November 2021 Volume 3

AUTOMATION

2020 that they were out of the labor force due to retirement. And surprisingly, many of them left before the expected retirement age of 65. The growing number of Baby Boomer retirements nationwide is accelerating, raising concerns about losing a large portion of the workforce sooner than expected (see Figure 2). This demographic data, and the overhanging issue of early

retirements, point to a broader issue than the short-term challenges created by the pandemic. It signals to employers that the hiring issues we are experiencing this year are not going away any time soon. The constant use of job postings, the hiring signs outside your manufacturing facilities, and the increased wages are not going away anytime soon. The focus of employers needs to be ‘ What should you do now? ’, given this is not a short-term issue.

Figure 1: Generational birth rates

Figure 2: Slowing growth of U.S. labor force

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