Bloomberg Business Week ran an article about a challenge industry is facing. It is across all sectors. In a nutshell, boomers are retiring and exiting the workforce. These retirees are taking institutional knowledge and leadership experience with them.
Several companies are concerned about this substantial loss that cannot be easily replaced. Several companies are taking numerous measures to lessen the blow. Pay particular attention to the GE and BAE examples. Mentoring is one vehicle.
I realize this is not directly on point, but I do see a parallel. For economic development professionals in larger organizations, what mechanisms are in place when key staff retires or moves on to a new position? I think we sometimes forget that long time staff does some work almost mechanically. By that I mean they almost cannot explain what they do on a step by step basis because so much of the knowledge to do particular tasks without giving it any thought.
As someone who has experienced the learning curve, it can consume time. Even issues as minor as where to get expense report forms, etc can all be a challenge. If you know little about what was done, you may continually reinvent the wheel for the first few months.
Questions:
- Do you have mechanisms in place to transfer this institutional knowledge?
- Does your organization invest in training oriented toward managing staff for those who will likely be managers?
- Does your organization have a mentoring program?
- Do you have a vigorous on-boarding program?
- Do you have something as simple as key forms all new employees will need (not typical human resource forms)?
Link to article:
http://www.bloomberg.com/news/articles/2016-01-21/as-boomers-retire-companies-prepare-millennials-for-leadership-roles
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