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The Baby Boomer generation bore witness to some of the biggest upheavals since the industrial revolution. But with more of the Boomers retiring every year, companies are facing the loss of some of their most experienced workers. It’s impossible to hold onto everything the retiring employees brought to the company, but smart organizations can hold onto the knowledge of the Boomers through a five-stage strategy that many successful companies employ:
1. Analyze and anticipate retirement patterns.
Successful companies conduct track when employees will reach retirement age, and what segments of the company will be affected. For example, it can be helpful to know when senior management positions will come due for retirement, as opposed to skilled technical workers and other key positions. The American Association of Retired Persons (AARP) has resources which businesses can use in order to assess the retirement demographics in their own company, and thus determine what knowledge and skills they may be faced with losing.
2. Offer compelling alternatives to retirement.
Companies that want to retain the knowledge of the Baby Boomers find innovative ways of doing so. This can range to keeping an employee on retainer after they retire to allowing them to move to a part-time or consulting role, as well as setting up forums for aging employees to express their own needs. In the current economic climate, many employees choose to work after their retirement age, so long as they can still take a step back and reduce their responsibility. HR departments in adaptable companies are prepared to consider out-of-the-box solutions for employees who have proven their dedication to the company.
3. Understand potential retirees’ thoughts at an individual level.
Long-time employees are often loyal to the company and willing to work to see it succeed. Successful companies talk to them about their desire to retire and their schedules for doing so. When an employee has a definite end date in mind, the company works with them to determine the best way to transfer their knowledge to others within the organization or the organization itself. HR departments also stay engaged throughout the later years of a potential retiree’s employment, keeping apprised of their plans, concerns, and intentions.
4. Transfer skills and knowledge.
When a senior employee is bound to retire, the company can work to connect them with an emerging leader for mentorship. Senior employees who don’t have specific teaching skills may receive training or other assistance in transferring their skills. Similarly, emerging leaders may receive training or instruction in the history and context of the skills they’re to be trained in, and are encouraged to ask questions and delve deeply into the retiree’s knowledge – even when their questions don’t seem directly related to the job at hand.
5. Facilitate transfer of knowledge.
Wise companies now recognize that knowledge transfer varies from position to position, and from employee to employee. Some employees may teach or learn best in one-on-one mentorship positions, while others may find that working together on intergenerational task groups offers the best opportunity for growth. Still others may want to contribute to a wiki, knowledgebase, or series of screencasts or video tutorials. A company that casts a wide net is likely to be more effective in capturing the knowledge of its retiring Boomers than one that specifies a one-size-fits-all approach to knowledge transfer.