Appealing to the next generation of talent is often seen as a big part of the answer to closing the skilled labor gap. But in financial services, this approach won’t be enough, especially since the industry has an ongoing challenge to recruit young workers.
That’s why solving the skills shortage requires leveraging the talent that’s on hand. And in financial services, in large part that means baby boomers. Their wealth of knowledge and experience can fuel the digital transformation taking place in the industry—but all too often, the aging workforce is underutilized.
Fastest-Growing Workforce Demographic in Financial Services
Millennials—those born between 1981 to 1996–are projected to make up 75% of the working population by 2025 in the United States. But while the millennial-aged workforce is growing overall, it’s decreasing in financial services: in 1998, those aged 25 to 54 (millennials and Generation X) made up 76% of the workforce. In 2018, that figure dropped to 68%, according to research from Deloitte Center for Financial Services and the U.S. Bureau of Labor Statistics.
That makes workers older than 55—the baby boomer generation—the fastest-growing demographic in financial services, going from 14% in 1998 to 26% in 2018. The proportion of older employees
The post The Financial Services Skills Gap: Are Baby Boomers the Answer? appeared first on HR Tech Feed.