Study: Aging MetroWest Workforce Presents Challenges
A large portion of MetroWest, which includes major workforce centers like Marlborough, Framingham, Natick, Franklin and Hopkinton, contains a population that's far more educated than average, but one that's also older than average.
So says a joint study released today by the Executive Office of Labor and Workforce Development's (EOLWD) Commonwealth Corp. and the Federal Reserve Bank of Boston's New England Public Policy Center.
"Companies are already facing the challenges of an aging workforce," said Joanne Goldstein, secretary of EOLWD. "Some companies have developed innovative strategies that benefit both their workers and their bottom line. We must build on opportunities to meet these challenges."
Of the working-age population of the 43-town region, which the study calls Metro South/West, 55 percent were 45 years of age or older between 2008 and 2010. Only 25 percent was younger than 35 years old.
At the same time, with age has come wisdom – or at least education. Nearly 54 percent of working-age residents in the region had bachelor's degrees or higher, which the study called an "extraordinarily high" amount. The state average is less than 36 percent.
An educated workforce has benefited the region, providing a stronger recovery from the 2008 recession.
But the growth rate of such degrees is slowing, suggesting to the study's authors that the region needs to bring in new residents or commuters to help fill a skills gap that will widen as the workforce ages and retires.
"Looking forward, the region faces the challenge of replacing older workers as they retire from the labor market," said Yolanda Kodrzycki, vice president and director of the New England Public Policy Center. "The coming wave of retirements will likely create attractive employment opportunities for younger labor-force participants, but only to the extent they manage to acquire the needed degrees and skills."
The study says partnerships between educators and employers will be crucial to get younger residents a foothold in the labor market.
Read more
WBJ Web Partners
Most Recent
Most Recent
0 Comments