As the economy continues to pick up, there is much less financial pressure for employees to remain in their jobs. In that regard, organizations are focusing on creating knowledge retention programs to keep talented employees and retain the knowledge of retiring baby-boomer employees. What does this mean for your organization? Focusing on knowledge retention is critical for the future.
Jay Liebowitz, author of Knowledge Retention, Strategies and Solutions states, “As baby boomers approach retirement age and the work patterns of younger workers constantly change, many organizations worldwide are experiencing a far-reaching knowledge bleed. Therefore, it is imperative that organizations find ways to best leverage and retain that vital knowledge before workers leave the organization and attrition occurs.” One of our clients recognizes that 40% of their employee population will retire in the next five years. As a result, they have created a competency model to ensure that not only current employees know what the skill sets are needed for each position, but that they can also attract and retain employees with the right skill sets to ensure the future success of the organization.
Some ideas on knowledge retention and transfer are not new. Mentoring programs, both formal and informal, have been in place in the workplace for years. Other programs such as identifying competencies that are needed, training and developing staff, as well as creating and formalizing succession planning for key leadership positions and/or all positions are all crucial. Whether you dust off some of the programs you have created in the past or start fresh, it’s crucial to begin focusing on knowledge retention to make sure your organization remains competitive in your market sectors.
