Generational shift: Nearly half of Bulgaria’s workforce will be over 55 by 2044

Sofia: In the next 20 years, nearly half of Bulgaria’s workforce is expected to be over the age of 55, reflecting a significant aging trend in the country. A study by the Bulgarian Chamber of Commerce (BCC) reveals that if this trend continues, the proportion of older workers could reach 48 percent, with two-thirds of the employed population representing older generations. This demographic shift has been analyzed across five economic sectors: canning, woodworking and furniture, metallurgy, beer production, and petroleum product trade. The research was conducted under the “Together for Sustainable Employment” project, a collaboration between the BCC, the Ministry of Social Affairs, and the Confederation of Independent Trade Unions of Bulgaria, running from 2024 to 2027.

The study highlights that the workforce has decreased by an average of 16 percent over the past five years, driven by factors like the reduction in the number of enterprises in some sectors and the impact of the COVID-19 pandemic. The most significant decline has been in the furniture industry, while the brewing and metallurgical sectors have remained relatively stable.

The growing age stratification in the labor force presents challenges, with four distinct generations—each with different values, work attitudes, and behaviors—now coexisting in the workplace. Managing these generational differences and leveraging their strengths for corporate benefit is becoming increasingly challenging for companies. The study suggests that effective management of age diversity requires shifting focus from organizational needs to people-centric strategies. This includes implementing programs that foster an inclusive work environment where all employees feel valued and can maximize their potential.

The study also identifies several issues faced by enterprises, including low motivation, reluctance to learn, and a lack of efficiency and creativity among workers. Additionally, communication skills and stress management are noted as significant challenges for both management and staff.

Employee turnover is another concern, particularly among younger generations. The survey indicates that nearly one in four workers aged 27-39 have left their jobs in the past two years. Generation Y, or Millennials, are the most sought-after in the job market and are quick to change jobs if their expectations are not met. Generation X, aged 40-54, also shows a high turnover rate, primarily driven by concerns over salaries.

The study also points to deeply rooted prejudices and stereotypes related to age that continue to influence workplace attitudes and relationships. These biases are particularly pronounced among younger generations, with Generation X and Generation Z displaying more ageist attitudes than their older counterparts. Conversely, older workers, especially those in Generation T (55-65+), often exhibit self-directed ageism, harboring incorrect beliefs and barriers related to their age group.