Tucson, Ariz.–In five years, more than one-fourth of the population will be between the ages of 20 and 34, half of them will be women, and a growing number will be multi-racial or multi-cultural.
This demographic change means that not only is the workforce changing, but the target consumer groups and the way they are shopping and being targeted by retailers is shifting.
In an education sessions held at the AGTA GemFair Wednesday, Kate Peterson (of Performance Concepts but for the Diamond Council of America) discussed the changes that jewelers will see over the next half-decade and what it means for their business.
Here are the trends and prediction Peterson gave for what the workforce will look like by 2020, what it means for retailers, and how they can adapt.
1. It will be more diverse. Sixty-three percent of workers will be white while 20 percent will be Latino, and 50 percent will be female by the year 2020. Additionally, for the first time there will be four or even five generations working together at once.
What this means for retailers is that there will be new challenges in recruiting, training and engaging those various groups. The good news is that employers that leverage the wide variety and diverse backgrounds for a broad exchange of ideas and knowledge could see significant payoffs, Peterson said.
“The good news is that employers that leverage the wide variety and diverse backgrounds for a broad exchange of ideas and knowledge could see significant payoffs.”
2. There will be more corporate social responsibility. In the future, even more emphasis will be placed on the importance of people and the planet. What this means for retailers that decide to actively participate in the community is that not only will the efforts benefit their local towns and cities, but also will help in recruiting efforts since so many job seekers gravitate toward companies that are socially responsible.
3. Businesses will rely more on social technology. With the rise and increasing importance of social networks and communication tools, there are even more ways for businesses to facilitate communication, learning and collaboration within and even across businesses.