In the coming decades, the world's population size and age-structure will undergo dramatic changes mainly due to low fertility rates, the retirement of the baby-boom generation and the continuous increase in life expectancy.

Moreover, technology had triggered a "secular change in society and the economy", resulting in the "flat world" and the rise of the "knowledge worker". The expansion of "high value knowledge intensive services" and the move towards more individual work patterns was forcing corporations to adapt to different ways of operating. This development has produced knowledge workers who have "multiple careers" and do not expect to retire at 60 or 65. Following a transformation perspective and taking into account the recent changes of the society, policy makers need to take an holistic approach. It will be important to take into consideration generational roles and responsibilities as well as take a new and positive perspective on the following issues:

• Life Planning & Career Planning
• Formal Educational Attainment
• Lifelong Learning
• Employee - Employer Contract
• Solidarity between Generations
• CSR

The paper produced by EFMD will firstly give some data on the current trend of the ageing population. Secondly, it will explore the threats and the opportunities that lie behind the future retirement of the baby-boom generation with particular emphasis on the category of the knowledge workers. The third chapter will present some reflection on successful answers that public and private sectors may give to the ageing phenomenon. In the end, some concluding remarks will give some input for discussion on the role that business schools should play in order to face the ageing trend.

There is no doubt that fundamental innovation in our social systems, in management and in lifelong learning will be required to address these issues. Apart from a general rethinking of social security and pension models, the real challenge is to preserve collective intelligence through the mobilization of management and leadership capabilities beyond current retirement dates and move education systems in the direction of genuine lifelong learning.

In this context, EFMD can facilitate a dialogue and can also influence change in this area, thanks to its network of contacts in the European Union and thanks to its role as a bridge between academia and business schools.

As result of this paper, a lively discussion might rise:

• What role should the business schools play to actively help to address the issue of an ageing workforce?
• What type of curricula changes should be planned and implemented to support 2nd and 3rd careers?
• Should the EFMD take an active role in identifying best practices in this field and use its networking vehicles to promote the understanding and knowledge of the issue and solutions to it (conferences, workshops, advisory services, publications etc.)?