Most often, the phrase "brain drain" refers to the mass exodus of a nation's smartest and most talented people to countries that can offer them better opportunities. But there's a new definition today, one that is expected to change the nature of business as we know it in as few as three years.

By 2008, "the first big wave of Baby Boomers will begin to retire, resulting in a huge gap in the overall workforce," said Ainer Aijala, vice chairman of Deloitte Consulting and global service area leader of the firm's human capital practice.

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