Workforce Trends: Demographics & the Loss of Expertise

 

There has been one overriding priority corporate issue for HR specialists over the last five years: Health care costs. But we are not interested in that priority in this blog. No, we are interested in the second highest priority in 2011:  "Large number of Baby Boomers retiring around the same time." In 2007, this issue was only #5. In 2006 it wasn't even on the radar.
(Source:  The SHRM Workforce Forecast 2011)

In 2011, the first baby boomer, born in 1946, will turn 65. For the next 18 years a very large number of workers are expected to retire. HR specialists realize the significant loss of intellectual capital and experience that will result if nothing is done. Of course, the recent financial crisis has delayed retirement for many of these seasoning citizens, which may be good news for those who need extra time to react to this demographic shift. If it's you, use that time wisely.

If your organization has a large number of workers in this demographic group, you will want to take special care to harness the knowledge and experience they have. Here are some ideas to get you started, but work with your HR specialists. They will be happy you see the same problem.

Mentoring . . . Chances are that your mentoring program, if it existed, has fizzled during the economic downturn. Crank it back up powered by the expertise  of workers with decades of experience. Remember that mentoring is more than coaching. It is a fast-track career development tactic for your best people - you know, the ones who are looking for new opportunities at other companies.

Centers of Excellence/Communities of Practice . . . Insert older specialists into groups that focus on process improvement so that they can impart their wisdom.  The least they can do is keep the organization from making the same mistakes over an over. Besides adding expertise they can exert a calming influence on the group or add the perspective of time to decision-making.

More ideas in my next post.