For years, you have been hearing about the looming labor shortages that will occur when the baby boomers retire. The baby boomers are retiring, unemployment rates are rapidly declining, and labor markets are tightening. While the overall trend for mature economies is to experience growing tightness in their labor markets, labor shortages will vary by occupation, industry, and country. Is your company at risk of labor shortages? This Strategic Overview explains where and when labor markets will become tight, what implications that has for businesses, and what every function can do to mitigate the effects of labor shortages.