Workforce Trends to Know About
Like sea glass smoothed by ocean waves, multiple forces are reshaping the workplace. As organizations adapt to technological advances, economic pressures, generational workplace demands and a host of other factors, new workforce trends emerge. Here are three key trends, and how to plan for them.
- The use of freelance workers is rising, and more people are working remotely. According to a study conducted by Mercer, 79% of executives say they expect freelance workers will replace full-time workers in the years ahead. This is especially true within certain industries, including automotive, consumer goods and financial services and for job functions that have transferrable skills, such as project management.1 Freelance workers typically do not receive healthcare, retirement or other benefits and their hours tend to be variable, so pay is uncertain. If you anticipate the possibility of becoming a contract employee, talk to your Luma Wealth Advisor about insurance solutions, retirement savings options and why an IRA rollover may make sense.
- Older workers are at risk of being displaced. Although an increasing number of people now work beyond age 652 others, unexpectedly, retire sooner than planned. According to a recent Gallup poll, non-retired Americans say they anticipate retiring at age 66, yet the average age of retirement is 61.3 Some older Americans face age discrimination, and when they do they can have trouble bouncing back.4 To protect your wealth, talk to your Luma Wealth Advisor about creating a plan that includes an early retirement scenario.
- Some industry sectors will grow, others will decline. Due to an aging population, the healthcare and social assistance sectors are expected to grow the fastest in the near-term, adding an estimated 4.6 million jobs by 2028. However, employment in retail and wholesale sales and related fields are expected to decline due to the rise of e-commerce.2 If you work in an at-risk industry, talk to your Luma Wealth Advisor about any career concerns and for ways to diversify your wealth through investing.
No one knows what the future holds, but you can plan for many possibilities. Your Luma Wealth Advisor can help you anticipate life events to help you live life to the fullest. Contact your Luma Wealth Advisor or join us for an educational event to learn more about planning for tomorrow.