The NAFCU Journal January-February 2020 - 8

THE BOTTOM LINE

The Labor Force of Tomorrow
By Curt Long

T

oward the end of last year, the
U.S. Bureau of Labor Statistics
(BLS) released its latest labor
force projections through the
next decade (2028). Many of the forecast changes are already well underway and represent the interactions of
demographic, technological, policy and
economic forces, to name a few. While
no one has a crystal ball, the projections serve as a useful starting point for
credit unions to consider the potential
changes to their own labor forces, and
how they must change to attract and
retain talent in order to better serve
their members well into the future.
One of the more significant evolutions in
the labor force will come as no surprise:

aging. The relative sizes of the baby
boomer and millennial generations are
expected to lead to significant increases
in their respective age cohorts (see chart
below). The latter will be responsible for
more than 4.6 million estimated new
workers in the 35- to 44-year-old category by 2028. But whereas the influx of
millennials to the workforce has received
no shortage of attention from media and
employers alike, the much larger change
at the upper end of the age spectrum
probably deserves more consideration
than it is receiving. The 65-and-over
category is anticipated to grow by more
than 60 percent - or 6.1 million workers - by 2028. If these forecasts bear out,
that age cohort will represent nearly 10
percent of the overall labor force.

Not only will the labor force become
older, it will be more diverse. The number of laborers is expected to grow by
8.9 million by 2028, and 5.4 million of
those are expected to be female. Labor
force participation rates fell by roughly
the same amounts for males and
females following the financial crisis,
but since 2015, the return of females
to the labor force has been far more
dramatic. While numerous theories
were offered as to why males were not
returning to the workforce at the same
rate as females (the appeal of video
games being one notorious example),
researcher Ernie Tedeschi from Evercore ISI has identified a more likely
candidate: a rise in stay-at-home husbands. Others have focused attention

PERCENT CHANGE IN LABOR FORCE, 2018-2028

AGE
8

THE NAFCU JOURNAL  JANUARY-FEBRUARY 2020



The NAFCU Journal January-February 2020

Table of Contents for the Digital Edition of The NAFCU Journal January-February 2020

The NAFCU Journal January-February 2020
Contents
Conferences
From the Chair
2020 Advocacy Priorities
The Bottom Line
Leadership Download
Warning: Speed Bumps Ahead
Stepping Into 2020
2020 Vendor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal January-February 2020 - The NAFCU Journal January-February 2020
The NAFCU Journal January-February 2020 - Cover2
The NAFCU Journal January-February 2020 - Contents
The NAFCU Journal January-February 2020 - 2
The NAFCU Journal January-February 2020 - Conferences
The NAFCU Journal January-February 2020 - From the Chair
The NAFCU Journal January-February 2020 - 5
The NAFCU Journal January-February 2020 - 2020 Advocacy Priorities
The NAFCU Journal January-February 2020 - 7
The NAFCU Journal January-February 2020 - The Bottom Line
The NAFCU Journal January-February 2020 - 9
The NAFCU Journal January-February 2020 - Leadership Download
The NAFCU Journal January-February 2020 - 11
The NAFCU Journal January-February 2020 - Warning: Speed Bumps Ahead
The NAFCU Journal January-February 2020 - 13
The NAFCU Journal January-February 2020 - 14
The NAFCU Journal January-February 2020 - 15
The NAFCU Journal January-February 2020 - 16
The NAFCU Journal January-February 2020 - 17
The NAFCU Journal January-February 2020 - Stepping Into 2020
The NAFCU Journal January-February 2020 - 19
The NAFCU Journal January-February 2020 - 20
The NAFCU Journal January-February 2020 - 21
The NAFCU Journal January-February 2020 - 22
The NAFCU Journal January-February 2020 - 2020 Vendor Directory
The NAFCU Journal January-February 2020 - 24
The NAFCU Journal January-February 2020 - 25
The NAFCU Journal January-February 2020 - 26
The NAFCU Journal January-February 2020 - 27
The NAFCU Journal January-February 2020 - 28
The NAFCU Journal January-February 2020 - 29
The NAFCU Journal January-February 2020 - 30
The NAFCU Journal January-February 2020 - 31
The NAFCU Journal January-February 2020 - 32
The NAFCU Journal January-February 2020 - 33
The NAFCU Journal January-February 2020 - Executive Spotlight
The NAFCU Journal January-February 2020 - Management Insight
The NAFCU Journal January-February 2020 - Compliance Central
The NAFCU Journal January-February 2020 - 37
The NAFCU Journal January-February 2020 - Inside NAFCU Services
The NAFCU Journal January-February 2020 - 39
The NAFCU Journal January-February 2020 - From the President’s Desk
The NAFCU Journal January-February 2020 - Cover3
The NAFCU Journal January-February 2020 - Cover4
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