October 24th, 2018 by admin
What is the Largest Generation in Today's Workforce?
Fry identifies that there were 56 million Millennials (those ages 21 to 36 in 2017) actively working or looking for work. That was more than the 53 million Generation Xers, who accounted for a third of our U.S. workforce. The millennial generation far exceeds the count of of the 41 million Baby Boomers, who only make up a quarter of our entire workforce. Surprisingly, Millennials even surpassed Gen Xers in 2016.Fry continues, "Meanwhile, the oldest members of the post-Millennial generation (those born after 1996) are now of working age. Last year, 9 million post-Millennials (those who have reached working age, 16 to 20) were employed or looking for work, comprising 5% of the labor force. These labor force estimates are based on the Current Population Survey, which is designed by the U.S. Bureau of Labor Statistics and serves as the basis for its unemployment and labor force statistics." In 2017 the Generation X labor force dropped from its peak of 54 million in 2008. The decline reflects a decline in the number of Gen X adults (Census Bureau population estimates indicate that their population peaked in 2015). Last year in 2017 just 82% of Gen Xers were working or looking for work, lower than 2008 (84%). Large as it may be the Baby Boomer generation’s influence in the workforce is dwindling. Back in the mid-1980's, the Boomers made up a majority of the our nation's workforce, but as Boomers are retiring every year, the size of the Boomer workforce is sure to shrink. The Millennial labor force is rapidly growing and organizations need to be prepared for the unique set up cultural and technological attributes associated with their generation. We've got some time to go until the Millennial population peaks at 75 million along withe a high labor force population of 66 million. As a result, U.S. companies must millennial-ready in terms of processes, culture and the technology needed to attract, retain and mobilize this dominant workforce.
Sources cited: Pew Research Center; U.S. Census Bureau of Labor Statistics
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