While Jay-Z and Solange Knowles recently grabbed headlines for engaging in a heated elevator tussle, baby boomers and millennials have also been battling it out — in the workforce, that is.
Following the recession, boomers have far outpaced millennials in the jobs recovery by taking up a growing share of the workforce while millennial employment has lagged quite significantly.
New analysis from CareerBuilder and Economic Modeling Specialists Intl. tracks changes to boomer and millennial segments of the workforce in 175 U.S. metros.
Jobs recovery at an uneven pace
Not that the recession was easy — by any stretch of the imagination — on either demographic, but baby boomers have emerged notably stronger from the recession with more jobs in STEM fields and other occupations as compared to millennials, who have struggled to keep the same pace.
By how much, you ask?
Between 2007 and 2013, the number of jobs held by baby boomers grew 9% (a gain of 1.9 million jobs) while millennial employment grew only 0.3% (an increase of 110,000 jobs) during the same time. TWEET THIS
If you look at it another way, the population of 55 and older Americans has grown 20 percent since 2007, which is FOUR TIMES as fast as prime-working age millennials (ages 25-34), according to BLS data. TWEET THIS
In fact, CareerBuilder CEO Matt Ferguson addresses the growth of boomers in the workforce today, but also cautions employers to look and plan ahead.
And in case you’re curious, these are the U.S. metros with fastest job growth for boomers and millennials.
OK, so what does that mean?
“The recession prompted boomers and millennials to approach the labor market differently,” said Matt Ferguson, CareerBuilder CEO and co-author of The Talent Equation. “Confronted by weaker entry-level job prospects, young professionals left the workforce in greater numbers or took lower paying jobs that didn’t take immediate advantage of their degrees. Older workers, on the other hand, often had to postpone retirement to recoup lost savings.
He goes on to say:
“In a depressed labor market, we ideally want more people to acquire college degrees, but the rates of graduates did not spike during the recession. This suggests rising costs prohibited many people in need of new skills from obtaining them, a trend that needs to be reversed going forward.”
Want to know how the job outlook has changed for boomers and millennials as well as the 175 most populous U.S. metros for these workers over the past few years? Check out this interactive map of millennials and boomers in the workforce.