Speculations are doing rounds that when baby boomers will stop working, there will be more jobs available to the young of the US. But contrastingly, although there will be more number of jobs available, the number of appropriate candidates who will take over these jobs will be less. This is largely due to the declining birth rates. In line with this, we can say that, not far from now the world will be witnessing a major shortage of skills and labor that would throw the companies into a dreadful situation. Such a frightening situation will only worsen, if companies don't take initiatives to handle this crisis in time.

Countering the shortage of skills and labor seems to be the most formidable challenge of the near future. Numbers indicate that the population growth rate in the US is slowing down. During the current decade, the US population is expected to grow at 1.1% annually. But, after that, it will dip to 0.3% by 2030 and even further by 2050.

Adding to this, the employment projections from the US Bureau of Labor Statistics (BLS) indicate that as early as 2010 there won't be enough workers available to staff the nation's jobs. Companies need to realize the intensity of this ubiquitous threat and foster counter policies so as to hurdle past it. Estimates speak of a 10 million and 35 million worker shortfall in the US by 2010 and 2030 respectively. Three widely acknowledged demographic factors largely contribute to these alarming figures. They are the baby boomers and their disproportionate size, increasing longevity and declining birthrates. Baby boomers are those who are born between 1946 and 1964. A majority of these boomers, now in their retirement stage, are fuelling a crunch of experience, knowledge and skills through their exit. Increased life expectancy coupled with a dearth in the birth rates is also contributing in this direction. Now, to actually overcome this looming labor crunch, companies can essentially aim to segment their employees and target them segment-wise with a host of opportunities. The popular segments of the "employee-consumers" can be Mature Workers, Mid-career Workers and Young Workers. This new form of segmentation and targeting, aimed at understanding the individual needs and preferences of each segment, not only satisfies their "employee-consumers" but also ensures that the employers gain in on the retention problems and problems of labor crunch.

HRM Review Magazine, Labor Warehouse, US Bureau of Labor Statistics, Baby Boomers, Old Mature Workers, Corporate Restructuring, Mature Worker Segments, Flexible Work Arrangements, Flexible Working Styles, Business Excellence, Mid-Career Workers, Market Economy, Job Market.