A new analysis from CareerBuilder and EMSI indicates that, when it comes to post-recession job recovery, baby boomers are leading the charge against millennials.
While the number of jobs held by baby boomers (individuals aged 55-64) grew 9 percent from 2007 to 2013, jobs held by millennials (individuals aged 25-34) have increased a mere .3 percent. In terms of numbers, that translates to a gain of 1.9 million jobs versus 110,000 jobs, respectively. Baby boomers now also hold a larger percentage of jobs in STEM and other occupations than before the recession, outpacing millennials.
Though many factors play a role in the reason for the gap, demographics have a lot to do with it: The population of 55 and older Americans has grown 20 percent since 2007 – four times as fast as workers ages 25-34, according to the Bureau of Labor Statistics.
As older workers begin to leave the workforce, however, employers will likely find themselves struggling to fill vacancies they leave behind. “Never in history have workers over the age of 55 had the concentration in the workforce they have today,” says Matt Ferguson, CareerBuilder CEO and co-author of The Talent Equation. “However, employers will have to plan for vacancies when this group inevitably retires, which could quickly create new skills gaps in trade vocations and STEM fields.”
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