Predictions have been made that over 78 million baby boomers will ultimately face retirement within 25 years with drastic effects. The baby boom crisis has become the topic of many conversations and here is a snippet of what people have been saying since 2003.
The Ministry of Labour in Finland created a report called, 'Preparing for the Labour Market Change Caused by the Baby Boom Generation'. It calculated that after 2010 the population will begin to reduce and starting in 2030, it will go down by 400,000. This equates to approximately 20,000 people each year. Labor aptitude will also reduce after 2010 at a rate of 30,000 people each year. And the worst of it is, there will not be enough young people to replace them.
But lead researcher, Kevin Coyne of Coyne Partnership Inc., recently contradicted these predictions. He's on record as saying that given the current trends of delayed retirement, the total number of retirees over the next quarter century will be below 43 million and possibly as low as 32 million.
But David Walker would disagree. He's on record as saying that the mass exodus of baby boomers however fast or slow, will still have an effect on the US's financial system whether they like it or not.
You won't be surprised when I tell you that, with so much hype comes a kind of apathy, and few companies are doing anything right now to get ready for the looming crisis and think business will be the same as before.
Thnking things will be the same as before is crazy. True, many companies won't be so affected, but can you say hand on heart, that it won't affect the companies you serve - which in turn will affect you anyway; even if indirectly?
If the facts are true, then this is a glimpse of how things could be within the next 18 months.
Customers start withholding business to focus all their energies on preventing their organization from going under. Others will find their once healthy customer list, gradually fading away as a number of their clients go bust.
For recruitment companies, pressure will be fierce to replace lost human resources and will have to work doubly hard to fill the gaps - which won't be easy. In fact it's predicted that things will get worse before they get better.
Boomers leaving the workforce is nothing new, but to be able to survive the brain drain that will occur means companies will need to start putting a marketing plan into action now. The 3 strategies are to:
-- Understand how the looming human capital crisis could effect you -- Build a strong customer outline -- Design a razor-sharp marketing offensive towards building long term alliances
Companies who want to enjoy a boon and not a bust in 2008 and beyond, have no option but to start preparing for the overwhelming loss in human resources now, by implementing razor-sharp marketing tactics.
About the Author:
Are you ready for the babyboom crisis? Then get Celine Horan's free impact report now! Celine Horan is a niche marketing strategist, sales catalyst and expert who offers ROI boosting agency level copywriting services to the e-learning, LMS, training and professional development industry.
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