High Percentage of Workers Close to Retirement Age

Openings for skilled workers as older workers retire are seen as the biggest challenge facing manufacturers in this economic policy report from Connexus Indiana and CBER Muncie.

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When these workers leave, we will need skills to replace them. What is your plan?

Openings for skilled workers as older workers retire are seen as the biggest challenge facing manufacturers in this economic policy report from Connexus Indiana and CBER Muncie.

“The most significant challenge facing Indiana’s manufacturing firms is the very high percentage of workers nearing retirement age (more than 1 in 6 workers over the next 10 years).”- CBER Manufacturing and Labor Market Frictions, Connexus Indiana, CBER Muncie Indiana.

“Since 1998, the share of manufacturing workers age 55 to 64 has grown from 9.8 percent to 16.8 percent, which is a 71-percent increase in share in less than a generation’s time. This rapid growth is because of the movement of the baby boom generation into near-retirement and retirement years. Although this transition is occurring across the economy, it is larger and growing more rapidly in manufacturing.” 

And it is not just in Indiana. This trend can be seen nationwide. Skilled workforce: our greatest challenge.

What is your plan?

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Originally posted on PMPAspeakingofprecision.com blog.