There are a few undercurrents that are fueling the labor shortages. The first is that baby boomers are retiring. This mostly startedlast year but going head strong this year. If hearing stories of my friends and observing my own parents they are getting out and looking to stop working.
Many Millennials are now taking over for the high paying and upskill jobs that the Boomers are retiring from. This means a lot of service jobs where Millennials have been working are vacating.
Finally, and the reason we have massive labor shortages is there aren’t enough GenZ to replace Millennials and Boomers. The outcome is what happens to a country when it depopulates.
As Boomers continue to retire this year and next the likely outcomes are longer wait times or more of those QR code ordering machines. One likely positive that may happen is that companies may become more lenient with their work schedules to allow retirees to return to work part time once they get the golfing and boat building out of their system.
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