Summary: Demographic Changes In The Workplace

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Without question, dramatic changes in the workplace have occurred over the last several decades, with arguably the most notable changes shaping the last ten years alone given the technological advances that have transformed business as a whole. The speed at which we now communicate and the instantaneous access to information have enabled the globalization of business, created greater cost efficiencies, and in general, enhanced the overall effectiveness of organizations. Moreover, demographic changes such as the generational makeup of the workforce from Baby Boomers to Millennials, and the respective expectations of each, as well as the more prominent role that women now play, have all changed the dynamic and structure of the work environment. …show more content…
Technology has effectively removed borders, and competition among firms at present is immense. Therefore, as a result of this ever-competitive global landscape, organizations are hard pressed to continuously seek ways to reengineer processes, reduce expenses, and otherwise position themselves for financial stability in order to remain relevant and ultimately successful. Unfortunately, such measures often result in the outsourcing of jobs to emerging economies or general workforce reductions, as companies find ways of doing things better, faster, or cheaper. Spence (2011) argues that where the U.S. previously linked economic growth and employment as going hand in hand, the evolution of the global economy has demonstrated a divergence in the two. Consequently, where employees once enjoyed job security, or even promotions, in exchange for hard work and commitment, the same level of effort may not even enable them to retain their current position at present. Thus, due to this new workplace reality, psychological contracts and employment relationships will continue to be redefined (Chaudhry et al,

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