It’s been a slow journey for corporations, governments, and people to get to the realization that the global demographic is changing and things aren’t going back to the way they were in the past. CNBC is reporting that Microsoft president sees labor stagflation for years to come. Here is a critical quote:
The trend of around 5 million people expanding the U.S. working age population every five years since 1950 has shifted, starting in the period between 2016 and 2020 when growth slowed to 2 million, and is now slowing further, said Smith late last week, citing United Nations data. Major markets overseas have seen outright labor force declines.
CNBC.com
The article points out that the problem isn’t unique to the United States as Japan, China, and Europe have similar problems. We’ve pointed that issue out in China’s Own Demographic Problem and in Germany’s Demographic Problem.
The two major regions that have an abundance of young labor are Latin America and Africa with India another alternative however India and Africa are across vast oceans making migration difficult.
The article points out that Microsoft has been paying higher wages to attract and retain talent. We pointed out in our post, T-Rex Will Eat First, that large corporations will be in a position to pay high wages and benefits to retain the best people leaving all the other smaller businesses fighting over scraps left over by T-Rex.
Our advice is for an aspiring person seeking a high paying job for the foreseeable future consider looking at Fortune 500 companies as an employer of choice.
In the meantime, stay tuned and stay solvent.