As the last of the Boomers move through their 50’s and beyond, those who elect to take early retirement often take decades of tacit knowledge with them. This boomer brain drain – the loss of undocumented, intuitive experiential information about people, business processes and informal procedures can leave huge gaps in an organization’s cumulative intelligence.
The boomer brain drain can cripple your company
This corporate amnesia can cripple a company, so if you’re a leader, it’s up to you to actively identify and work to mitigate this possibility. And the time to do it is now, well in advance, and not just in the months and weeks before a key employee is due to leave. In my latest column for The Globe and Mail, I offer five strategies to brace for the boomer brain drain, and retain crucial institutional knowledge.
It all starts with identifying your strategically significant people. Not every employee represents a potential brain drain, so identifying your key players will allow you to be more efficient and effective in creating a plan.
Note: if you are a subscriber to The Globe and Mail, you can also read the column directly at their website at this link: https://tgam.ca/2vKJaLg
What are you doing in your organization to fight the boomer brain drain and retain your crucial institutional knowledge? I’d love to hear about what you’ve done to combat this very real problem. Please share by commenting below.