E89 | The End of Abundance: Demographics and the Future of Business

Australia is entering a period of long-term labour scarcity and rapid demographic change driven by ageing, low fertility, and migration-led population growth. Hari Hara Priya Kannan, Chief Data Scientist at The Demographics Group, explains why these shifts matter for business and the economy. She outlines how population trends influence workforce availability, consumer behaviour, and long-term planning, and why these forces are structural rather than temporary.  Hari discusses Australia’s increasing cultural diversity, the challenges of attracting and retaining talent, and the growing mismatch between skills supply and demand. She also explores how generational change is reshaping expectations of work, why small businesses can play a critical role in workforce development, and how AI will reshape tasks rather than eliminate jobs, increasing the value of adaptability, judgment, and human skills.  Takeaways  Australia’s labour shortages are structural, driven by ageing populations and low fertility.  Most population growth now comes from migration rather than natural increase.  Businesses must plan for constant workforce churn and intensifying competition for talent.  Australia’s workforce and consumer base are becoming more multicultural and multi-generational.  Younger generations prioritise purpose, flexibility, and alignment over traditional career loyalty.  Small businesses can attract talent through authenticity, growth opportunities, and mentorship.  AI is replacing tasks, not people, increasing demand for human judgment.  Adaptability and continuous learning are essential skills in a rapidly changing economy.  Follow Hari Hara Priya Kannan https://www.tdgp.com.au/ https://www.linkedin.com/in/hari-hara-priya-kannan/  Books on this episode Adapt: Mastering change in four steps by Andrea Clarke https://amzn.to/3LtNtFC  Watch the episode on YouTube: https://www.youtube.com/@TheEvolutionPartners  Newsletter – each week I share interesting insights, articles and ideas you can use. Join other leaders and subscribe to The Evolution Partners newsletter  https://evolutionpartners.com.au/subscribe/  Books – Learn more about our books https://evolutionpartners.com.au/books/ Made to Thrive: The practical, prescriptive guide on how to be a great CEO Onboarded: How to bring new hires to the points where they are more effective faster. A business case for leaders on why you should commit to an effective onboarded process. Onboarded for Managers: Helping managers bring new hires to the point where they are more effective faster. Bigger isn’t Better, Better is Better: Avoiding the pressure of endless growth to build a better business (and better life)  Follow me: on https://au.linkedin.com/in/bradleygiles on https://twitter.com/Evolution_Perth  Enjoying the show? Leave a review Support the show: https://www.facebook.com/evolutionpartnersperthSee omnystudio.com/listener for privacy information.