Illustration: Eniola Odetunde/Axios

Two global mega-trends — automation and aging — are coming together to upend the future of work.

Why it matters: The world is aging, and older people are a larger share of the global population than ever. But a critical lack of job retraining programs targeting workers over 50 is putting this growing population at risk, per a new report from the research arm of professional services firm Marsh & McLennan.

The state of play: Older workers are under-appreciated in the global workforce, says Yvonne Sonsino, one of the report's contributors.

  • In 2015, workers over 50 contributed $7.6 trillion to the American economy, and that's projected to go up to $13.5 trillion by 2032.
  • But the average older worker in the U.S. is working a job that's more than 50% automatable — meaning over half of the tasks included in the job can eventually be done by a machine. These occupations include everything from heavy manufacturing jobs to clerical, back-office work.
  • Most upskilling and reskilling programs — whether at community colleges or through boot camps — are geared toward younger people. But it's actually cheaper to train older workers who have decades of experience in the workforce than it is to train new graduates, the researchers found. In the U.K., for example, the government spends around $840 per learner aged 25–49, compared to around $420 per learner aged 50–74.

The bottom line: Just 4% of companies around the globe surveyed by the World Economic Forum in 2016 say they see the value in investing in their older employees.

Go deeper: Robots are stepping in to help solve the worker shortage driven by aging

Go deeper

Updated 31 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: Studies show drop in COVID death rate — The next wave is gaining steam — The overwhelming aftershocks of the pandemic.
  4. Education: Schools haven't become hotspots.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

CEO confidence skyrockets on expectations of layoffs and wage cuts

U.S. consumers remain uncertain about the economic environment but CEOs are feeling incredibly confident, the latest survey from the Conference Board shows.

Why it matters: Confidence among chief executives jumped 19 points from its last reading in July, rising above the 50-point threshold that reflects more positive than negative responses for the first time since 2018.

Louisville officer: "Breonna Taylor would be alive" if we had served no-knock warrant

Breonna Taylor memorial in Louisville. Photo: Brandon Bell/Getty Images

Sgt. Jonathan Mattingly, the Louisville officer who led the botched police raid that caused the death of Breonna Taylor, said the No. 1 thing he wishes he had done differently is either served a "no-knock" warrant or given five to 10 seconds before entering the apartment: "Breonna Taylor would be alive, 100 percent."

Driving the news: Mattingly, who spoke to ABC News and Louisville's Courier Journal for his public interview, was shot in the leg in the initial moments of the March 13 raid. Mattingly did not face any charges after Kentucky Attorney General Daniel Cameron said he and another officer were "justified" in returning fire to protect themselves against Taylor's boyfriend.