“How to Battle the Coming Brain Drain
Older workers are retiring in droves. How do you prevent their crucial knowledge from leaving with them?
By Anne Fisher
If you scan the reams of “best advice” in the preceding pages, you’ll notice a pattern: Many of the key advice givers are older and wiser bosses. No surprise there. It’s the managers in their 50s and 60s who have had time to develop the most valuable knowledge and experience. But few large companies seem to prize that wisdom anymore. Intent on cutting costs, many employers are trying to get rid of people over 50, despite rising age-discrimination litigation. That’s an exceedingly shortsighted policy. By forcing out the employees with the most experience, companies may be inadvertently pushing critical knowledge out the door before it is shared with the next generation. They’ll probably regret it before long, since demographics suggest that business is facing a dangerous brain drain from voluntary retirements alone. And those folks’ lost smarts can cost an awful lot to replicate. ”
– I have personally seen this ‘brain-drain’ occurring. When money becomes your only factor for deciding whether or not to employ someone this is what happens. -ed.