As baby boomers retire over the next two decades, organizations face a growing shortage of experienced workers and a significant talent gap.
However, by engaging senior leaders and creating knowledge transfer opportunities, companies can gain a competitive advantage and turn the brain drain into a brain trust.
What Is Brain Drain?
Brain drain is the flight of human capital from the workforce. The term brain drain is often used to describe the movement of well-educated and highly skilled workers from one country to another. However, brain drain is not always linked to emigration.
In the U.S., the chance of top talent emigrating to other countries is low. The U.S. is ranked No. 3 in the world for its capacity to retain skilled professionals1.
The rankings are as follows:
The United States
For businesses in the U.S., retiring baby boomers are the primary factor behind brain drain.
The Impact of Aging Baby Boomers On The Workforce
Baby boomers are the largest generation in U.S. history.
24.3% of the total U.S. population are baby boomers2.