MANY organisations are failing to capture critical workforce knowledge and experience from older employees facing retirement, and few organisations are transferring that knowledge to newer employees, a recent survey in the US has found
MANY organisations are failing to capture critical workforce knowledge and experience from older employees facing retirement, and few organisations are transferring that knowledge to newer employees, a recent survey in the US has found.
A survey of more than 500 full-time workers between 40 and 50 years of age found that 45 per cent of organisations do not have formal workforce planning processes and/or tools in place to capture their workplace knowledge.
Additionally, 26 per cent said their organisations will let them retire without any transfer of knowledge. Only 20 per cent anticipate an intensive, months-long process of knowledge transfer prior to their leaving, 28 per cent believe the knowledge transfer process will last one or two weeks and 16 per cent anticipate an informal discussion with others in the organisation prior to retirement.
“If they don’t act soon, organisations will face a major exodus of institutional knowledge, as their most experienced employees leave the workforce,” said Kathy Battistoni, a partner in Accenture’s human performance practice.
“With more than 25 percent of the current working US population reaching retirement by 2010, companies must undertake workforce development and training initiatives to capture knowledge and minimise its loss.”
Despite the potential loss of workforce knowledge and experience, workers remain committed to their employers. According to the survey, 70 per cent expect to retire from the organisation at which they’re currently employed, while 49 per cent expect to remain in their current positions until that time.
“Companies should take three critical steps to meet the challenge of transferring knowledge from retiring employees,” said Battistoni.
“First, they must understand the extent of the problem, including the skills at risk, and their organisation’s ability to tackle it.
“Second, they must develop a strategy to capture and transfer core skills from retiring employees and to identify, attract and retain new workers with critical skills.
“Finally, they must manage and measure the progress of the entire effort. The bottom line is that leaders in this arena know that capturing critical workforce knowledge and skills can’t be left to chance,” she said.
The survey also found just one third of workers reported that their companies hire retired employees as contractors so those former employees can transfer their knowledge and skills to their replacements.
