Five Ways Boomer Retirement Will Impact Manufacturers
1. A Major Workforce Shift
Perhaps the most direct effect manufacturers will feel is boomers increasingly leaving the workforce to settle into retirement. 31% of the U.S. workforce is made up by baby boomers, and as they retire, many industries are anticipating a moderate to significant labor and skills gap, especially in leadership positions. This includes those companies in the manufacturing sector that have already had a hard time finding younger workers with STEM skills. Some are hoping that automation and other forms technology will help lighten the impact of a growing skills gap, but it’s likely to remain an issue for many industrial companies.