Grey Matters

Although your own retirement may seem like a far off fantasy world, I've got news for you -- you'd better start thinking about how mass retirements could impact your future. Is your business (or organization) prepared for the aging of its workforce? (If you're in mining, coal, utilities, primary metals or ground transportation business; you'd better start thinking about it!) Understanding the implications of population dynamics is also essential for economic and workforce development professionals. For those investing in our region's economic competitiveness, retirements could seriously change the way they do business. Key questions to consider: Are there particular industries that will be particularly hard hit by retirements? Are businesses planning for a workforce shortage? Are employers restructuring their businesses to address future brain drain? Will this spell opportunity for younger workers or attempts to retain older employees? Finally, does the aging of our population present unique opportunities for economic development? So many questions... And now for some answers (or at least better questions)...The Carnegie Mellon University's Center for Economic Development has conducted a study on behalf of the Three Rivers Workforce Investment Board, "Managing the Changing Workforce in Southwestern Pennsylvania: A Closer Look at Issues Related to Our Region's Aging Workforce." This report explores the issue and examines how changing demographics may shape the future of the region. Read the report here. The Institute of Politics will conduct a series of events to promote dialogue and action on this topic. Our first event is a forum on June 23rd, "The Aging of the Workforce: Crisis or Opportunity." To receive an invite to the event, please contact me at vkl1@pitt.edu.