These issues are now preventing some workers
from returning to the workforce or forcing them to
change jobs. For example, in the United States, 66%
of Millennials and 81% of Gen Z workers who left
the workplace did so due to mental health issues.
Additionally, one-half of the 400,000 Britons who left
the workplace between February 2020 and November
2021 cited mental health issues as a reason for leaving.
This is such a huge issue that employers simply can't
ignore. Taking steps to provide more mental health
support, such as hosting mental health workshops,
offering virtual counseling sessions and providing
paid time off for mental health purposes can improve
retention and productivity.
2. one in six of the world's population
will be aged 60 or over by 2023
Even more alarming is that the number of seniors aged
60 and over is expected to double between 2030 and
2050 and the population of seniors aged 80 and over
is expected to triple over the same period. This factor
means that more seniors will be heading to retirement in
the upcoming years and these vacant positions will need
to be filled.
Typically, retirements wouldn't be a problem, except
today's aging population coincides with a rapid
reduction in birth rates. According to global statistics,
fertility rates in over 70 countries around the world are
already below the necessary replacement rate of 2.1%.
These statistics are already creating a problem in the job
market, where more people are retiring than are joining
the workforce. This issue was only exasperated during
the pandemic as many seniors decided to retire early
due to health concerns, layoffs and terminations.
3. 41% of the global workforce is
considering leaving their current jobs
The 'Great Resignation' is not just a buzzword coined
by the media. Rather, it's a real phenomenon affecting
countries across the globe. For instance, in the United
States 20 million workers left their jobs between April
and August 2021. This challenge isn't only isolated to
the United States. In Europe, 14 million workers didn't
just leave their current jobs, they exited the job market
altogether. In Latin America, studies show that 1-in-6
workers aged 18 to 29 also left the workforce.
With more than 4-in-10 workers considering changing
jobs and millions of other workers leaving the workforce
altogether, employers should take steps to focus on
retention. Strategies, such as career advancement
opportunities, flexible scheduling and more paid time off
can help.
4. an estimated 83 million jobs across
the globe are expected to be disrupted
by automation by 2025
The reality is that employers have been struggling with
a skills gap well before the pandemic hit. However, the
onset of the pandemic pushed this demand into overdrive.
Factors, such as remote work, supply chain disruptions,
and frequent quarantines forced many companies
to invest in more technology and automation in the
workplace. In fact, studies suggest that 30% of current
jobs around the world could be automated by 2030.
With these new investments also came the increased
demand for tech-related skills in the workplace. The
combination of the ongoing labor shortage and growing
skills gap is making it challenging for some companies to
find the skilled talent it needs. Some of these companies are
now starting to invest more in upskilling and reskilling their
current workers in an effort to acquire these crucial skills.
66%
of Millennials
% workers who left the workplace due, at least in part, to mental
health issues in the United States
81%
of Gen Z
% of the global workforce considering leaving their jobs
source: Mind Share Partners, 2021
source: Microsoft, 2022
41%
are considering
leaving their job