Millennials and the Chrysler Building

The war of talents is over

It’s all in the numbers. The western world is getting older and older and there are less and less young people following their footsteps. The shape of the age pyramid in the western world is transforming. The age structure in these regions has long left behind the idea of resembling an actual pyramid, the healthy demographic shape of a society, where the largest group of the population was the youngest. It has started to look like the Chrysler Building instead.

United Nations, Department of Economic and Social Affairs, Population Division. World Population Prospects: The 2012 Revision. (Medium variant)

The number of babies born has been decreasing for decades in these regions. At the same time, the number of the grey-haired population is increasing. The single growing age group is the over 50-year-olds. We are transforming into a “Silver Society.”

Obviously, this development has an effect on the job market as well. At a number of companies the average age of employees is between 45–50. But not for long. By 2020 half of the global workforce will be consisting of Millennials. By 2025 we will take up 75% of the positions.

It is not that far away. We are talking about 5–10 years from now.

According to current prognoses, till 2025 there won’t be enough people to fill millions of positions at work, as Baby Boomers will retire and there aren’t simply enough youngsters to fill up all those places. And since the talent pool is becoming smaller, recruiting and retaining young talents will be one of the greatest challenges of companies in the following years. Top talents will become a short supply.

This development means that there will be a shift of power. From the employer to the employee. The ‘war of talents’ is becoming ‘war for talents.’

That’s why it’s extremely important to develop and take actions in order to make your company attractive as an employer. We want to know how we can contribute to make the world a better place by taking a job by your side. What matters for us is how attractive your company is. From the inside. Not only from the outside. I don’t mean to scare you, but if you want to walk away from this situation as a winner, you have to think ahead and find a way to attract talents.

Like, right now.

My ebook (co-production with Generation Why blogger Steffi Burkhart) on Generation Y is out! Download it for free here.