Many business leaders, especially those in particular industries, may have recognized that there is no longer that baby-faced intern marching down the halls with their coffee. They may also have recognized that the grey hairs are really starting to show… all across the board. Given these realizations, leaders must wonder what this could all signify given the talent pool and the future of their business.
A recent piece by Jeff Cox, Senior Writer at CNBC.com, illustrates the fact that as older and more experienced workers are finding new work, younger potential employees are being repeatedly shut out of opportunities. As a result they are not only regularly rejected for positions but are beginning to lag behind in experience, and with a shortening list of contacts.
While unemployment numbers may be slipping, business leaders and others concerned with economic growth must realize that there are finer facts about the economy to be observed as well. 4.4 million jobs generated since 2007 have gone to workers 55 and older. A staggering 1.4 million of those jobs to people 65 and older. A total of 4.5 million jobs were lost since 2007. These numbers result from research done by Citigroup’s Steven C. Wieting’s, a well-recognized Wall Street economist.
Recognize that almost as many jobs have been generated and are currently providing for the livelihood of people 55+ as were lost since the recession hit. While that’s fantastic that these men and women have been able to secure positions, and hopefully don’t have to shift their retirement plans too much, it should come as a shock that this also means massive job loss for younger employees. Jeff Cox, pointing to Wieting’s research, writes that, really, these numbers show that if one excludes the jobs that have gone to the elderly, “the economy has lost 8.9 million jobs, marking a total 7.4 percent decline” since 2007.
This all translates into not only a bad situation for this younger generation, but it also means a potential for hurt business. Younger workers, like the older, offer a variety of unique advantages as employees. This can range from different insight to oftentimes fresher abilities with regard to technology and other methods as a result of their more recent education. When a business doesn’t have someone to offer these things to begin with, it misses out and loses a lot of potential.
