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November 09, 2007
Few Employers Capture Boomer Know-How
BOSTON, November 9, 2007 — Only one
quarter of large organizations are making any effort to
transfer knowledge from retiring baby boomers to other
employees, according to a survey of 2,046 human resource
executives by Novations Group, a global consulting and
training firm based in Boston. Just 4% have created a
formal process to pass on know-how, while 23% report doing
so informally.
Has your organization created a way of transferring
knowledge from retiring babe boomers to other
employees?
|
Yes, a formal process
|
4%
|
|
Yes, an informal process
|
23%
|
|
No, but we plan to
|
29%
|
|
No, and we have no plans to
|
44%
|
"Despite wide concern about loss of institutional
know-how and industry expertise as boomers retire,
employers have been slow off the mark in seeking a
solution," said Novations Executive Consultant Tim
Vigue. "The clock is ticking, and it’s
surprising so little is being done."
Vigue conceded that some boomers may not plan to retire any
time soon. "Organizations can’t assume one way or
the other and have to probe boomer attitudes and plans. In
certain cases, boomers may be persuaded to continue working
part-time or on a contract basis."
Nevertheless, every organization needs to assess its risk,
Vigue advised. "They have to examine the
organization’s demographics department by department,
conduct an inventory of critical key skills and knowledge,
and find the prospective gaps. Overall the outlook may be
okay, but one or two areas may be facing trouble."
Many organizations will need to set up a formal knowledge
transfer system, predicted Vigue. "The system may be
technology-based, or be just ample documentation. In
addition, pairings of boomers with younger managers for
this specific purpose will become common."
According to Vigue, organizations have seldom faced this
kind of dilemma. "The boomer cohort represents about
one-fifth of the workforce and most of senior corporate
leadership. These people may be gone within five
years."
The Novations Group Internet survey of 2,046 senior human
resources and training & development executives was
conducted by Equation Research.
Novations Group is a leading provider of consulting and
training services on four continents. Novations is
recognized for its expertise in diversity & inclusion,
employee engagement, talent management, employee selection,
leadership development, organization communications, sales
training and customer service.
Contact: Pat FitzGerald, Novations,
617-787-2163, pfitzgerald@novations.com,
or Phil Ryan, Ryan Public Relations, 845-339-7858.
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