It has been witnessed that the current job market is becoming increasingly competitive as an influx of middle-aged and older laborers has entered, combined with younger workers as previously thought. Although this pattern will undoubtedly have some negative consequences, solutions can be taken to mitigate these potential problems.
A cutthroat job market would manifest itself in far-reaching impacts on society. From a societal viewpoint, with limited openings in the market but an overabundance of job seekers, high unemployment rates are inevitable. Unemployment equals heightened financial pressure for both the younger and older workers, especially the latter as they have families to provide for. If driven to the edge of poverty, people are likely to commit financial crimes such as robbery to make a living, endangering the law and order of any region. Additionally, due to the aging working population, older employees unfamiliar with newer technology and methodologies would impair the average productivity, signaling an economic downturn.
The following solutions have been suggested to improve the situation: One of the most crucial approaches to address this problem is to create more job opportunities. For instance, governments can help recently developed industries by lowering tax rates and interest rates and giving subsidies for small- and middle-sized enterprises, especially start-ups. Therefore, such companies will have the support to expand, offering more positions in the market. Another measure is to emphasize education, such as infrastructure building, to encourage innovation and research from the younger generations. Similarly, additional training should be provided to the older workforce, to ensure their technological proficiency.
In conclusion, various measures can be taken to tackle the problems that are certain to arise as the job market continues to embrace older employees, resulting in increased tension.