It was thought for quite some time that the candidate pool would move from Baby Boomers to other generations. Yet, the landscape has changed in a different way. What is happening and what does this mean for your potential hires? Learn more about a diverse candidate pool and what it means for your business.
Who’s In, and Why Is This Surprising?
In the past, it was thought that Baby Boomers would be retiring and a new generation of workers would take their place. Yet, Baby Boomers are working longer before retirement. In fact, according to Gallup,
Americans’ average self-reported age of retirement has slowly moved upward. Gallup conducted several polls in the early 1990s and found that the average retirement age was 57 in both 1991 and 1993. From 2002 through 2012, the average hovered around 60. Over the past two years, the average age at which Americans report retiring has increased to 62.
So you cannot count the Baby Boomers out yet.
Who’s also in? The Millennial Generation. These are known as Generation Y, and are born between 1982 and 1994.This generation is actually the largest workforce at over 53 million. Next up is Generation X, which is almost as close, at over 52 million. And the Baby Boomers have solid numbers at almost 45 million. As you can see, the workforce is pretty diverse with each generation fairly even in numbers. When we expected the Baby Booms to dwindle in numbers, while they may have the lowest number in the workforce, they’re not to be discounted.
A Diverse Candidate Pool: What It Means for Your Business
What does this mean for you and your business? This means not only are you going to see more candidates, but they are going to be more diverse. This also means you’re going to see a varying degree of experience, skillset, and mentality.
You’ll need to make sure your employment ads speak in a language every generation can understand. Some companies may want a younger crowd due to what kind of business they run. Others may want more experienced people. But neither should feel that way and exclude others. A diverse candidate pool is the best for any business. You get a variety of experiences and mindsets. Something to keep in mind when hiring.