2045: The World is Changing

Shifting Global Demography  

The world is experiencing rapid demographic shifts. Globally, declines in fertility, increased life expectancy, and changing migration patterns have impacted the worldwide population (census.gov). The US in particular is seeing drastic shifts. According to US Census projections from 2018, “by 2030, all baby boomers will be older than age 65. This will expand the size of the older population so that 1 in every 5 residents will be retirement age” (census.gov). Four years later, in 2034, older adults are projected to outnumber children for the first time in U.S. history. This increase in an aging population will put a strain on the economy from the standpoint of social security and healthcare and will necessitate changes in the workforce in a variety of sectors.  

Why This Matters to Us. 

As a workforce advisory firm, we care about the why behind changes in our economy and work environments and frankly, you should too.   

  
By 2045, the total available work force in the U.S. will be “minority white”. Gen Z and younger generations have already begun to feel the shift (Brookings Institute). This, coupled with the aging population, means that in 20 years, black and brown people must be meaningfully represented in all levels of organizations, including the c-suite.  This is largely connected to the middle class, which is used to determine the overall health of the economy. 

Future-minded leaders are those who will take the necessary steps to attract, retain, and help their diverse talent thrive. Legacy planning will be more necessary than ever before to ensure vacated roles can be filled by competent and available talent.  Not only that, but your culture must also be ready to fully activate and amplify this exact talent. If we're honest, most workplace cultures have largely been diplomatic of the larger United States culture in that we are still segregated, if not by body certainly in our mindset. This concept of learning how to value people who are different from us has to happen in the workplace because it will not happen any other place and it's too consequential to keep ignoring or seeking band-aid solutions.   

This can be a daunting task, but you are not alone. We have devised The 2045 Organizational Readiness Framework to help you prepare.  

Be sure to check out our next blog on 2045: Macroeconomics to read more about the data behind these changes.

-Jaeden Thomas