[Excerpt from “From the Annointed Few to the Collective Many: How Workplace Communities Will Transform Your Business”, January 2008, Mzinga]

“Talent Management” has become an entire industry and is inclusive of subjects such as competencies, skills, and performance appraisals. At a more basic level, though, talent management is about finding, developing, and retaining key talent within the organization. Framed this way, it’s clear that talent management has always been and will always be the cornerstone of corporate success.

In the next 10-15 years, this issue will take on increased significance as the Baby Boomer generation etires. Between 2000 and 2020, 75 million Boomers will reach retirement age. Generation X, with only 45 million workers, lacks the sheer numbers to make up the gap. While these numbers are daunting, the percentages are actually much worse in most other developed countries, particularly in Europe, where over 43% of the population will be 65 or older by 2030 (Kinsella & Velkoff, 2001). For global organizations, therefore, this demographic shift and its impacts will be felt globally, not just in the United States.