Thursday, October 03, 2013

Boomer Retirements Are Boosting Job Openings

Myth: Boomers are delaying retirement and preventing young adults from finding jobs.
Reality: Job openings created by boomer retirees are greater than in the past.

Although boomers are delaying retirement, the large size of the generation means those who do retire are creating more job openings than the previous generation of retirees, according to a study by Georgetown University Center on Education and the Workforce. Between 1994 and 2003, retirements created 8 million job openings—or 18 job openings per 100 young adults (aged 18 to 29). During the 2012 to 2021 decade, boomer retirements will create a larger 14 million job openings—or 28 job openings per 100 young adults.

"By the end of the baby boom retirement phase over the next 15 years, the problem won't be lack of job openings, but not enough workers with the necessary skills to fill those openings," concludes the study.

Source: Georgetown University Center on Education and the Workforce, Failure to Launch: Structural Shift and the New Lost Generation

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