2008 marks the year that the first wave of baby boomers (those born between 1946 and 1964) turn 62 and become eligible to begin collecting Social Security. Almost 25 million boomers could reach this retirement age within five years.
If your workforce includes one or more of these soon to be retirees industry and business conditions will dictate if they will be replaced. Whether or not the position is filled retiring employees, particularly if they are long term, take their knowledge with them. It could be harder to reconnect with the retiree who has realized dreams of travel and relaxation that don’t include staying connected with work.
The Real Talent Debate: Will Aging Boomers Deplete the Workforce? in 2007 that described more than half of employers who responded to a survey as having no defined process for this knowledge transfer.
Mentor programs, training, shadowing, multi-generational teams and requests for additional reports or summaries can be productive. Don’t forget introductions and access to customers, clients and vendors that will be essential for a smooth transition.