Visual Support: An Agile Tool In The Face Of A Looming Workforce Crisis

By Thomas Cottereau, CEO at SightCall

Among the myriad issues confronting the U.S. economy today, one major problem receives too little attention: an aging workforce, and the impact of demographic trends on nearly every industry’s ability to innovate, grow and replenish itself with fresh talent.

Statistics compiled by the Population Reference Bureau suggest the number of Americans 65 and older will almost double from just over 50 million people to 95 million by the year 2060.

In 2018, about 24% of men and 16% of women over the age of 65 were active participants in the labor force, figures which, pre-pandemic, were projected to rise to 26% and 18%, respectively, in 2026. The U.S. Bureau of Labor Statistics concurs that older workers’ share of the workforce will grow, having previously projected an expansion of more than 4% for workers 65 to 74 by 2024, and more than 6% for workers 75 and older.

These are modest gains – but not enough to stop a looming crisis. Especially in the field service industry, older technicians have started to leave their roles in large numbers. Numerous enterprises have expressed concern about both knowledge loss related to the retiring workforce and an insufficient pool of incoming workers. A gap has opened between the two, growing wider as existing workers retire and new graduates avoid service or technical careers.