As Baby Boomers prepare to approach retirement age, economists are predicting an exodus from the U.S. labor force that could affect the majority of businesses and shape a new job market. A recent report by the Sloan Center on Aging & Work at Boston College predicted that by 2010, members of the Baby Boom generation will make up just 37 percent of the workforce - an 11 percent decrease from 2000 - and leave behind 10 to 15 million jobs. Stephen Sweet, a contributor to the Sloan Center report, commented, "Changing age demographics don't have to disrupt a business - they may present new opportunities or competitive advantages." However, the report revealed that 77 percent of the 696 employers surveyed had not considered how retirement rates would affect their company's future needs, and about one-third said they lacked sufficient programs for recruitment efforts. While the retirement wave may upset the operations of some businesses, it may brighten the spirits of job-seekers, especially after the Bureau of Labor Statistics (BLS) reported a 10.2% national unemployment rate in October. The BLS predicts that the computer science and healthcare fields will experience the most industry-wide growth in the coming years.  |