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The Coming Brain Drain

The Work & Family Trend Report (November 2004) raises concerns about the coming skills shortage.  Based on a study of the workforce in 30 countries by the Concours Group, Age Wave, and Harris Interactive, team member Bob Morison reports:

"There may be room for some debate about a future shortage of warm bodies, but the skills shortage is inevitable....In the '70's the workforce grew annually by 18%.  Now it's slowed to about 12%.   In the next decade, with half of baby boomers having had either one child or none, growth will slow down to between 3% and 4%; beyond 2020 we're looking at roughly 2%....Corporations will face a massive 'brain drain' as America's most educated, literate, and productive generation to date contemplates retirement.  Basically, we'll be going off a demographic cliff in 15 to 20 years."

According to the Trend Report, the situation will be even worse in Europe, where no country is having enough children to replace its population.  Particularly in Western Europe and Japan, shortages will hit sooner, be more severe, and remain chronic.

For more information on work force trends go to the Trend Report's web site, www.workfamily.com.

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