Major Shifts in the Workforce + Economy
The rate of entrepreneurial business formation has slowed and pace of business closures has increased. Business deaths now outpace business births for the first time since the late 1970’s.
Millennials have the best shot at leading an entrepreneurial recovery and by 2020 will represent the largest segment of the U.S. population. But they aren’t starting as many new enterprises as baby boomers were at the same age. The reason? They have entrepreneurial instincts but are seeking stability and opportunities in existing organizations.
In a generational reversal, Americans are now more likely to work for a large employer than a small one, a shift that’s rippling through the economy. Where there have been significant gains in U.S. jobs, big companies are gaining the most ground.
Whether scientific advances, technology breakthroughs, or new political and economic structures, everything is in flux – and everything demands innovative thinking. Especially in big companies, where more than 70% of senior executives believe innovation will drive growth for their company. Though 65% were not confident about their decisions to stimulate innovation.