The American and global workforce is witnessing some major shifts in demographics and infusion of technology into different elements of work processes. As more boomers leave the workplace and more people start working from their homes, the idea of work will start changing significantly.
The first major demographic trend of the workforce is increasing diversity and gender equality, especially in leadership positions. Immigration patterns are changing not only in the United States but also in Europe. Changing patterns of immigration and the entrance of more women into the workforce is increasing the diversity of the workplace. If the current trend of immigration and women inclusivity continues, we are likely to see more diverse global workplaces where more women take up leadership positions. Diversity in terms of culture, religion, ethnicity and sexual preferences are likely to increase going forward.
Secondly, as the American workforce continues to age, the retirement age will increase in the future. However, boomers are retiring, which means the demographics of the workforce are changing significantly. Cronin and Alexander explain that more than 18 percent of boomers have retired from the workforce in America over the last five years. The next generation of the workforce will be comprised of millennials, who are accounting for more than 40 percent of the American workforce. With the boomers and millennials taking over the workforce, companies are facing the challenge of succession planning. New opportunities are coming up for the younger generations but they have to prove their loyalty to employers.