DELIVERING ACTIONABLE INSIGHTS ON THE DAY’S NEWSAs only McKinsey can
Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
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Postponing retirement. US companies are employing a greater share of older workers as more Americans take incremental steps toward retirement, the Washington Post reports. Since 1987, the percentage of people aged 65 and above who are continuing to work has roughly doubled, the Pew Research Center has found. Many retirement-age workers find “bridge jobs”—that is, part-time employment or roles outside of their fields—as they downshift from their careers, according to a labor economist. [WaPo]
Skills-based studies. US colleges reversed a ten-year trend of declining enrollments when they added 176,000 students to their rosters in 2023, Fortune notes. That doesn’t necessarily point to a revival of four-year liberal arts institutions, however. Community colleges that offer vocational training experienced the biggest increase in enrollments, likely reflecting burgeoning interest in skills-based training and hiring. A survey of 1,500 students found that nearly 70% of Gen Zers think that they can succeed without earning a college diploma. [Fortune]
All about the manager. 2023 was the year of the manager, McKinsey partners Bryan Hancock and Brooke Weddle share on an episode of the McKinsey Talks Talent podcast. After decades of thinning out middle management, organizations are investing more in the leaders that they have, Weddle says. They’re also asking how technology can be used to ease the burden of administrative work, reflects Hancock, who together with expert Bill Schaninger and McKinsey partner Emily Field cowrote the recent book Power to the Middle.
No degree necessary. Looking ahead in 2024, momentum for skills-based hiring is continuing to grow. More than 15 US states say that they will systematically review job descriptions to see where they can eliminate college degree requirements, Hancock explains. HR leaders are also focusing on developing internal talent; some companies are starting to develop a reskilling and upskilling platform for their most hard-to-fill roles, Weddle says. Listen to the full podcast episode for more trends that will redefine the talent landscape in 2024.
— Edited by Belinda Yu, editor, Atlanta
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