Employee Retention in the New Market
- According to the Bureau of Labor, in 2010 over 10M jobs in the United States will go unfilled—in 2022 it will be 30M jobs.
- College graduation rates are down to 54 percent, and 75 percent of new jobs will require a college degree.
- Making the wild assumption that baby boomers (44-62 years old) will leave the workforce when they are retirement eligible, there aren’t enough Gen Xers (28-43 years old) to replace them (78M boomers versus 40M Gen Xers). Gen Y (7-27 years old) is big (70M), but still lacks the experience to make an immediate impact.
- For Gen X, the average time in a company is four years; for Gen Y, it’s more like two; and while the boomers have been pretty loyal in the past, the technology market hasn’t exactly rewarded them for that loyalty.
- According to an AARP survey of boomers, 31 percent of mature workers became responsible for a dependentparent, 23 percent had an adult child move back home and 16 percent were providing child care or day care for grandchildren. And 50 to 80 hour work weeks, while tolerated by boomers and some Gen Xers, won’t be tolerated by Gen Y and won’t be of interest to boomers as they "mature" in their careers and many take on the care of family members. So, since everyone knows that a 40 hour work week for technology professionals is a joke—who’s going to be doing all the work?There are a lot more questions than answers, but we’ll explore each of these challenges and potential solutions in future columns.