Future of the U.S. Workforce: Expert Insights from Transamerica’s Second Report in Prescience 2026 Series

May 16th, 2023

Transamerica has unveiled the second report in the company’s innovative Prescience 2026 series. This broad study, which pools insights from 58 distinguished panelists representing various industries, aspires to assist business leaders and advisors in the creation of employee benefit programs by anticipating future trends. The latest report concentrates on U.S. economic trends that impact defined contribution plans, the labor pool, and employment policies.

Phil Eckman, President of Workplace Solutions at Transamerica, shared his enthusiasm for the report, stating, "Our Prescience 2026 series is designed to offer valuable insights that help organizations make data-driven decisions regarding employee benefits and retirement planning. By tapping into the collective wisdom of our esteemed panelists, we aim to present a well-rounded view of the future of the U.S. workforce, empowering businesses to adapt and prosper in a rapidly changing environment."

Panelists predicted an overall increase in workforce participation, expecting levels that have not been reached since 2012. About three-quarters of the panelists agreed that U.S. workforce participation will continue to grow, in part due to increased participation from individuals over age 65. Factors such as increased financial responsibilities and improvements in health could cause workforce participation among individuals ages 65 to 75 to rise as much as 30% by the end of 2026.

Panelists were split regarding workforce participation among those ages 16 to 24—40% agreed that participation in that age group will decline by year-end 2026, while more than a third (36%) of the panelists disagreed.

The second report follows the release of the first Prescience 2026 poll, which focused on employee financial well-being. This informational series is expected to release future polls that examine regulation, technology, workforce dynamics, human capital management, investments, plan design, participant education, and communication in relation to retirement plans, employee benefits, and financial well-being.

Read the report here.

Transamerica Retirement Solutions, LLC (Transamerica) is a leading provider of customized retirement plan solutions for mega-, large-, and mid-market organizations. Transamerica Retirement Solutions works with financial advisors, consultants, and third party administrators to cover the entire spectrum of defined benefit and defined contribution plans, including: 401(k) and 403(b) (Traditional and Roth); 457; profit sharing; money purchase; cash balance; Taft-Hartley; multiple employer plans and pooled plan arrangements; nonqualified deferred compensation; and rollover and Roth IRAs. For more information, visit www.transamerica.com.