An “alarming” new study on the future of the labor market puts a spotlight on the lack of employees and a rise in workplace litigation this year.
“The report talks about how 2024, we believe, is going to be one of the most challenging years in the labor market in our lifetime,” RedBalloon CEO Andrew Crapuchettes said in a Fox News Digital exclusive.
“There’s a lot of different factors that are driving that. We see population decline. We see baby boomers retiring. We see a Gen Z workforce that is coming in and not doing productive things in the workplace… The thing that I think is the most alarming fact, though, in the entire report, and one of our big findings was the amount of litigation that’s happening in the American workplace today.”
RedBalloon’s report “2024: The Toughest Labor Market,” released Monday, breaks down the factors contributing to the challenging road ahead, but also provides employees with a possible solution.
“To summarize the situation employers face: there are less people overall, fewer working-aged people willing to work, more retirements, a higher number of jobseekers with mental health challenges, and an explosion in labor-related lawsuits against employers,” the report says.
One of the predominate factors is the evolving employable demographic. The study notes a decline in population growth is paired with an increasing number of boomers retiring, leaving the labor force to rely on more millennials and Gen Z.
Read more here from Fox Business.
