Time to make babies or welcome the new Senior Workforce!
That’s the message from a just-released McKinsey & Company study on the world’s changing demographics & falling birth rates.
Consider the following:
- By 2100, population in several large countries will decrease between 20% to 50%. China is forecasted to lose 56% of its total pop!
- Greater Longevity is causing the ratio of the # of workers (ages 15 to 64) to seniors to, well, nosedive. In 1997, there were 9.4 workers for every senior. By 2050, this ratio falls to 3.9 worldwide and in N. America the ratio will be just 2.2.
Not surprisingly, the results of this demographic drag is slower economic growth, reduced productivity, greater strain on government programs, etc.
Are there any fixes/solutions?
“Welcome the senior workforce!” writes McKinsey.
One of the key levers to soften the world’s growing youth deficit will come down to how businesses creatively encourage, retrain and manage the older workforce.
Urge you all to make time to read the McKinsey report.
