Aging population will keep talent pool tight even in a recession, a Glassdoor economist says

Listen to the article 2 min Workers will continue to have bargaining power next year, […]

Workers will continue to have bargaining power next year, despite a potential recession, a trends report released Wednesday by Indeed and Glassdoor said.

Economists say that demographic patterns like the aging population will keep the U.S. labor market tight for years to come. Couple that with workers’ evolving preferences for remote work, higher pay, better benefits and schedule flexibility, and employers will continue to struggle to attract workers, the report said.

“The overall workforce is getting older. That will drive a lot of the tightness we’re going to see,” Indeed Chief Economist Svenja Gudell told HR Dive.

Top 5 Trends
  • Workers will have more power and leverage because of the aging and shrinking labor supply.
  • Remote jobs will be more desirable for workers, making in-person positions hard to fill.
  • Benefits, such as healthcare, retirement and paid time off, will differentiate one employer from another as workers deal with inflation.
  • Company culture will be a recruiting tool as workers seek more happiness and wellness.
  • A company’s commitment to diversity, equity and inclusion will affect hiring and retention.

Employers can bolster their workforces by turning to alternative talent pools, such as the formerly incarcerated; older adults; those with disabilities; or immigrants, Gudell told HR Dive. And they can compete with other employers by offering stronger benefits, remote work options and retirement packages, she said.

Remote work can open up the talent pool, too, Gudell said.

“We’ve seen a lot of disabled people entering the workforce because they don’t have to do the daily commute,” Gudell said.

And working mothers may be more likely to return to the workforce if remote work or schedule flexibility are options. Seventy-seven percent of workers said remote work made career advancement opportunities more equitable, according to the Nov. 3 results of a survey by Care.com, a digital care marketplace, and Mother Honestly, a benefits platform.

 


The original article can be found at: HR Dive