the country’s workforce. Generation Xers – those born between 1965 and 1980 - will comprise 32 percent, and members of the Millennial Generation – those born between 1980 and 2000 will make up 25 percent. Nearly 7 million members of the World War II generation – born in or before 1945 – will still be working in 2014, accounting for 5 percent of the nation’s workforce.

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