Listen. Hear that great big sucking sound? That's the vacuum forming as baby boomer retirees get ready to flee the work force. The generation born between 1946 and 1964 currently makes up more than a third of the working population within the United States. Should they retire en masse, the sudden depletion of leadership, knowledge, and experience across organizations and industries would be devastating.Fortunately, even the most pessimistic of Cassandras deem that scenario unlikely. Lack of retirement savings, globalization, and increased productivity are all expected to offset the talent void. With people living longer and relying on self-funded retirement plans rather than the pension plans of old, Americans are likely to shun early retirement or even continue to work full- or part-time into their so-called sunset 70s. What's more, some of the depletion will be solved by companies outsourcing jobs overseas or by productivity improvements that enable fewer employees to produce the same output."Ten years ago I would have predicted a major deficit leading to a huge war for talent," says Cynthia Shapiro, author of Corporate Confidential, 50 Secrets Your Company Doesn't Want You To Know—And What To Do About Them. "But a lot of baby boomers can't afford or don't want to retire, and globalization has changed everything in a big way."'Still, most human resources and employment experts foresee the labor pool shrinking enough to pose a significant shortfall—one for which companies are woefully unprepared. "A lot of organizations aren't looking strategically at this," says Cynthia Scott, Ph.D., M.P.H., senior vice president at Lee Hecht Harrison, who predicts a "significant, if not drastic labor" shortage. "They are in denial."In fact, only six percent of companies have asked employees approaching retirement age about their retirement plans, according to a recent survey by the global outplacement consultancy Challenger, Gray & Christmas, Inc. "The consequences of not making the appropriate staffing plans in the face of a retirement surge could be dire," says CEO John Challenger, who dubs that lack of planning a "shocking failure... At the very least, the retirement of key employees could lead to a significant decline in customer service that could, in turn, result in lost business. Unfortunately, our survey suggests that many companies are going to find this out the hard way."What companies can doWhat can companies do to assess and address the ramifications of the forthcoming brain drain? Plenty, say labor force experts. Polling employees to gauge the severity of the retirement exodus is a critical first step. The situation is expected to vary widely by geography and industry, hitting some industries—like healthcare, manufacturing, retail—earlier and harder than others. As of 2000, the average age of a registered nurse was 43, and the average age of an auto industry worker is currently 55.Employee surveys can't change demographics, but they can clue a company into what the future holds. According to a recent Wall Street Journal article, for example, the Fort Collins, Colorado-based Platte River Power Authority's employee survey found that a whopping 40 percent intended to retire over the next five years.Having a handle on just how dire the problem is likely to be enables companies to begin developing retention and recruitment programs before the crisis hits. "In the tech boom of the '90s the talent war hit so suddenly that companies were scrambling," recalls Scott. "Basically you would hire anybody who could fog a mirror."But already, she reports, proactive companies are finding innovative ways to address the issue. Home Depot, for example, offers a "snowbird" employment program geared toward the former contractors the home improvement chain relies upon to provide knowledgeable in-store help. "They team with the American Association of Retired Persons to hire 20,000 retiree associates," says Scott. "They work in Florida in the winter and up north in the summer."Smart companies will create legacy programs that connect retiring workers with emerging talent to smooth the transition, she explains. "You want to assist knowledge transferal by bringing the boomers shoulder-to-shoulder with emerging leaders for coaching and mentoring." Flexible work, partial retirement, and succession planning programs are other avenues progressive companies are exploring to attract and retain employees, as well as to retain the knowledge and loyalty of potential retirees. As the pendulum swings toward an employee's job market, companies that want to retain their best workers and attract new talent will need to reinvigorate their employee programs."A lot of what companies have been saying about being family friendly is a myth," asserts Lisa Mainiero, a NAFE member and professor of management at Fairfield University. "Telecommuting and flextime are available but only at your manager's discretion—and some managers won't allow it."The tighter labor market coupled with the employment concerns of a new generation may prompt some welcome changes, adds Mainiero, who coauthored The Opt Out Revolt: Why People are Leaving Companies to Create Kaleidoscope Careers with fellow NAFE member Sherry Sullivan, an associate professor at Bowling Green State University. "Our research shows that people—particularly the next generation of workers—are increasingly prioritizing flexibility and work/life balance over money," she says. "And despite the media hype that focuses on women leaving, this shift in attitude about work affects men as well. In this environment, companies that don't adopt truly family friendly approaches will have a real problem."What you can doFor savvy employees, the coming brain drain presents an opportunity. A talent war is a great time to negotiate more perks, higher compensation, or greater work/life balance. "Employees can ask for more and be choosier when there's a tightening of the market," says Richard Bayer, chief operating officer of the Five O'Clock Club. "Wait until you have an offer, but don't be shy about negotiating better pay or more vacation time. Just be sure to make a merit- or market-based case for what you're asking."But planning ahead and taking a long-term approach will net the most benefits. Taking a hard look at the demographic trends within your industry and job sphere will help you target areas with the greatest opportunity and prepare for them. Once you've homed in on an area, seek out opportunities to sharpen the skills and contacts you'll need to land your next job. "Don't just wait for the talent pool shift," says Scott. "Read the newspaper, do your homework, set your goals, and figure out what you can do to get there."Ultimately, as with any job hunt, planning, perseverance, and people are the principal components of success—with people heading the list. "As leaders leave a company they flag their replacements," she says. "Partnering with boomers who will retire in the next few years is a great way to position yourself for advancement, as is building your network. People with thick networks do better." Employees: Working the Brain DrainIn a job interviewBe positive. Interviewers will ask for a whole range of negativity—from your worst traits to your worst boss. Your response? "Find a positive spin," counsels Cynthia Shapiro, a former HR executive turned book author. "Have prepared several stories of a challenge you worked through with a successful outcome or that became a learning experience. You never want say anything negative."  Beware the Small TalkWhile employers are legally banned from asking about your personal life, such as your health or family status, there's no law against trying to get you to volunteer it. "Any personal information you share during the pre- or post-interview chitchat will lessen your chances," warns Shapiro, who says working moms pay a hefty price for slipping into family talk. "A recent Cornell study showed that the more children an interviewee said she had the less likely she was to get a job—and her salary dropped by an average of $11,000 for every child." Always negotiate Woe to the woman who fails to negotiate. Accepting a company's first offer may forevermore mark you as unworthy of respect. Because hiring managers are incented to bring people in for the lowest salary possible, it's up to you to up the ante. "Always wait until an offer is on the table and always assume the first offer is a lowball," advises Shapiro. "But don't ask for an outrageous number. Research the market rate for the position and respectfully make a case for more. Say something like, 'Thank you so much, but I was really hoping for x.' You can slide it back across the table twice without losing the opportunity." Within your companyAdvocate for change—as a group. "Change happens when employees push for it," says Lisa Mainiero, a professor and book author. "When employees form groups and say this is what we need, C-level people start listening."Look for hidden agendas The path to the top isn't always clear. "Don't go by what the company says, go by who they promote and who they remove," notes Shapiro. "Sometimes the behaviors that are rewarded aren't politically correct—so they won't be articulated."Be a cheerleaderWork anywhere for a while and a little negativity is bound to creep into your attitude. Squash it. Advancement is all about behavior, not skills and how hard you work, asserts Shapiro. The more you are a positive supporter for a company, the better you will do there.This feature orginally appeared in NAFE magazine. To join Working Mother Media's sister organization, the National Association For Female executives, click here.