– I know it’s like, I can’t see faces, it’s just the– Alright, hi.
– I’m Hannah and today I’m drinking this Spiral Rock kombucha which is brewed just 45 minutes south of here.
– Strawberry pineapple.
– (pouring sound)
– Look, I’m just an expert over.
– I like it a lot, not too sweet, a little fizzy.
– All right.
– Today it’s time to talk about the workforce of the future.
– Our whole economy, including colleges and employers relies on a steady supply of people, especially people ages 15 to 64.
– But over the last 10 years, 70% of US counties saw the percentage of that working age population shrink.
– At the same time, 93% of US counties saw their over 65 share of the population grow.
– Americans aren’t having enough kids to replace themselves.
– Where are we?
– In fact, except for 2008, we’ve been below the 2.1 replacement rate for 50 years.
– As a result, the US is aging and its population growth is at its lowest rate in recorded history.
– Most of that growth is from immigration, which itself is in decline.
– In fact, Mexico, India, and China, the top three countries that account for immigration into the US also have declining birth rates and are facing massive talent shortages of their own.
– In about 40 years, both the US and the world as a whole are projected to start losing population with a global decline of 2 billion people by the end of this century.
– 2 Billion.
– If the US had just maintained the birth rate we had ever so briefly in 2008, nearly 6 million more people would have been born in the last decade.
– As it is, there are now 6 million fewer Americans who will enroll in college apply for jobs, develop new technologies, buy things, provide important services like delivering your Amazon packages on time, pay social security, or have kids of their own because they were never born.
– By 2100 roughly two thirds of the US population could be out of the labor force, leaving (laughing)
– I did it.
– I messed up – Leaving the remaining one-third to carry the economic burden of an entire nation and immigration, technology and public incentives alone can’t fix the long-term problem.
– That’s a lot of bad news, but knowing that this people shortage is coming means that employers can start planning now.
– Two of the most important strategies are first – Adapt.
– Recruit people you may have previously overlooked.
– Offer incentives that will really bless them and consider up skilling your current employees, instead of hiring brand new people.
– Second – retain, retain retain, retain.
– Do what it takes to keep and value the people you already have.
– They will be harder and harder to replace in the years to come.
– My news, my newscaster voice.
– And finally, the best news I have today is for those of you who are looking to get a job.
– In the face of a global people shortage, you will not be just a name on a resume.
– You will be a resource more valuable than you ever imagined.
– The world needs you.
– And be sure to check out our full report on the demographic drought right here.