Louis Chenevert Shares Details About America’s Aging Workforce

Louis Chenevert spent the first 36 years of his professional career in the manufacturing industry. He is now in the financial industry working as an exclusive advisor at Goldman Sachs. He is originally from Canada and graduated from the University of Montreal’s HEC school. He has a bachelor of commerce degree in production management.

The first stop in his career was at General Motors. He spent 14 years there with a good part of it as the production general manager at their factory in St. Therese, Quebec. He joined Pratt & Whitney Canada in 1993 and then became the president of Pratt & Whitney. In 2006 he joined this company’s parent firm, the multinational conglomerate United Technologies Corporation. He was brought on board as their chief operating officer and president. In 2008 Louis Chenevert was named as the new chief executive officer and two years later he became the chairman of the board.

It was commonly thought for a long time that as a person got older their health would negatively impact their careers and the number of things they could do would become more limited in scope. As it turns out that isn’t the case at all. According to the National Center for Health Statistics, fewer than 25% of adults over 65 in the United States say that they are in fair to poor health. They have no plans to retire and, unfortunately, often don’t have the money saved up to do so anyway.

A lot of industries now have an older workforce. Louis Chenevert says that about 20% of the aerospace workforce is now eligible for retirement benefits as they are 62 or older. Many of these people will in all likelihood continue their occupations for several more years to come.

This does, unfortunately, impact younger workers, he says. In the past older workers would retire which freed up jobs for younger workers. This is no longer the case, Louis Chenevert says, which means that younger people are having trouble finding jobs in a number of industries. While leading UTC he made it a point to make sure everyone at his company had opportunities to advance their careers through things such as the Employee Scholar Program.

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