Baby Boom Crisis - don't say I didn't warn you

By Celine Horan

Since the turn of the century, it has been estimated that 78 million boomers will leave the workforce by 2033. And it's predicted that the repercussions will be felt worldwide. Here's what people have been saying about this phenomenon, if you've not heard about it.

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.

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.

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.

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.

Pretending that nothing will change, or that the change will not have an effect on the marketplace, may not be wise. And even if it doesn't effect certain industries, can you say with all honesty, that it won't effect some of your client base, which in turn will effect you anyway?

If the figures are correct, this is a quick peak at what could happen in the next two years.

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.

Fulfillment agencies, will feel the heat the most. As finding the right person for the job will become even harder than it is now. It's estimated that things will certainly grow worse in this area, before it improves.

We can't stop baby boomers retiring in their droves, but there are three key marketing tactics smart, forward thinking companies can put into place to protect themselves against the looming storm, and they 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

Forward thinking companies who want to survive and thrive in 2008 and beyond, have no choice but to start preparing right now, and these three marketing tactics are the way to go.

About the Author:

Ready for the babyboom crisis? Then get Celine Horan's free impact report now! Niche
Marketing stategist and b2b copywriter for the e-learning and professional development industry.