Rise of the Millennials
Industries across the globe are witnessing entry of the Millennials in vast numbers in the workforce, and according to PwC, they are expected to form 50% of the global workforce by 2020. At the same time, the retirement of Baby Boomers from the workforce is resulting in a double-whammy for the industries. On the one hand, the leaving population of the Baby Boomers is taking away with them years’ worth of hard earned skills and talents, thus negatively impacting productivity. On the other hand, the Millennials do not much like the old-fashioned way of on-the-job learning, necessitating investment in newer training paradigms, thereby increasing cost.
One of the industries significantly impacted by this is manufacturing. According to Deloitte and the Manufacturing Institute, there will be nearly 3.5 million jobs to fill in this sector with most of the Baby Boomers who currently make a large part of the workforce in this industry retiring in the coming decade. Millennials are now the most populous generation and the largest pools of talent for employers in this industry as well.