Open innovation, social media and the baby boomers

January 1 was a very significant date that came and went with not too much fanfare, however the ramifications of the event that took place on this date will reverberate through Canada and the U.S. for decades to come. This was the day that the first set of baby boomers turned 65.

Canada’s baby boomers account for about one-third of the entire population, and represents a significant brain trust as it relates to technical know how. Think of professionals, engineers, scientist, doctors, business people, skilled laborers, etc.

As this group retires, the tax injection is likely to decrease by a significant margin for governments and it will happen at the same time that both governments and companies have to pay out more retirement benefits than ever before. All this coupled with the fact that there are less workers to fill the void.

Across the border in the U.S., the story is very similar. Approximately 10,000 baby boomers a day will reach 65.

According to a study done in California, three of the biggest pension funds are $500 billion short of meeting future obligations.

In Illinois the reported $33.7 billion Teachers’ Retirement System is 61 per cent underfunded and on the verge of collapse.

The U.S. has long been the technology leader in the world and many of its greatest scientists and innovators are all about to hang their hat up and head to Florida, if they can afford it. Read the rest of the article here:

http://www.canadianbusinessjournal.ca/features/april_11_features/open_innovation_social_media_and_the_baby_boomers.html