By Sabrina Lynch
- McDonald’s is banking on Baby Boomers to fill 250K jobs
- 22.9% of Black Baby Boomers are available for work
McDonald’s (MCD -1.03%) is turning to the talents of Baby Boomers to fill 250,000 job openings this summer. In collaboration with AARP, a non-profit supporting older seasoned Americans, the fast food restaurant chain will be posting roles on their work channel to help people aged 50+ land a new gig. In an industry with a high turnover rate, just how many Black Baby Boomers are available for these types of jobs?
Why This Matters: At present nearly a quarter, 22.9% of Black Baby Boomers are available for work, a clear indication that employers like McDonald’s are tapping into the right demographic to spur its labor force. According to the U.S. Census Bureau, the 65-and-over population will nearly double over the next three decades to 88 million by 2050. This means in the next five years one in four U.S workers will be aged 55 or older.
With limited options available, the older generation is opting to remain in the workforce longer to salvage depleting retirement funds. In the first quarter of this year alone, weekly earnings for workers aged 55 to 64 were only 0.8% higher, hindering their ability to adequately save.
The 65-and-over population will nearly double over the next three decades to 88 million by 2050
Out of the 11.4 million jobs expected to be added to the U.S. economy over the next seven years, nearly half will be filled by Baby Boomers. Since African Americans are twice as likely as their white counterparts to be unemployed, heavy pressure falls on Black senior citizens to find work and avoid the financial consequences of this disparity.
Situational Awareness: African-Americans workers born between 1944 and 1964 possess business acumen that laid the foundation of today’s economy. They have held companies accountable and drastically shifted social values through the civil rights movement. These workers are a valuable commodity and can re-shape the economy at large if deployed correctly.
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