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Generations

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- Baby boomers currently make up the largest percentage of the workforce but face increased competition from younger generations for jobs as skills requirements change. - As hierarchies flatten and middle management jobs decrease, older workers who lack current technical skills face greater unemployment risks compared to younger, tech-savvy job seekers. - Retraining programs can help older displaced workers but older individuals often participate and benefit from retraining at lower rates than younger workers. Acquiring new technical skills through education can improve older job seekers' employment prospects.

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Generations A look at how age affects employment
Presenters perspective BSE, Civil Engineering, Princeton University (1985) Third-party recruiter since 1988 Engineers and manufacturing operations managers Experienced recessions of 1990-92 and 2000-02 George Corser Managing Director Aspen Search Group This presentation was prepared for the Engineering Society of Detroit, January 2009
Boomers in competition Baby boomers comprise the largest percentage of the work force (42%) They are generally less tech-savvy than Generation X and Generation Y workers Current, up-to-date hands-on technical skills are more and more important, even for management jobs Boomers suffer most from job market competition
Changing demographics
Flattening hierarchies Many more staff jobs : but Abundant Baby Boomers compete with Generation X and tech-savvy Generation Y job seekers Fewer and fewer middle management jobs : sought after by many Baby Boomers who may not have current, hands-on tech skills Few executive jobs : they were never plentiful Large supply of Baby Boomers, shrinking supply of manager jobs Execs Middle managers Staff professionals
Unemployment, unfilled jobs Re-training Unem-ployed people, mostly lower-tech Unfilled jobs, mostly high-tech Perhaps filled by immigrants or overseas workers Americans generally will not relocate overseas for employment; and theyre too expensive for overseas companies to employ remotely A few, but not nearly enough, regular workers will re-train for high-tech jobs
Retraining gray America Older displaced workers participate in community college schooling at significantly lower rates than younger displaced workers Per-period impact for older and younger displaced workers is similar one academic year of such schooling increases the long-term earnings by about 8 percent for older males and by about 10 percent for older females Older workers can learn, may choose not to Source: Should we teach old dogs new tricks? the impact of community college retraining on older displaced workers (http://www.chicagofed.org/publications/workingpapers/papers/wp2003-25.pdf)
Engineering education Overall job opportunities in engineering are expected to be good, but will vary by specialty. A bachelors degree in engineering is required for most entry-level jobs. Starting salaries are among the highest of all college graduates. Continuing education is critical for engineers as technology evolves. Source: Bureau of Labor Statistics http://www.bls.gov/oco/ocos027.htm [Emphasis added]
Michigan needs high-tech Michigan is in the midst of a major transformation from an industrial economy dependant on the automotive industry and traditional manufacturing, to one that is more diverse, and knowledge-based. Manufacturing will continue to be a significant player in the Michigan economy, but it will continue to transform into a more advanced field. Young Michigan jobseekers will likely be in higher demand as top-heavy industries shed retirement age workers, and service sector demand grows to accommodate the needs of those same retirees. The 21st century economy will require more specialized knowledge and basic skills than ever before . We must prepare our children; Michigans future depends on it. [Perhaps we should prepare our adults, too?] Source : The Western Wayne Oakland County Association of Realtors (WWOCAR) 2008 ANALYSIS OF MICHIGAN ECONOMIC AND HOUSING MARKET
Summary of generations It may be that some underemployment that appears to be age discrimination may be lack of current technical skill or training The existence of open high-tech jobs in the midst of high unemployment supports this conclusion Baby boomers who acquire the most current technical skills and education may have improved job prospects
To be continued For the full presentation, contact George Corser at [email_address] Send LinkedIn invitations to [email_address] . This is part of a presentation that will be delivered at the end of January 2009 at the Engineering Society of Detroit, www.esd.org . Visit the web site to register.

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Generations

  • 1. Generations A look at how age affects employment
  • 2. Presenters perspective BSE, Civil Engineering, Princeton University (1985) Third-party recruiter since 1988 Engineers and manufacturing operations managers Experienced recessions of 1990-92 and 2000-02 George Corser Managing Director Aspen Search Group This presentation was prepared for the Engineering Society of Detroit, January 2009
  • 3. Boomers in competition Baby boomers comprise the largest percentage of the work force (42%) They are generally less tech-savvy than Generation X and Generation Y workers Current, up-to-date hands-on technical skills are more and more important, even for management jobs Boomers suffer most from job market competition
  • 5. Flattening hierarchies Many more staff jobs : but Abundant Baby Boomers compete with Generation X and tech-savvy Generation Y job seekers Fewer and fewer middle management jobs : sought after by many Baby Boomers who may not have current, hands-on tech skills Few executive jobs : they were never plentiful Large supply of Baby Boomers, shrinking supply of manager jobs Execs Middle managers Staff professionals
  • 6. Unemployment, unfilled jobs Re-training Unem-ployed people, mostly lower-tech Unfilled jobs, mostly high-tech Perhaps filled by immigrants or overseas workers Americans generally will not relocate overseas for employment; and theyre too expensive for overseas companies to employ remotely A few, but not nearly enough, regular workers will re-train for high-tech jobs
  • 7. Retraining gray America Older displaced workers participate in community college schooling at significantly lower rates than younger displaced workers Per-period impact for older and younger displaced workers is similar one academic year of such schooling increases the long-term earnings by about 8 percent for older males and by about 10 percent for older females Older workers can learn, may choose not to Source: Should we teach old dogs new tricks? the impact of community college retraining on older displaced workers (http://www.chicagofed.org/publications/workingpapers/papers/wp2003-25.pdf)
  • 8. Engineering education Overall job opportunities in engineering are expected to be good, but will vary by specialty. A bachelors degree in engineering is required for most entry-level jobs. Starting salaries are among the highest of all college graduates. Continuing education is critical for engineers as technology evolves. Source: Bureau of Labor Statistics http://www.bls.gov/oco/ocos027.htm [Emphasis added]
  • 9. Michigan needs high-tech Michigan is in the midst of a major transformation from an industrial economy dependant on the automotive industry and traditional manufacturing, to one that is more diverse, and knowledge-based. Manufacturing will continue to be a significant player in the Michigan economy, but it will continue to transform into a more advanced field. Young Michigan jobseekers will likely be in higher demand as top-heavy industries shed retirement age workers, and service sector demand grows to accommodate the needs of those same retirees. The 21st century economy will require more specialized knowledge and basic skills than ever before . We must prepare our children; Michigans future depends on it. [Perhaps we should prepare our adults, too?] Source : The Western Wayne Oakland County Association of Realtors (WWOCAR) 2008 ANALYSIS OF MICHIGAN ECONOMIC AND HOUSING MARKET
  • 10. Summary of generations It may be that some underemployment that appears to be age discrimination may be lack of current technical skill or training The existence of open high-tech jobs in the midst of high unemployment supports this conclusion Baby boomers who acquire the most current technical skills and education may have improved job prospects
  • 11. To be continued For the full presentation, contact George Corser at [email_address] Send LinkedIn invitations to [email_address] . This is part of a presentation that will be delivered at the end of January 2009 at the Engineering Society of Detroit, www.esd.org . Visit the web site to register.