The phrase "gray drain tsunami" is one being heard more and more frequently in the business world, and with good reason.

As baby boomers, those born between 1946 to 1964, reach retirement age, the large amount of workers who can leave the work force could decimate the management ranks and hobble productivity at many corporations.

That's the warning issued by a report released by Ernst & Young, a professional services organization that helps companies to identify and capitalize on business opportunities.

In the report, human resource executives from Fortune 1000 companies were interviewed in an effort to benchmark corporate attitude regarding the aging work force and the related operational issues.

For example, more than 40 percent of survey respondents were "extremely concerned" about middle-management employees being most affected by the bran drain. Yet, less than 20 percent had a solid plan in place to deal with the issue. The gap between concern and strategy leaves the risk of 'wisdom withdrawal' as a major concern for American business.

In Indiana, the numbers reflect the national trend.

Indiana Workforce Development and the U.S. Census Bureau recently released a report titled, "Geographic Distribution and Characteristics of Older Workers in Indiana." Among the findings:

* Statewide, 14.4 percent of the work force was aged 55 or older, with five counties having numbers higher than 20 percent.

* Within Indiana industry, over 20 percent of the manufacturing workers were over age 55.

* Educational services were also at risk, with 21 percent of the work force age 55 or older.

Another government report, this one from the U.S. Bureau of Labor Statistics, projects that 43 percent of the labor force will become eligible to retire between 2004 and 2012.

Earlier this year, the American Benefits Council and the HR Policy Association addressed the U.S. Senate Special Committee on Aging. Their report included suggestions to keep older workers on the job longer, including recommendations for changes to when and how semi-retired workers can access their pensions and 401k savings.

Their goal was to allow older workers to continue to be employed part-time without being penalized for it.

David Slamkowski, owner of Slamkowski Recruiting in Munster, believes there still is time to stop the tsunami.

"It's good news that this subject is finally getting attention," Slamkowski said. "If companies and government attack the problem aggressively, businesses will be OK."

One option being looked at, both locally and nationally, is phased retirement, where older workers are allowed a flexible schedule that keeps them working part-time while training their eventual replacements.

"A big problem is the amount of undocumented knowledge that older workers have," Slamkowski said. "Experience with various scenarios has given these older workers the knowledge of how the business really works. It takes time to get the knowledge transferred to younger workers, who haven't seen it all yet."

The government can help by providing more training dollars for knowledge transfer.

"Training will be key in the upcoming years," Slamkowski said. "Having younger workers go at it side-by-side with experienced employees for as long as possible. Training dollars can help offset that cost and make it more doable, especially for mid-sized companies that are cash-strapped."

To help companies identify weak links, AARP now offers a Workforce Assessment Tool.

The free online device is designed to help employers gauge the impact of the aging work force on their businesses. The tool asks a series of questions about work force composition, practices and benefits. Once the assessment is completed, an individualized report will automatically be generated based on the answers.

"Some companies are unaware of their weak links," Slamkowski said. "Any tools that can help them identify areas of concern should be utilized."

More information on our aging work force, and its potential impact, can be found online:

American Benefits Council http://www.americanbenefitscouncil.org.

U.S. Senate Special Committee on Aging http://aging.senate.gov.

HR Policy Association http://www.hrpolicy.org.

AARP http://www.aarp.org.

Bureau of Labor Statistics http://www.bls.gov.

U.S. Administration on Aging http://www.aoa.gov.

U.S. Census Bureau http://www.census.gov.