Rapid and profound demographic change is leading to evolving communities with different business, social and individual challenges.
The world population is projected to reach 9 billion people over the next 25 years and to slowly top out at 10 billion people by 2050. This megatrend has continued to remain steady.
Demographic change also comes at different paces across the globe.
People across the world are also living longer and having fewer children. As they do so, populations start to age, with profound implications for the workforce as fewer people will have to support more people in retirement.
For every four working age people per elderly person today there will be just two people of working age to four elderly people by 2050.
For places like Europe this will mean we need to increase participation in the labour force from women and the elderly themselves, and possibly also increased reliance on immigration to sustain the workforce.
By 2050, Africa will be the major contributor to global population growth. Since we last examined this trend in 2017, more and more organisations are identifying the economic and population growth of Africa.
Demographic and social change will see governments and business finding huge opportunities as well as facing huge challenges, as the largest generation in history, millennials – those born between 1980 and 1995 – drive the economy.
Millennials and those that come after them are and will be more educated, and come with different expectations regarding opportunity, mobility, relationships and ownership.
We need to understand and address changing global needs around health care, retirement, flexible recruitment and calls for more women to join the workforce around the world, lifelong learning and development of new skills throughout people’s working lives.