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Workforce » Labor Shortages

Why It's Important

The aging of the population will substantially affect certain occupations and industries. Those most affected are educational services, health services, public administration and some manufacturing. Public policies and private practices, however, often overlook the potential contributions of older workers and encourage them to retire prematurely. Job training, employment services and educational instruction are needed to assist some older adults who choose to change jobs or re-enter the workforce.

See Data By: Richmond MSA | Virginia | National

How Richmond Is Doing

While the differences are yet subtle, the Boomer labor force participation rate and the proportion of Boomers as a total percentage of the labor force are slightly higher in Richmond and Virginia than they are nationally, suggesting that the Commonwealth and the MSA may feel this impact more acutely than other areas. (ODP BUSINESS LEADER, 2008)

Over the next five to ten years, 30 percent of area employers say their top concern is finding skilled, educated employees (ODP BUSINESS LEADER, 2008)
Fourteen percent of area employers say their top concern five to ten years out is an aging workforce (ODP BUSINESS LEADER, 2008)
Over the next five to ten years, findings skilled employees and an aging workforce are the top concerns of area employers (ODP BUSINESS LEADER, 2008)

Top Concerns Amoung Area Employers, Five to Ten Years Out

(ODP BUSINESS LEADER, 2008)

How Virginia Is Doing

While the differences are yet subtle, the Boomer labor force participation rate and the proportion of Boomers as a total percentage of the labor force are slightly higher in Richmond and Virginia than they are nationally, suggesting that the Commonwealth and the MSA may feel this impact more acutely than other areas. (ODP BUSINESS LEADER, 2008)

Over the next five to ten years, 30 percent of area employers say their top concern is finding skilled, educated employees (ODP BUSINESS LEADER, 2008)
Fourteen percent of area employers say their top concern five to ten years out is an aging workforce (ODP BUSINESS LEADER, 2008)
Over the next five to ten years, findings skilled employees and an aging workforce are the top concerns of area employers (ODP BUSINESS LEADER, 2008)

Top concerns among area employers, 5 to 10 years out

How the U.S. Is Doing

While the differences are yet subtle, the Boomer labor force participation rate and the proportion of Boomers as a total percentage of the labor force are slightly higher in Richmond and Virginia than they are nationally, suggesting that the Commonwealth and the MSA may feel this impact more acutely than other areas. (ODP BUSINESS LEADER, 2008)

According to the American Geriatrics Society, There are 7,128 board certified geriatricians in the US, or 1 geriatrician for every 2,546 Americans 75 or older. By 2030, that ratio is expected to drop to one geriatrician for every 4,254 older Americans. (AGS)