On the Road with ITR Economics

  • by itradmin - Fri, 03/31/2017 - 08:15

As of 2015, the millennial generation is the largest generation participating in the US labor market, and companies across the US are responding to this demographic makeover in different ways. On the road this past week, an audience member shared how their firm is dealing with the challenge. As their firm’s boomers approach retirement, they drop to reduced schedules, perhaps down to three days a week, and transition to mentor roles to bring incoming millennials up to speed. With thousands of boomers exiting the US labor force each day, this could have negative productivity implications for the US economy at large as well as individual companies, since the lost institutional knowledge and continuity can translate to less efficiency and higher costs. Transferring decades’ worth of institutional knowledge from your exiting boomers to the brains of your millennials can give your firm an edge over those who will undoubtedly struggle with weathering this transition over the next decade.

Connor Lokar