Lately, many organizations have been forced to adapt to the changing demographics of the work force. Primarily the growing number of women in leading positions and the push for ethnic diversity have been prominent topics. Some have assumed these challenges reluctantly, while others have seen the competitive advantages and have acted more aggressively.
Now there is another change looming on the horizon: adapting to the aging work force. The amount of tacit knowledge possessed by the soon retiring baby boomers is difficult to over estimate. So, how would you ensure to capture this knowledge before it is too late?
The companies who have seen this coming develop strategies around this theme, in order to capture the knowledge in structural capital. Identifying where the knowledge resides. Doubling up on critical positions, so that the coming generation gets an opportunity to learn. Setting up knowledge management systems to systematically encode the insights and knowledge of the retiring generation. Setting up knowledge transfer sessions around specific topics. Introducing mentoring programs.
Will this become an issue for your company in the next five years? If so, do you have a strategy to address it?