The first of 78 million baby boomers turned sixty four years ago, and 2008 was supposed to see a huge number of retirements. But then the economy faltered, housing values plummeted, retirement portfolios shrank, and boomers who thought they had planned for financial security decided to postpone retirement for a few years. Now that those boomers are turning 64 and the economy is recovering, employers better start giving serious thought to the wave of retirements that is sure to come – if not this year, soon, predicts MRINetwork®, one of the world’s largest search and recruitment organizations.

“When the first boomer began to draw benefits, the Social Security Administration dubbed it the start of ‘America's silver tsunami,’” says Tony McKinnon, president of MRINetwork. “It didn’t happen at that time, but it may be happening soon. And while it may not be a tsunami, it will cause some major turbulence in the workforce.”

McKinnon observes that the recent preoccupation with a struggling economy and high unemployment rates has obscured the fact that demographics affecting the workplace haven’t changed. “As far back as 1960, the American economy has benefited from the strong growth of the 20-to-64 age group, historically considered the primary source of the labor force,” he says. “A demographic shift, however, is already underway that will result in a large increase in the 65-and-over age group and a decline of the 20-to-64 age group.”

The U.S. Bureau of Labor Statistics projects a labor force of 162.3 million individuals in 2012 and expects that the economy will require 165.3 million jobs to be filled, which translates into a significant shortage of workers. “This will have a huge impact on hiring in the years ahead,” says McKinnon. “Companies need to be aware of and take action as the search for top talent becomes highly competitive again.”