The coming decade is fixing to transform the job market. According to a report from the consulting firm Bain & Co., people over the age of 40 will be the most strongly affected. For well-educated, high-earners, the landscape will soon be ripe with opportunity. Unfortunately for some, many blue-collar jobs will fall by the wayside.
It’s time for the hustlers to capitalize. Dust off your entrepreneurial hat. A new age is upon us.
Beware The Robot Revolution
Automation is about to explode. Bain and Co. estimates that automation will eliminate 20% to 25% of current blue-collar jobs come 2030. Roughly $40 million worth of jobs will be on the chopping block.
At the opposite end of the spectrum, individuals willing to strike out on their own will be able to lower their overhead costs significantly. If you’ve always had an idea for a private label product, now’s the time to make it. The robots are coming! The robots are coming!
Get Your Entrepreneur On
Paying factory workers is expensive. They require health-benefits, liability insurance, and a whole host of potential headaches. Robots are easier and more cost effective to manage. They rarely have to go to the doctor and almost never file lawsuits.
According to Andrew Schwedel, a partner in Bain & Co.’s New York office, “automation will make it much easier for a small business to access scale in ways it was hard to do in the past.”
Baby-Boomer Value Will Skyrocket
For the first time since the 1970s, labor-force growth is estimated to slow to a rate of 0.4% a year by 2020. With skilled workers in shorter supply, companies are going to want to hold onto experienced employees.
Companies will need seasoned minds helping to innovate and scale within the changing landscape. Baby boomers are anticipated to become a critical piece of the talent pool.
Sometimes it pays to be old(er). So much for the young-guns wedging out the veterans.