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It’s been predicted that 78 million baby boomers will retire over the next 25 years, and the devastating effects will be felt around the world. If you’ve not heard about the baby boom crisis here’s what people have been saying and experiencing since 2003.

A group of researchers in Finland produced a report back in 2003 called, “Preparing for the Labour Market Change, Caused by the Baby Boom Generation”. It says that from 2010, the population will start to decrease, and by 2030 will have decreased by about 400,000 people, and that labour capacity will continue it’s downward trend through the 2010s, with 30,000 people walking out the door every year. And to make matters worse, we don’t have the young people to replace them.

However, Kevin Coyne from Coyne Partnership Inc. disagrees with this theory. He thinks that there is no loss to be had from boomers leaving the marketplace. As their slow departure will give the economy time to adjust itself.

David Walker, US Chief Accountant, would say otherwise. He’s noted as saying, that the US will see a major crisis in the near future, with the walk out of baby boomers, which will put the US economy on red alert.

But with so much hype comes complacency, a “it won’t happen in our company” syndrome, and due to this, very few companies are doing anything to get ready for the looming human capital crisis. They think that the crisis will pass them by, and that hiring and firing will be “business as usual”.

Hiding ones head under the duvet, and thinking this won’t happen to you is crazy thinking. And even if it doesn’t happen to you, it will certainly affect the companies you serve, which means it will effect you, one way or another.

If the facts are true, then this is a glimpse of how things could be within the next 18 months.

Buyers will stop purchasing your services in an effort to cut costs in an effort to slow down the threat of closure. And your once healthy list, slowly grows thiner as more and more of your clients face closure.

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

Smart companies who want to thrive now and way into the future, have no option but to start preparing for the overwhelming loss in human capital now, by putting into place a focused marketing campaign.

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