Older, more diverse and more educated – that is what U.S.-based organizations can expect from the workforce of the future. These characteristics may change slowly, but these changes will make a difference to how businesses attract, retain and grow their talent. Businesses that will thrive in the future are those that are making adjustments today, on everything from workforce planning to diversity initiatives.

There is a misperception that because of the size of the millennial generation and the even younger Generation Z entering from the wings that businesses will need to accommodate an overall younger workforce. But that is not the case. With 70 being the new 50, people are staying in the workforce longer. In 1994, the “over 55” age group made up 11.9 percent of the population. This number grew to 21.7 percent in 2014, and the Bureau of Labor Statistics (BLS) projects that 24.8 percent of the workforce will be over 55 in 2024.

This is a slow shift, but, over time, it is a meaningful one. Businesses must understand the changes that they will need to make to engage a workforce that they previously were handing golden watches to and sending off into retirement.

There’s not only growing diversity across generations but also in gender and race. BLS projections show women gaining shares in the overall labor force between 2014 and 2024 (from 46.8 percent to 47.2 percent). As the labor force participation of women increases, the labor force participation rate of men is projected to decline slightly. By 2024, less than 60 percent of the labor force is likely to define themselves as “white non-Hispanic,” a category that accounted for more than three-quarters of the labor force as recently as 1994.

Not only will the U.S. labor force become more diverse, but the global workforce is also diversifying. Over the next 20 years, Asia, North America and Europe will account for a smaller share of the global workforce than they do today, as the labor force in Africa and Latin America continues to grow.

And as workers become older and more diverse, they will also become more educated. This change is a result both of less educated individuals aging out of the workforce and of more educated individuals entering it. Deloitte projects that the share of the labor force with a BA or more advanced degree will grow from 33 percent in 2015 to 36 percent in 2025.

It is important to remember, however, that educational projections are just one indicator of how the labor force will be able to meet the needs of employers in the future. The skills needed for effective work are continually changing. It’s critical for business and government leaders to understand these demographic changes and directions, along with the changing nature of work and jobs. Some have already started making changes, but others are falling behind.

To stay ahead, businesses should consider implementing four key practices. The first is using data analytics for workforce planning and to better identify shifting demographics. These tools will allow business leaders to have better insight into their workforce and proactively prepare successful talent strategies.

Installing cross-generational and diverse talent pipelines will also be critical. By acting now, businesses can ensure that their leadership reflects their workforce – with representation across generations, genders and races. Deloitte’s 2017 Global Human Capital Trends report showed that most people believe companies have weak pipelines and insufficient training for millennial, women and other diverse leaders. Organizations that start addressing these issues now can strengthen their future workforce.

To develop future leaders, businesses will need to create talent strategies for workforce segments of all ages and at various career stages. Doing so means making adjustments for the different learning styles of younger and older generations and implementing relevant training programs for each stage of a worker’s career.

Lastly, employees need to be committed to learning, and businesses need to offer opportunities for lifelong learning and reskilling. Training polices need to support the constant evolution of business and functional knowledge and technologies. Education should not just focus on what is needed today but also on what skills and education will be necessary for future roles and opportunities. Facilitating formal degree or certification programs is a prime example of how employers can help give their employees the skills they need for the future.

As the workforce slowly changes, businesses that do not make changes now will find that attracting, training and retaining talent will become more difficult. Those businesses that take advantage of the tools they have readily available today will have a clear advantage tomorrow.