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[00:00.00]Each day, about 10,000 baby boomers
[00:04.45]leave the U.S. workforce.
[00:07.90]Baby boomers are the generation of people
[00:12.25]born between 1946 and 1964.
[00:18.90]The COVID-19 pandemic only increased the amount of people retiring
[00:25.09]as older workers decided to retire early
[00:30.57]rather than risk getting sick.
[00:33.76]"We're running out of workers. Why?
[00:37.51]Because baby boomers are retiring,
[00:40.86]and you don't have enough younger workers
[00:44.22]who are skilled to fill in their spots," said Dana Peterson,
[00:49.73]chief economist at The Conference Board, a research group.
[00:55.83]She said the U.S. is going to have labor shortages.
[01:00.45]And she added that the pandemic quickened retirements
[01:05.60]and made labor shortages "more intense."
[01:09.61]Selcuk Eren is a senior economist at The Conference Board.
[01:16.36]He said the problem is that for every person leaving,
[01:21.32]only one person is coming into the labor force.
[01:26.13]And a slowed-down labor force means limited growth.
[01:31.59]He said, "So, one-on-one means
[01:36.18]that your labor force is not growing,
[01:39.32]which is going to slow down economic growth, as well."
[01:44.43]The federal government workforce
[01:47.37]is also expected to be hit hard as more boomers retire.
[01:53.43]"Forty percent of the federal government
[01:57.11]is aged 55 or more as of now, so that means
[02:02.44]that this huge wave of retirements is coming," Eren says.
[02:08.13]"And you're going to have a difficult time to replace them,
[02:13.49]because there's not enough younger people,
[02:16.32]especially with the educational requirements that those jobs require."
[02:22.94]A Conference Board report looks at industries
[02:26.96]that are likely to have shortages
[02:29.75]as older Americans leave the workforce.
[02:34.27]They include physical labor jobs like personal care,
[02:39.50]food services, cleaning, and jobs
[02:43.17]involving repairs and building, among others.
[02:47.60]Production and transportation jobs
[02:51.04]will also be affected by retiring baby boomers, but less so.
[02:57.07]The report finds that the most severe labor shortages
[03:01.84]will be in health-related jobs as more aging boomers
[03:07.10]will require personal care.
[03:09.98]The possibility for labor shortages is mostly lower in jobs
[03:16.16]that require a college degree.
[03:19.59]STEM professionals, or those working
[03:23.32]in science, technology, engineering, and mathematics,
[03:28.27]are at a lower risk of shortages.
[03:31.53]Jobs that permit remote work
[03:35.40]will have less intense labor shortages, the report says.
[03:40.61]Immigration could be a way to lessen the effect
[03:45.57]of boomers leaving their jobs, Eren says.
[03:49.76]Eren said, "That's probably the fastest solution,
[03:55.53]because it takes time to educate a younger person,
[03:59.79]to bring them to that skill level."
[04:03.10]He said, "The fastest solution is just immigration
[04:08.24]and giving priority to immigrants with those skills
[04:12.85]that we are going to be lacking. That's number one."
[04:17.38]He said number two is to keep baby boomers working
[04:21.88]by giving them incentives to stay in the workforce.
[04:27.36]Incentives could include tax and social security policies
[04:33.13]that do not punish someone who works into their seventies.
[04:38.56]And offering increased freedoms,
[04:42.16]like remote or part-time work,
[04:45.41]to people nearing retirement age.
[04:48.37]For Chicago-based college professor Kristin Mariani,
[04:54.36]retiring baby boomers mean
[04:57.27]increased opportunities for her students.
[05:00.71]She said the effect is "... it's giving younger people,
[05:05.69]the generations that came after them,
[05:08.67]to become the change-makers, the decision-makers."
[05:13.59]Mariani is a professor at the School of the Art Institute of Chicago.
[05:21.45]She added that it is important, "… to make sure
[05:25.57]that the education and the knowledge
[05:29.2]that is given to these individuals,
[05:31.52]that they will be able to move forward with these responsibilities."
[05:37.99]I'm Gregory Stachel.
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Words in This Story
spot – n. a particular position in a competition, organization, or program
especially – adv. used to indicate something that deserves special mention
remote – adj. connected to a computer system from another place
priority – n. something that is more important than other things and that needs to be done or dealt with first
incentives – n. something that encourages a person to do something or to work harder
opportunity – n. an amount of time or a situation in which something can be done
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