• FREE RESOURCES
        • Creating a Legally Sound Remote Work Policy: The 5 Biggest Pitfalls to Avoid
          Creating a Legally Sound Remote Work Policy: The 5 Biggest Pitfalls to Avoid
          Employment Law
          FMLA Cheat Sheet: A Handy At-A-Glance Guide
          HR Career & Self-Care
          Lead Magnet: 110 Traits of Highly Effective HR Pros
          11 Traits of Highly Effective HR Pros
          Recruiting
          New Employee Checklist
          Recruiting
          How to Write a Job Description Worksheet
  • PREMIUM CONTENT
        • SEE MORE
          PREMIUM RESOURCES
  • HR DEEP DIVES
  • CORONAVIRUS & HR

  • LOGIN
  • SIGN UP FREE

HR Morning

  • FREE RESOURCES
        • Creating a Legally Sound Remote Work Policy: The 5 Biggest Pitfalls to Avoid
          Creating a Legally Sound Remote Work Policy: The 5 Biggest Pitfalls to Avoid
          Employment Law
          FMLA Cheat Sheet: A Handy At-A-Glance Guide
          HR Career & Self-Care
          Lead Magnet: 110 Traits of Highly Effective HR Pros
          11 Traits of Highly Effective HR Pros
          Recruiting
          New Employee Checklist
          Recruiting
          How to Write a Job Description Worksheet
  • PREMIUM CONTENT
        • SEE MORE
          PREMIUM RESOURCES
  • HR DEEP DIVES
  • CORONAVIRUS & HR
  • Employment Law
  • Benefits
  • Recruiting
  • Talent Management
  • Performance Management
  • HR Technology
  • More
    • Leadership & Strategy
    • Compensation
    • Staff Administration
    • Policy & Procedures
    • Wellness
    • Staff Departure
    • Employee Services
    • Work Location
    • HR Career & Self-Care
    • Health Care
    • Retirement Plans

Bureau of Labor Statistics: Workforce participation rate declining

too many jobs too few workers
Rachel Mucha
by Rachel Mucha
October 20, 2021
1 minute read
  • SHARE ON

At a time when employers are already having difficulty hiring, a new analysis from the Bureau of Labor Statistics (BLS) shows this challenge won’t be ending anytime soon.

The BLS reported that the labor force participation rate is declining, on track to go from 61.7% in 2020 to a projected 60.4% in 2030. This is due in large part to Baby Boomers retiring and a decreasing birth rate, resulting in fewer people available to work.

This means there will be an even smaller talent pool to fill the already numerous open positions.

Fewer young workers

So with Baby Boomers retiring, are younger workers picking up the slack? According to the BLS, no. The number of young workers (age 16-24) has been declining the past few decades and is expected to continue to trend downward through 2030 as well, due to delayed entrance to the workforce.

Prime-age workers (25-54) has been declining as well, but will likely hold steady into 2030.

More jobs added

With the job market bouncing back as the pandemic winds down, many employers think labor woes are over. The BLS predicts the U.S. will add almost 12 million jobs through 2030 — but only 8.9 million people are slated to newly enter the workforce by then, and the current labor pool will continue to decline. There simply won’t be enough workers to fill all these jobs.

Low-wage jobs (jobs that pay less than $32,000 a year) are the ones that will be the most difficult to fill, the BLS believes. This is because there will be about 7 million jobs that don’t require a college degree, and but only about 3 million unemployed people who don’t have degrees.

Fill Open Positions Fasters

Jobs in leisure, retail and hospitality will be difficult to fill too, because many employees are looking for the ability to work remotely.

Rachel Mucha
Rachel Mucha
Rachel writes about Human Resource management and has been a member of the HRMorning staff since 2017. She is a graduate of Ithaca College.

Get the latest from HRMorning in your inbox PLUS immediately access 10 FREE HR guides.

I WANT MY FREE GUIDES

Keep Up To Date with the Latest HR News

With HRMorning arriving in your inbox, you will never miss critical stories on labor laws, benefits, retention and onboarding strategies.

Sign up for a free HRMorning membership and get our newsletter!
  • This field is for validation purposes and should be left unchanged.
HR Morning Logo
  • Facebook
  • Twitter
  • Linked In
  • ABOUT HRMORNING
  • ADVERTISE WITH US
  • WRITE FOR US
  • CONTACT
  • Employment Law
  • Benefits
  • Recruiting
  • Talent Management
  • Performance Management
  • HR Technology
  • Leadership & Strategy
  • Compensation
  • Staff Administration
  • Policy & Procedures
  • Wellness
  • Staff Departure
  • Employee Services
  • Work Location
  • HR Career & Self-Care
  • Health Care
  • Retirement Plans

HRMorning, part of the SuccessFuel Network, provides the latest HR and employment law news for HR professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, HRMorning delivers actionable insights, helping HR execs understand what HR trends mean to their business.

Privacy Policy Terms of Service
Copyright © 2022 SuccessFuel

WELCOME BACK!

Enter your username and password below to log in

Forget Your Username or Password?

Reset Password

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.

Log In

During your free trial, you can cancel at any time with a single click on your “Account” page.  It’s that easy.

Why do we need your credit card for a free trial?

We ask for your credit card to allow your subscription to continue should you decide to keep your membership beyond the free trial period.  This prevents any interruption of content access.

Your card will not be charged at any point during your 21 day free trial
and you may cancel at any time during your free trial.

preloader