The demographic makeup of the U.S. workforce is changing. We are looking towards a more diverse America where the future of U.S. workforce will be younger, more diverse (than today), digitally connected, and care about sustainability (including transparency).
Here are the four charts that show the workforce trend going forward.
#1. Millennials are the Largest Group in U.S. Workforce
It’s official that millennials overtake baby boomers as the largest generation. In 2015, the millennials generation surpassed Generation-X and baby boomers to become the largest segment of American workforce, where one-in-three American workers are millennials.
Millennials are those who were born between 1980-2000.
#2. Very Diverse Workforce
In 2010 census, minority children accounted for 46% of the population under 18 (2010) vs 31% in 1990 and they’re bilingual (more than their parents).
Since 2000, the three racial groups that have experienced growth are, Hispanics (39% increase), Asians B (31%), and mixed race (46%). According to Pew Research, by 2055, there won’t be no majority racial group.
#3. Smartphone Nation
The staggering number of smartphone users.
- By February 2016, 198.9 million people in the U.S. owned smartphones or 79.3% market penetration.
- Yes Apple sold the most number of smartphones (41.9% users) followed by Samsung (27.8%), however, Android phones (52.7%) still leading the platform use followed by Apple (43.1%). (source: comScore)
- It is estimated that the U.S. will have nearly 220 million smartphone users by 2017, which roughly corresponds to ten percent of the estimated number of all smartphone users worldwide for that year. (source: Statistica)
By 2020, eMarketer forecast 276.7 million people in the U.S. will have at least one mobile phone.
#4. Work for Purpose
According to Deloitte Millennials Survey, two-thirds of millennials surveyed “they express a desire to leave the organization by 2020.” Generation of future leaders also want businesses to focus more on 3Ps — people, products, and purpose and less on profit — if they want the next gen to stay with the organization.
How these trends going to impact?
- Business: emphasis diversity and inclusion, potential for creation of (new) products, and going digital.
- Individuals: The world is connected 24/7. Some jobs will be eliminated, some will be relocated to other countries, and some will be created. This is the reality. Your competition is not only those who live in the U.S. but also people from around the world. The only way to keep yourself employed is to keep reinventing.
- Relationship building still matter — tolerant, understanding of other cultures, and collaboration.
Where do you see yourself here?