As more baby boomers put off retirement, Gen Xers to move up in workforce.
Yet a Moody’s study this year found that older workers are broadly hurting productivity, or output per labor hour, and thus the economy. Based on data from payroll processor ADP, Moody’s found that from 2013 to 2016, the greater a company’s share of workers 65 and older, the lower its wages and wage growth. Since pay increases are closely correlated with productivity growth, Moody’s concluded that older workforces curtail productivity increases.
“Boomers are limiting the ability of millennials and Gen Xers to achieve their potential,” Zandi says. Noting that productivity has increased an average 1% a year since the recession, down from 2% the prior decade, Zandi estimates the aging workforce can be blamed for about half the decline. A growing number of firms are also jettisoning or minimizing traditional corporate hierarchies in favor of horizontal tracks that encourage employees to work in teams and rotate through different roles, says Hatfield of Deloitte. Eventually, those workers, armed with more diverse skills, can choose among various career ladders.
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