Preparing for the "Brain Drain"

What is the Brain Drain?

Perhaps you have started to notice the term "brain drain" more and more in the popular media. This term is being used to describe the anticipated loss of skilled talent from our workforce as members of the baby boom generation begin to retire.

The "baby boom generation" includes those born between the years of 1946 and 1964. The oldest in this group are now 60 or older and the youngest are in their 40's. Since this group represents the largest portion of our workforce, it is easy to see that large numbers will retire over the next 10-15 years. The impact of this phenomenon is expected to start being felt in the next five years.

How to Prepare for the Brain Drain

One very easy way to prepare for the brain drain is to increase entry-level hiring and develop programs to groom talent to replace anticipated retirees. If companies start now, they will have 5-10 years to develop the skills required to replace those possessed by retiring older workers. While this strategy may lead to a slight increase in short-term costs, this strategy should be viewed as an investment in the future. The long-term benefit should be decidedly positive and should substantially lower costs over the long haul.

The Importance of Hiring at the Entry-Level

At GradStaff, we have always been proponents of hiring at the entry-level. We often refer to it as "building your bench." Having a talented pool of hard-working, motivated employees at the entry-level is crucial to any company's ability to grow and weather change. The expected "brain drain" phenomenon is all the more reason to add talent at this level.

Proactive companies are recognizing the inevitable now and are making increased entry-level hiring a foundation of their long-term strategies. GradStaff is playing a key role in helping many companies achieve their goals. We are prepared to help you.