SlideShare une entreprise Scribd logo
1  sur  18
Télécharger pour lire hors ligne
Passing the Torch: 5 Steps for
Turning the Baby Boomer Brain
Drain into a Brain Trust




                                                     By: Kip Kelly
                                            Director of Marketing
                                       UNC Executive Development



                                                        All Content © UNC Executive Development 2011
         Website: www.kenan-flagler.unc.edu/execdev/ |Phone: 1.800.862.3932 |Email: unc_exec@unc.edu
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       Promise
       As aging baby boomers reach retirement age over the next two decades, many
       organizations face a potential mass exodus of their senior leaders. While the economic
       downturn may have delayed retirement for many baby boomers, these valued employees will
       retire eventually, taking with them a lifetime of knowledge and skills that are difficult, if not
       impossible, to replace. This paper discusses the five steps you should take now to avoid the
       baby boomer brain drain and create a brain trust.

       Introduction
       The statistics of an aging workforce tell the story. As of January 1, 2011, a baby boomer
       turns 65 every eight seconds -- over 7,000 per day. While many may delay retirement for
       financial and personal reasons, employers are worried—and rightfully so—that they will face
       a shortage of experienced workers over the next five years. A recent Ernst and Young
       survey of Fortune 1000 companies found that 62 percent of employers believe future
       retirements will result in a labor shortage (Johnson, 2010). With every passing year there will
       be fewer workers with the knowledge and experience to lead effectively. For some industries
       like health care, energy and construction, this talent gap is already acutely felt (Davis, 2008).
       Few industries, however, will be unaffected. Research indicates that employers are
       unprepared for the inevitable departure of these workers:

               A Sloan Center on Aging and Work survey found that 68 percent of employers had
                not analyzed the demographics of their workforce and that 77 percent had not
                analyzed the projected retirement rates of their employees (Pitt-Catsouphes, 2009).

               A series of AARP surveys found that few employers (between 19 and 37 percent)
                had taken active steps to prepare for baby boomer retirements (Johnson, 2010).

       The brain drain resulting from retirements in key business functions can be devastating.
       Organizations that ignore the looming crisis will suffer the consequences later. The good
       news is that many senior leaders want to give back and create a legacy in their organization.
       You can seize the opportunity and engage your most senior leaders before they retire and
       harvest their collective experience to shape the next generation of leaders in your
       organization. If you want to take action, here are five steps to avoid the brain drain and turn
       your baby boomers into a brain trust.




                                 All Content © UNC Executive Development 2011                 2|Pa ge
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       Step 1: Conduct a Strategic Workforce
       Analysis
       Nearly half (48 percent) of the employers surveyed in a SHRM-AARP poll (SHRM, 2009)
       said they had no plans to conduct a strategic workforce analysis to see how their
       organizations would be affected by the loss of retiring workers. This could be a huge
       oversight with potentially catastrophic consequences for an organization. The ability to
       accurately forecast when you will lose top talent across the organization is critical to
       succession planning and business continuity. A strategic workforce analysis should be
       conducted internally to anticipate the effect of retirement over the next five and 10 years and
       beyond.

       Questions for a strategic workforce analysis should include:

            1. How many of your employees will become eligible to retire?
            2. How many of your senior leaders will become eligible to retire?
            3. How many skilled technical workers and individual contributors will become eligible to
               retire?
            4. How many front-line managers will become eligible to retire?
            5. Do you have a succession plan in place for key positions that are most at risk?



       Example: AARP’s Workforce Assessment Tool
       AARP offers a free online workforce assessment tool. The tool helps
       employers assess how the aging of their workforce will affect their
       organizations. In addition, it maps out an organization’s current employer
       practices, identifies areas of improvements, and makes
       recommendations on ways to create an age-friendly workplace. Nearly
       2,000 employers have used the tool since its launch in 2007 (Jackson & Rand, 2010).




                                 All Content © UNC Executive Development 2011               3|Pa ge
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       Step 2: Refine Your Retention Strategy
       Although retirement is inevitable, keeping senior workers in the labor force a little longer will
       provide more time to transfer knowledge. Baby boomers, however, aren’t looking for
       business as usual. They want flexibility. To keep them in the labor force, employers must
       offer flexible work options that will appeal to them.

       In recent testimony before the U.S. Equal Employment Opportunity Commission, Cornelia
       Gamlem, president and founder of the Herndon, Va.-based GEMS Group, offered these
       suggestions for recruiting and retaining older workers:

               Offer part-time employment and hire retired employees as consultants or temporary
                workers. (Source: Gurchiek, 2011.)
               Encourage employees with specific expertise to mentor or coach others and to
                remain on call after they retire. (Source: Gurchiek, 2011.)
               Establish forums where older workers can discuss how the employer can make the
                workplace more accommodating to their needs. (Source: Gurchiek, 2011.)
               Base layoffs on organizational needs and employees’ skills, knowledge, ability,
                reliability, performance and length of service. (Source: Gurchiek, 2011.)
               Offer retirement savings plans or pension plans with specific provisions for older
                workers. (Source: Gurchiek, 2011.)

       In addition to these recommendations, consider offering other benefits of interest to mature
       workers such as long-term care insurance, pre-retirement planning, health and wellness
       programs, comprehensive medical coverage, health coverage for retirees and part-time
       workers, and pro-rated benefits for employees on flexible work schedules.

       Many employers are already taking these and other steps to keep their valued older
       employees working longer—and in some cases, luring retirees back.




                                 All Content © UNC Executive Development 2011                  4|Pa ge
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       Example: Abbott Laboratories’ Freedom-to-Work Program
       New York-based Abbott Laboratories created a “Freedom to Work” program that allows
       employees to reduce work schedules to four days a week or to take up to 25 more vacation
       days a year. The program is open to employees with 10 years of service and
       who are 55 years of age or older. Although overall pay is reduced, 401(k)
       contributions are still made as a percentage of their full salaries and pension
       formulas remain intact. Abbott Laboratories also allows senior technical staff
       to take on “emeritus” status, giving up some of their management and administrative
       responsibilities to return to full-time scientific endeavors. This opens up management
       opportunities for rising leaders while keeping older staff working and available to advise or
       share insights as needed (McGregor, 2009).

       Example: Chevron’s Bridges Program
                        Energy giant Chevron Corporation has established its Chevron Bridges
                        Program for former employees who are interested in continuing a working
                        relationship with the corporation. Former technical and professional Chevron
                        employees can enroll in the program through the Chevron Alumni
                        Community Web site. Applicants are considered for specific contract
       assignments that may include working on projects as technical specialists, partner
       representatives, guest speakers, recruiters, mentors, peer reviewers and advisors on focus
       areas (Chevron Bridges Program, undated).




                                 All Content © UNC Executive Development 2011               5|Pa ge
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       Step 3: Identify, Prioritize and Engage
       Potential Retirees
       There was a time when predicting the retirement of your senior leaders may have seemed
       relatively straightforward. However, attitudes about retirement are changing, and there will be
       an ongoing shift as baby boomers transform expectations about retirement. This shift is
       compounded by recent changes in the political and economic landscape. Employees have
       pushed back retirement an average of nine years because of the recession, which ravaged
       401(k) accounts and caused home values to plummet (Hewlett, 2009). In addition, high
       unemployment rates, ongoing economic instability and potential changes to social security
       and health care coverage have created a great deal of uncertainty. All of these factors make
       it difficult--but not impossible--to anticipate and prepare for the departure of your senior
       leaders.

       Employers face retirement from all parts of the organization, from top to bottom. Efforts to
       identify the individuals who represent the greatest risk of knowledge loss will differ from one
       organization to the next, and how they prioritize and respond to this risk will also vary. In
       general, the employees who present the greatest immediate risk include those closest to
       retirement age who serves in vital roles, and possess unique, irreplaceable knowledge and
       skills.

       Once you’ve identified the employees who represent the greatest retirement risk, talk to them
       about their future plans and aspirations within the organization. This is not, strictly speaking,
       a conversation about retirement. This should be a voluntary conversation designed to
       recognize the individual’s unique value and contributions to the organization and explore
       ways to transfer and retain their knowledge and experience. Ask them what knowledge they
       feel is most critical; the answers may surprise you. Explore how they might contribute to the
       development of future leaders. Be prepared with a range of options such as mentoring,
       coaching and direct involvement in training and development efforts.

       You may find that your employees actually appreciate the opportunity to discuss their future
       plans. It should come as no surprise that loyal, long-serving employees would welcome the
       chance to transfer their knowledge and skills to the next generation. As leaders in your
       organization, they want to take an active role in creating a legacy and ensure the future
       success of the organization.




                                 All Content © UNC Executive Development 2011                6|Pa ge
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       Example: The TVA’s Knowledge Retention Program

                    The Tennessee Valley Authority (TVA), headquartered in Knoxville, Tenn.,
                    identifies employees planning to retire through two annual surveys, one
                    designed for line managers and one designed for all 13,500 employees. To
       alleviate anxiety, HR makes it clear that while the survey is necessary to collect data about
       workforce planning, it is voluntary. Nearly 80 percent of TVA employees complete the annual
       questionnaire (Leonard, 2003).

       The line manager survey asks three questions:

            1. What knowledge will be lost when an employee retires?
            2. What are the consequences of losing this knowledge?
            3. How can the organization retain this knowledge?

       These surveys help the TVA’s HR staff identify those employees who, according to their
       supervisors, hold critical knowledge and skills. HR staff members then interview both the
       supervisor and the employee to learn about the employee’s specific knowledge and skills.

       Jerry Landon, senior consultant for assessment and evaluations at TVA University, realized
       early on that these conversations are not as difficult as you may think. “This interview
       process is very important, because we found…that retiring workers really care about TVA
       and their jobs,” reports Landon. “They have devoted a good part of their lives to this
       organization, and many are very concerned that their knowledge of what makes this utility
       run will be lost or, even worse, just ignored when they retire.” (Leonard, 2003).

       After the interview, HR assesses each employee’s skills and knowledge on a five-point scale,
       with a five meaning that transferring and retaining the employee’s skills and knowledge
       should be a top priority. Those with high scores receive special attention and are asked to
       take on some new roles as consultants, instructors and mentors.

       In some cases, capturing knowledge is simply a matter of writing down procedures or
       processes. In other cases, reports Langdon, the interviews shed light on where processes
       could actually be improved, saving TVA money. “For example, there might be one worker
       who has a very specialized skill in how to operate or repair an ancient type of electrical
       switch at a power station,” Landon says.




                                 All Content © UNC Executive Development 2011              7|Pa ge
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       “Well, the answer here may not be to keep doing this the same old way. The answer might
       be, let’s upgrade the switch. In the long run, we’re going to save the organization a lot of
       money by finding solutions like this.” (Leonard, 2003).

       TVA’s knowledge retention initiative has also had some unexpected benefits. TVA senior
       leaders say the process has improved team building and made employees more cohesive,
       enhanced employee’s self-esteem as they realize that what they do counts, and lowered
       stress levels among supervisors who were concerned about losing valuable knowledge with
       employee retirements (Leonard, 2003).




                                 All Content © UNC Executive Development 2011               8|Pa ge
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       Step 4: Prepare Senior and Emerging
       Leaders
       Your efforts to engage senior leaders before they retire will be more successful if you provide
       the skills and tools they need to be effective. For example, a senior engineer may possess a
       lifetime of technical expertise but may lack the ability to share that knowledge effectively.
       Even the most seasoned, successful business leaders will benefit from some guidance and
       preparation. The type of preparation they require will depend on the individual and how you
       plan to engage them in the organization. Developing specific skills can mean the difference
       between their success and failure.

       As you prepare your senior leaders to make a more significant impact, do the same with your
       emerging leaders. These future leaders should know that they have been selected because
       of the talent and potential they have demonstrated. They should also understand that the
       transfer of knowledge and experience is critical to the long-term success of the organization,
       and that they should appreciate the value it represents. Finally, they should recognize that
       absorbing and applying the knowledge and experience shared by the senior leaders will lead
       to their own success in the company. This is an invaluable opportunity, and they should be
       properly motivated to take full advantage of it.

       (If you want more information about identifying and preparing future leaders, you might be
       interested in the whitepaper, Putting Success Back in Succession Planning: the Role of
       Learning and Development.)




                                 All Content © UNC Executive Development 2011               9|Pa ge
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




                                        Myths about Older Workers

      1. Older workers are less productive than younger workers.
      2. Older workers cost more to employ.
      3. Older workers are not really motivated—they’re just biding their time until
           retirement.
      4. Older workers are preoccupied with the past and have little interest in the future.
      5. Older workers have old-fashioned values and are traditional thinkers. They are
           overly conservative.
      6. Older workers are mentally and physically impaired.
      7. Older workers are often ill and absent from work.
      8. Older workers are resistant to change.
      9. Older workers are unable to learn new skills and new ways of doing things.

                                     The Truth about Older Workers

      1. Older workers have lower absenteeism rates than younger workers, making them
           more dependable.
      2. Because of their life experience, older workers can better relate to others.
      3. Older workers are, in fact, highly productive.
      4. Older workers often require less supervision.
      5. Older workers are less likely to abuse drugs and alcohol.
      6. Older workers have stability that comes with maturity.
      7. Older workers are willing to work part time and flexible hours.
      8. Older workers have a strong work ethic.
      9. Older workers waste less time on the job.
      10. Older workers have higher writing and math skills.
      11. Older workers are highly motivated to do a job well.
      12. Older workers are willing and able to learn and acquire new skills.
      13. Older workers are less distracted by outside interests.
      14. Older workers have a lifetime of experience dealing with people and changing
           conditions.

                                                                                        (Source: Davis, 2008.)


                                 All Content © UNC Executive Development 2011                   10 | P a g e
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       Step 5: Create Knowledge Transfer
       Opportunities
       There are a number of ways to facilitate the transfer of critical knowledge in your
       organization. There is no “one size fits all” approach—it will depend on your organization’s
       capabilities and culture. Regardless of the method or combination of methods you employ, it
       is critical to identify the outcomes and objectives you hope to achieve to ensure that the
       investment of time and effort provides real value to everyone involved.

       PROVEN METHODS OF KNOWLEDGE TRANSFER

       1) Formal and Informal Mentoring and Coaching Programs

       Coaching and mentoring programs provide an effective way to transfer knowledge and skills-
       -as well as the wisdom gained from years of experience. Coaches and mentors can share
       valuable information on a one-on-one basis, sharing personal insights and professional
       advice that lead to greater individual and organizational success. Your senior leaders are
       stewards of your organization’s history, culture and values. The stories they pass on to the
       next generation of leaders can be more meaningful and powerful than any corporate mission
       statement.

       Example: The YMCA of Greater Rochester’s Mentoring Program
       The YMCA of Greater Rochester, New York, a non-profit organization
       with more than 2,700 employees, has been recognized by AARP for five
       consecutive years as an outstanding place to work for older workers. For
       the past several years, the YMCA’s HR team has made a concentrated
       effort to recruit and retain older workers. A full-time staff member serves as a liaison with a
       group of 40 retirees in its workforce, managing employee support and relation activities. In
       addition, the organization keeps a roster of outside retirees who are interested and available
       for work and calls on them for temporary jobs, consulting projects and part-time work. The
       YMCA also offers phased retirement and works with recruiters from outside agencies to
       identify qualified older job seekers (SHRM, 2010).




                                 All Content © UNC Executive Development 2011               11 | P a g e
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       As part of its professional development programming, the YMCA gives employees the
       opportunity to participate in their Mentoring Across Generations program (also known as
       "Generation YMCA"), in which baby boomer employees are paired with Gen X and Gen Y
       employees to exchange information and skills (AARP, 2009).


                                         Coaching Characteristics

        Managers coach their staff as a required part of the job.
        Coaching takes place within the confines of a formal manager-employee
            relationship.
        The focus is to develop individuals within their current job.
        The interest of the relationship is functional, arising out of the need for
            individuals to perform the tasks required to the best of their ability.
        Managers tend to initiate and drive the relationship.
        The relationship is finite, ending when an individual has learned what
            the coach is teaching.

                                        Mentoring Characteristics

        Mentoring occurs outside of a line manager-employee relationship, at the
            mutual consent of a mentor and employee.
        Mentoring is career focused or focused on professional development that
            may be outside the employee’s area of work.
        Relationships are personal—a mentor provides professional and personal
            support.
        Relationships may be initiated by mentors or created through matches
            initiated by the organization.
        Relationships cross job boundaries.
        Relationships last for a specific period of time (nine months to a year) in a
            formal program, at which point the pair may continue in an informal
            mentoring relationship.


                                                                     (Source: Management Mentors.)



                                 All Content © UNC Executive Development 2011             12 | P a g e
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       2) Intergenerational Work Teams

       Like mentoring and coaching programs, pairing older, more experienced workers with
       emerging leaders can greatly facilitate both the transfer of knowledge and the development
       of future leaders. Though communication between the generations can sometimes be
       challenging, it can also be vastly rewarding to all parties involved.

       This is what LaRhonda Edwards, an HR manager for a large office supply distribution center
       in Alabama, has learned. In an article for SHRM Online on employee relations trends for
       2011, Edwards noted that one of her most productive work teams includes a 63-year-old
       employee with more than 20 years of experience in the company and a 25-year-old
       employee just starting his career. The team works well because the skills sets of the older
       and younger worker complement each other. The older worker has a deep knowledge of
       processes and procedures and how to complete work projects on time, while the younger
       worker uses technology to the best advantage. “The result is that as a team, they are very
       productive and enjoy learning from each other,” Edwards says. “They have taught me a lot,
       too, about finding the right role or niche for workers and how crucial that is to successful and
       effective employee relations.” (Leonard, 2011).

       3) Involve Senior Leaders in Learning and Development Opportunities as Instructors or
       Participants

       Senior leaders can also serve as valuable instructors, speakers and facilitators because they
       can offer knowledge and a unique perspective that can enhance learning and development
       programs. 3M, the maker of PostIt Notes® and ScotchBrite™ cleaning products, has tapped
       into its senior leadership base through the company’s “Leaders Teaching Leaders” program.
       More than 300 senior leaders teach in 3M’s program annually, sharing their knowledge,
       experience and 3M’s values with employees who have been identified as future leaders.

       Consider including those senior leaders who would prefer to stay off the podium but still want
       to contribute their knowledge in action learning projects. Action learning is about integrating
       real work challenges into learning and development programs. By pairing experienced senior
       leaders with emerging leaders in action learning projects, you can facilitate the transfer of
       critical knowledge and skills while developing future leaders and addressing real business
       challenges.




                                 All Content © UNC Executive Development 2011               13 | P a g e
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       4) 2.0 Technologies

       Many employers are turning to technology to preserve valued workers’ knowledge. Web 2.0
       technologies such as blogs and wikis provide useful tools for employees to develop a
       detailed library of knowledge, processes and procedures that can be updated, expanded and
       shared throughout the organization. While most experts agree that knowledge transfer
       cannot be conducted through technology alone, employees can use these inexpensive Web
       tools to complement other efforts.

       Internal websites provide employees with online retirement planning tips and tools to ensure
       a successful transition to the next stage of their lives. This is a simple and effective way to
       provide useful information, while also collecting accurate, real-time data about retirement
       intentions. Voluntary and anonymous surveys can capture useful data that provides insights
       you can use to plan and prepare. An internal website is also a great platform to solicit
       volunteers for coaching and mentoring, provide them with valuable resources to do so, and
       then organize these efforts.




                                 All Content © UNC Executive Development 2011               14 | P a g e
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       Conclusion
       You can turn the impending baby boomer brain drain into a brain trust by developing
       programs that will transfer critical knowledge and skills to the next generation of leaders. In
       doing so, you can ensure your organization’s future success and prevent the loss of valuable
       knowledge and experience. Follow the five steps outlined in this paper and proactively
       approach baby boomer retirement:

            1. Conduct a strategic workforce analysis
            2. Refine your retention strategy
            3. Identify, prioritize and engage potential retirees
            4. Prepare senior and emerging leaders
            5. Create knowledge transfer opportunities

       As the global economy recovers from the deepest recession in 70 years, organizations need
       every competitive advantage they can find to survive and thrive. Employers that explore and
       develop ways to leverage the knowledge and experience of employees approaching
       retirement age will discover that these workers offer a lasting legacy of outstanding corporate
       performance.




                                 All Content © UNC Executive Development 2011              15 | P a g e
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       About UNC Executive Development
       Our approach to program design and delivery draws upon the power of real-world, applicable
       experiences from our faculty and staff, integrated with the knowledge our client partners
       share about the challenges they face.

       We call this approach The Power of Experience. We combine traditional with experiential
       and unique learning. Through action learning and business simulation activities, we
       challenge participants to think, reflect and make decisions differently.


       Our Approach: The Partnership

       Our team customizes each leadership program through a highly collaborative process that
       involves our clients, program directors, faculty and program managers. This integrated
       approach consistently drives strong outcomes.


       Our Approach: The Results

       Our executive education programs are designed with results in mind. Below are a few
       examples of the results our client partners have achieved:


               Leadership refocused with new                     Products redefined
                strategy and cohesive vision                      New markets targeted
               Strategic plans created for the                   Cost-saving measures developed
                global marketplace                                Silos leveled
               Supply chains streamlined                         Teams aligned

       Participants leave empowered to bring in new ideas, present different ways to grow business
       and tackle challenges. The result is stronger individuals leading stronger teams and
       organizations.


       Contact Us

       Website: http://www.execdev.unc.edu
       Phone: 1.800.862.3932
       Email: unc_exec@unc.edu




                                 All Content © UNC Executive Development 2011                 16 | P a g e
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       Resources
       Anonymous (undated). Chevron Bridges Contract Positions. Chevron Alumni Community.
       Retrieved December 2010 from http://alumni.chevron.com/index.php.

       Barnhart, M. (2009). Keeping Top Talent: The Value of Employee Retention. Katz, Sapper &
       Miller. Retrieved on December 2010 from
       http://www.touchpointrecruiting.com/doc/KSMTPRAdvisor2009.pdf.

       Cauchon, D. (2010, December 14). American Workforce Growing Grayer. USA Today.
       Retrieved December 2010 from http://www.usatoday.com/money/workplace/2010-12-14-
       older-workers-employment_N.htm.

       CEO Consultant (2010, August 12). Aging Workforce—10 Key Points on Training.
       CEOConsultant.com. Retrieved December 17, 2010 from
       http://www.ceoconsultant.com/business/aging-workforce-10-key-points-training/.

       Davis, D. (2008, September 24). Strategies to Employ and Retain Older Workers. Forum on
       North Carolina’s Aging Workforce. Raleigh, NC: National Council on Aging.

       Delong, D. & Mann, T. (2003). Stemming the Brain Drain. Accenture. Retrieved January
       2011 from
       http://www.accenture.com/Global/Research_and_Insights/Outlook/By_Alphabet/StemmingTh
       eBrainDrain.htm.

       Evans, P. (2010, December 15). Baby Boomer Retirement: Is Your Data Center Ready? CIO
       Network. Retrieved January 2011 from http://blogs.forbes.com/ciocentral/2010/12/15/baby-
       boomer-retirement-is-your-data-center-ready/.

       Gallagher, J. (2010, September 14). Older Workers Can Shine—But Will They Get a
       Chance? Michigan Business. Retrieved December 2010 from http://www.freep.com/.

       Gurchiek, K. (2011, January). Older Workers Need More Flexible Policies. HR Magazine.
       Alexandria, VA: Society for Human Resource Management.

       Hastings, R. (2008, October 2). Global Employers Lauded for Support of Workers Over 50.
       SHRM Online. Retrieved December 2010 from
       http://www.shrm.org/hrdisciplines/diversity/articles/pages/globalemployerslauded.aspx.

       Hewlett, S. (2009, September 4). Reward Older Workers with What They Really Want.
       Bloomberg. Retrieved on December 2010 from http://www.bloomber.com/news/2009-09-
       04/reward-older-workers-with-what-they-really-want.html.

       Jackson, H. & Rand, A. (2010, October). HR and the Aging Workforce: Two CEO Points of
       View. HR Magazine. Alexandria, VA: Society for Human Resource Management.




                                 All Content © UNC Executive Development 2011           17 | P a g e
Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust




       James, B. (2008, April 8). Capitalizing on the Baby Boom Brain Drain. The HR Edge.
       Retrieved December 2010 from http://thehredge.wordpress.com/2008/04/08/capitalizing-on-
       the-baby-boomer-brain-drain/.

       Johnson, R. (2010). Phased Retirement and Workplace Flexibility for Older Adults:
       Opportunities and Challenges. Focus on Workplace Flexibility. Retrieved December 2010
       from http://workplaceflexibility.org/images/uploads/program_papers/johnson_-
       _phased_retirement_and_workplace_flexibility.pdf.

       Leonard, B. (2003, July). More than 2,500 Employees Riding the Age Wave. HR Magazine.
       Alexandria, VA: Society for Human Resource Management.

       Leonard, B. (2010, January 10). Economic Uncertainty Shaping Employee Relations Trends
       for 2011. SHRM Online. Retrieved January 2011 from www.shrm.org.

       McGregor, J. (2009, November 13). How Older Workers Can Lighten the Load. Bloomberg
       Businessweek. Retrieved December 2010 from
       http://www.businessweek.com/managing/content/nov2009/ca20091111_435788.htm.

       Management Mentors (undated). Corporate Mentoring vs. Corporate Coaching.
       Management Mentors. Retrieved January 2011 from http://www.management-
       mentors.com/resources/coaching-and-mentoring/.

       Moore, J. (2009, April 17). Knowledge Retention Helps Agencies Retain Employee
       Expertise. Federal Computer Week. Retrieved January 2011 from
       http://fcw.com/articles/2009/04/20/tips-for-knowledge-retention.aspx.

       Nichols, M. (2008, October 22). America’s Aging Workforce: It’s Time for Employers to
       Accept Reality. Citizen Economists. Retrieved December 2010 from
       http://www.citizeneconomics.com/blogs/2008/10/22/americas-aging-workforce-its-time-for-
       employers-to-accept-reality/.

       Pitt-Catsouphes, M. (2009, October). Talent Management Study: The Pressures of Talent
       Management. Boston, MA: The Sloan Center on Aging and Work at Boston College.

       Roth, R. (2010, September 5). How BMW Deals with an Aging Workforce. CBS News.
       Retrieved December 2010 from
       http://www.cbsnews.com/stories/2010/09/05/sunday/main6837469.shtml.

       SHRM (2009, November 17). SHRM-AARP Poll Shows Concern About Aging Workforce.
       SHRM Online. Retrieved December 2010 from http://www.shrm.org.

       Smith, D. (2010, Dec. 22). Leading Edge of U.S. Baby Boomers Content Survey.
       Washington, DC: Reuters.

       Tennessee Valley Authority (undated). Knowledge Retention. TVA. Retrieved January 2011
       from http://www.tva.gov/knowledgeretention/.



                                 All Content © UNC Executive Development 2011           18 | P a g e

Contenu connexe

Tendances

GESNA - Human Capital Insights Magazine - Volume 5
GESNA - Human Capital Insights Magazine - Volume 5GESNA - Human Capital Insights Magazine - Volume 5
GESNA - Human Capital Insights Magazine - Volume 5Stacy Klein
 
Guidance and inspiration for engineering professionals 
Guidance and inspiration for engineering professionals Guidance and inspiration for engineering professionals 
Guidance and inspiration for engineering professionals Kelly Services
 
2013 Regus Worklifebalance Index
2013 Regus Worklifebalance Index2013 Regus Worklifebalance Index
2013 Regus Worklifebalance IndexExperience for You
 
Work Life Integration - Human Capital Insights - Vol. 6
Work Life Integration - Human Capital Insights - Vol. 6Work Life Integration - Human Capital Insights - Vol. 6
Work Life Integration - Human Capital Insights - Vol. 6ADP, LLC
 
Employee benefit Insurance policies guide for Indian Companies
Employee benefit Insurance policies guide for Indian CompaniesEmployee benefit Insurance policies guide for Indian Companies
Employee benefit Insurance policies guide for Indian CompaniesSusheel Agarwal
 
retirement-security-april-2014
retirement-security-april-2014retirement-security-april-2014
retirement-security-april-2014Charlene LeBlanc
 
Guidance and inspiration for IT professionals
Guidance and inspiration for IT professionalsGuidance and inspiration for IT professionals
Guidance and inspiration for IT professionalsKelly Services
 
Hcr strategies for hr february 2013 wi_combined_2 7 13 mah
Hcr strategies for hr february 2013 wi_combined_2 7 13 mahHcr strategies for hr february 2013 wi_combined_2 7 13 mah
Hcr strategies for hr february 2013 wi_combined_2 7 13 mahncfshrm
 
Why Workers are leaving
Why Workers are leavingWhy Workers are leaving
Why Workers are leavingKelly Services
 
Understanding impact of aging workforce april, 2011 paullin
Understanding impact of aging workforce april, 2011 paullinUnderstanding impact of aging workforce april, 2011 paullin
Understanding impact of aging workforce april, 2011 paullinCheryl Paullin
 
Human capital investment .ppt @ bec doms
Human capital investment .ppt @ bec domsHuman capital investment .ppt @ bec doms
Human capital investment .ppt @ bec domsBabasab Patil
 
Professional Services Management Journal: May Issue
Professional Services Management Journal: May IssueProfessional Services Management Journal: May Issue
Professional Services Management Journal: May IssueArcbazar
 
PMO of the year 2007
PMO of the year 2007PMO of the year 2007
PMO of the year 2007rrigores
 
Change buy in - how to get stakeholders to embrace change
Change buy in - how to get stakeholders to embrace changeChange buy in - how to get stakeholders to embrace change
Change buy in - how to get stakeholders to embrace changekate_bukowski
 
Future of Work in Investment Management: Context, Content, Culture
Future of Work in Investment Management: Context, Content, CultureFuture of Work in Investment Management: Context, Content, Culture
Future of Work in Investment Management: Context, Content, CultureRuss8
 
People With Disabilities
People With DisabilitiesPeople With Disabilities
People With Disabilitiesdebdolittle
 
Tiger Recruitment Salary Survey 2021
Tiger Recruitment Salary Survey 2021Tiger Recruitment Salary Survey 2021
Tiger Recruitment Salary Survey 2021Tiger Recruitment
 

Tendances (20)

GESNA - Human Capital Insights Magazine - Volume 5
GESNA - Human Capital Insights Magazine - Volume 5GESNA - Human Capital Insights Magazine - Volume 5
GESNA - Human Capital Insights Magazine - Volume 5
 
Guidance and inspiration for engineering professionals 
Guidance and inspiration for engineering professionals Guidance and inspiration for engineering professionals 
Guidance and inspiration for engineering professionals 
 
2013 Regus Worklifebalance Index
2013 Regus Worklifebalance Index2013 Regus Worklifebalance Index
2013 Regus Worklifebalance Index
 
Work Life Integration - Human Capital Insights - Vol. 6
Work Life Integration - Human Capital Insights - Vol. 6Work Life Integration - Human Capital Insights - Vol. 6
Work Life Integration - Human Capital Insights - Vol. 6
 
Employee benefit Insurance policies guide for Indian Companies
Employee benefit Insurance policies guide for Indian CompaniesEmployee benefit Insurance policies guide for Indian Companies
Employee benefit Insurance policies guide for Indian Companies
 
retirement-security-april-2014
retirement-security-april-2014retirement-security-april-2014
retirement-security-april-2014
 
Guidance and inspiration for IT professionals
Guidance and inspiration for IT professionalsGuidance and inspiration for IT professionals
Guidance and inspiration for IT professionals
 
Hcr strategies for hr february 2013 wi_combined_2 7 13 mah
Hcr strategies for hr february 2013 wi_combined_2 7 13 mahHcr strategies for hr february 2013 wi_combined_2 7 13 mah
Hcr strategies for hr february 2013 wi_combined_2 7 13 mah
 
Why Workers are leaving
Why Workers are leavingWhy Workers are leaving
Why Workers are leaving
 
Paychex com
Paychex comPaychex com
Paychex com
 
Understanding impact of aging workforce april, 2011 paullin
Understanding impact of aging workforce april, 2011 paullinUnderstanding impact of aging workforce april, 2011 paullin
Understanding impact of aging workforce april, 2011 paullin
 
Human capital investment .ppt @ bec doms
Human capital investment .ppt @ bec domsHuman capital investment .ppt @ bec doms
Human capital investment .ppt @ bec doms
 
Professional Services Management Journal: May Issue
Professional Services Management Journal: May IssueProfessional Services Management Journal: May Issue
Professional Services Management Journal: May Issue
 
PMO of the year 2007
PMO of the year 2007PMO of the year 2007
PMO of the year 2007
 
PMO of the Year
PMO of the YearPMO of the Year
PMO of the Year
 
Change buy in - how to get stakeholders to embrace change
Change buy in - how to get stakeholders to embrace changeChange buy in - how to get stakeholders to embrace change
Change buy in - how to get stakeholders to embrace change
 
Future of Work in Investment Management: Context, Content, Culture
Future of Work in Investment Management: Context, Content, CultureFuture of Work in Investment Management: Context, Content, Culture
Future of Work in Investment Management: Context, Content, Culture
 
People With Disabilities
People With DisabilitiesPeople With Disabilities
People With Disabilities
 
Workplace Trends 2014
Workplace Trends 2014Workplace Trends 2014
Workplace Trends 2014
 
Tiger Recruitment Salary Survey 2021
Tiger Recruitment Salary Survey 2021Tiger Recruitment Salary Survey 2021
Tiger Recruitment Salary Survey 2021
 

En vedette

Engaging Citizens to create Sustainable Resilient Communities
Engaging Citizens to create Sustainable Resilient CommunitiesEngaging Citizens to create Sustainable Resilient Communities
Engaging Citizens to create Sustainable Resilient CommunitiesCarol Spencer
 
Growing Minds: Evaluating the Effect of Gardening on Quality of Life and Obes...
Growing Minds: Evaluating the Effect of Gardening on Quality of Life and Obes...Growing Minds: Evaluating the Effect of Gardening on Quality of Life and Obes...
Growing Minds: Evaluating the Effect of Gardening on Quality of Life and Obes...angeliaGeo
 
Grandma's Got a Wii!
Grandma's Got a Wii!Grandma's Got a Wii!
Grandma's Got a Wii!Allan Kleiman
 
Missouri Social Networking and Older Adults
Missouri Social Networking and Older AdultsMissouri Social Networking and Older Adults
Missouri Social Networking and Older AdultsAllan Kleiman
 
Promoting health in older adults
Promoting health in older adultsPromoting health in older adults
Promoting health in older adultsReynel Dan
 

En vedette (6)

Engaging Citizens to create Sustainable Resilient Communities
Engaging Citizens to create Sustainable Resilient CommunitiesEngaging Citizens to create Sustainable Resilient Communities
Engaging Citizens to create Sustainable Resilient Communities
 
Growing Minds: Evaluating the Effect of Gardening on Quality of Life and Obes...
Growing Minds: Evaluating the Effect of Gardening on Quality of Life and Obes...Growing Minds: Evaluating the Effect of Gardening on Quality of Life and Obes...
Growing Minds: Evaluating the Effect of Gardening on Quality of Life and Obes...
 
Grandma's Got a Wii!
Grandma's Got a Wii!Grandma's Got a Wii!
Grandma's Got a Wii!
 
Missouri Social Networking and Older Adults
Missouri Social Networking and Older AdultsMissouri Social Networking and Older Adults
Missouri Social Networking and Older Adults
 
Promoting health in older adults
Promoting health in older adultsPromoting health in older adults
Promoting health in older adults
 
Relationships Matter ICWA2015
Relationships Matter ICWA2015Relationships Matter ICWA2015
Relationships Matter ICWA2015
 

Similaire à Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust

main project ay short notes
main project ay short notesmain project ay short notes
main project ay short notesKumar V
 
Employee Retention Strategies to Survive the Great Resignation
Employee Retention Strategies to Survive the Great ResignationEmployee Retention Strategies to Survive the Great Resignation
Employee Retention Strategies to Survive the Great ResignationKashish Trivedi
 
Availability risk of skilled resources in Oil&Gas Sector
Availability risk of skilled resources in Oil&Gas SectorAvailability risk of skilled resources in Oil&Gas Sector
Availability risk of skilled resources in Oil&Gas SectorRoopesh Kotecha
 
Optimizing Your Workforce Productivity & Retention - Human Capital Insights -...
Optimizing Your Workforce Productivity & Retention - Human Capital Insights -...Optimizing Your Workforce Productivity & Retention - Human Capital Insights -...
Optimizing Your Workforce Productivity & Retention - Human Capital Insights -...ADP, LLC
 
Pacific Prime's Global Employee Benefits Trends Report 2021
Pacific Prime's Global Employee Benefits Trends Report 2021Pacific Prime's Global Employee Benefits Trends Report 2021
Pacific Prime's Global Employee Benefits Trends Report 2021Pacific Prime
 
1 business case scenario – assessment 2 managing cul
1 business case scenario – assessment 2 managing cul1 business case scenario – assessment 2 managing cul
1 business case scenario – assessment 2 managing culjasmin849794
 
ZeroCater Presents: Proficiency in the Workplace
ZeroCater Presents: Proficiency in the Workplace ZeroCater Presents: Proficiency in the Workplace
ZeroCater Presents: Proficiency in the Workplace Felicia Myers
 
ZeroCater Presents: Proficiency in the Workplace
ZeroCater Presents: Proficiency in the Workplace ZeroCater Presents: Proficiency in the Workplace
ZeroCater Presents: Proficiency in the Workplace Felicia Myers
 
5 Strategies to Combat the Great Resignation
5 Strategies to Combat the Great Resignation5 Strategies to Combat the Great Resignation
5 Strategies to Combat the Great ResignationCBIZ, Inc.
 
Performance driven-compensation-1720594 (1)
Performance driven-compensation-1720594 (1)Performance driven-compensation-1720594 (1)
Performance driven-compensation-1720594 (1)eriefenstahl
 
COMPENSATION AND BENEFITS REPORT.pptx
COMPENSATION AND BENEFITS REPORT.pptxCOMPENSATION AND BENEFITS REPORT.pptx
COMPENSATION AND BENEFITS REPORT.pptxKenRyanDizon2
 
Predicting potential - Assessing Cognitive Ability in Recruitment
Predicting potential - Assessing Cognitive Ability in RecruitmentPredicting potential - Assessing Cognitive Ability in Recruitment
Predicting potential - Assessing Cognitive Ability in RecruitmentGavin Lamb
 
The Aging Workforce Guide: Finding Success
The Aging Workforce Guide: Finding Success The Aging Workforce Guide: Finding Success
The Aging Workforce Guide: Finding Success Katherine Green
 

Similaire à Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust (20)

main project ay short notes
main project ay short notesmain project ay short notes
main project ay short notes
 
Employee Retention Strategies to Survive the Great Resignation
Employee Retention Strategies to Survive the Great ResignationEmployee Retention Strategies to Survive the Great Resignation
Employee Retention Strategies to Survive the Great Resignation
 
The Importance of SHRM in the Success of Bank of America, October 2010
The Importance of SHRM in the Success of Bank of America, October 2010The Importance of SHRM in the Success of Bank of America, October 2010
The Importance of SHRM in the Success of Bank of America, October 2010
 
Availability risk of skilled resources in Oil&Gas Sector
Availability risk of skilled resources in Oil&Gas SectorAvailability risk of skilled resources in Oil&Gas Sector
Availability risk of skilled resources in Oil&Gas Sector
 
Optimizing Your Workforce Productivity & Retention - Human Capital Insights -...
Optimizing Your Workforce Productivity & Retention - Human Capital Insights -...Optimizing Your Workforce Productivity & Retention - Human Capital Insights -...
Optimizing Your Workforce Productivity & Retention - Human Capital Insights -...
 
Pacific Prime's Global Employee Benefits Trends Report 2021
Pacific Prime's Global Employee Benefits Trends Report 2021Pacific Prime's Global Employee Benefits Trends Report 2021
Pacific Prime's Global Employee Benefits Trends Report 2021
 
Essay On Planning
Essay On PlanningEssay On Planning
Essay On Planning
 
1 business case scenario – assessment 2 managing cul
1 business case scenario – assessment 2 managing cul1 business case scenario – assessment 2 managing cul
1 business case scenario – assessment 2 managing cul
 
ZeroCater Presents: Proficiency in the Workplace
ZeroCater Presents: Proficiency in the Workplace ZeroCater Presents: Proficiency in the Workplace
ZeroCater Presents: Proficiency in the Workplace
 
ZeroCater Presents: Proficiency in the Workplace
ZeroCater Presents: Proficiency in the Workplace ZeroCater Presents: Proficiency in the Workplace
ZeroCater Presents: Proficiency in the Workplace
 
Hrm
HrmHrm
Hrm
 
Flexible Work Arrangements Slideshare 2 26 09 Revised
Flexible Work Arrangements Slideshare 2 26 09 RevisedFlexible Work Arrangements Slideshare 2 26 09 Revised
Flexible Work Arrangements Slideshare 2 26 09 Revised
 
5 Strategies to Combat the Great Resignation
5 Strategies to Combat the Great Resignation5 Strategies to Combat the Great Resignation
5 Strategies to Combat the Great Resignation
 
How Companies Measure Success
How Companies Measure SuccessHow Companies Measure Success
How Companies Measure Success
 
Performance driven-compensation-1720594 (1)
Performance driven-compensation-1720594 (1)Performance driven-compensation-1720594 (1)
Performance driven-compensation-1720594 (1)
 
Project 3.pdf
Project 3.pdfProject 3.pdf
Project 3.pdf
 
Retention strategies
Retention strategiesRetention strategies
Retention strategies
 
COMPENSATION AND BENEFITS REPORT.pptx
COMPENSATION AND BENEFITS REPORT.pptxCOMPENSATION AND BENEFITS REPORT.pptx
COMPENSATION AND BENEFITS REPORT.pptx
 
Predicting potential - Assessing Cognitive Ability in Recruitment
Predicting potential - Assessing Cognitive Ability in RecruitmentPredicting potential - Assessing Cognitive Ability in Recruitment
Predicting potential - Assessing Cognitive Ability in Recruitment
 
The Aging Workforce Guide: Finding Success
The Aging Workforce Guide: Finding Success The Aging Workforce Guide: Finding Success
The Aging Workforce Guide: Finding Success
 

Plus de Kip Michael Kelly

Powering Your Bottom Line Through Employee Engagement
Powering Your Bottom Line Through Employee EngagementPowering Your Bottom Line Through Employee Engagement
Powering Your Bottom Line Through Employee EngagementKip Michael Kelly
 
Identifying High-Potential Talent in the Workplace
Identifying High-Potential Talent in the WorkplaceIdentifying High-Potential Talent in the Workplace
Identifying High-Potential Talent in the WorkplaceKip Michael Kelly
 
Balancing Talent & Time Online
Balancing Talent & Time OnlineBalancing Talent & Time Online
Balancing Talent & Time OnlineKip Michael Kelly
 
Building A Resilient Organizational Culture
Building A Resilient Organizational CultureBuilding A Resilient Organizational Culture
Building A Resilient Organizational CultureKip Michael Kelly
 
Wired to Learn: How New Technologies Are Changing L&D Delivery
Wired to Learn: How New Technologies Are Changing  L&D DeliveryWired to Learn: How New Technologies Are Changing  L&D Delivery
Wired to Learn: How New Technologies Are Changing L&D DeliveryKip Michael Kelly
 
UNC Leadership Survey 2012: Women in Business
UNC Leadership Survey 2012: Women in BusinessUNC Leadership Survey 2012: Women in Business
UNC Leadership Survey 2012: Women in BusinessKip Michael Kelly
 
Leadership Agility: Using Improv to Build Critical Skills
Leadership Agility: Using Improv to Build Critical SkillsLeadership Agility: Using Improv to Build Critical Skills
Leadership Agility: Using Improv to Build Critical SkillsKip Michael Kelly
 
Wired to Learn: How New Technologies Are Changing L&D Delivery
Wired to Learn: How New Technologies Are Changing L&D DeliveryWired to Learn: How New Technologies Are Changing L&D Delivery
Wired to Learn: How New Technologies Are Changing L&D DeliveryKip Michael Kelly
 
Embracing Open–Book Management to Fuel Employee Engagement and Corporate Sust...
Embracing Open–Book Management to Fuel Employee Engagement and Corporate Sust...Embracing Open–Book Management to Fuel Employee Engagement and Corporate Sust...
Embracing Open–Book Management to Fuel Employee Engagement and Corporate Sust...Kip Michael Kelly
 
The Recruiting Revolution: How Technology is Transforming Talent Acquisition
The Recruiting Revolution: How Technology is Transforming Talent AcquisitionThe Recruiting Revolution: How Technology is Transforming Talent Acquisition
The Recruiting Revolution: How Technology is Transforming Talent AcquisitionKip Michael Kelly
 
Ready, Aim, Coach: How HR Can (and Should) Coach Managers on Problem Employee...
Ready, Aim, Coach: How HR Can (and Should) Coach Managers on Problem Employee...Ready, Aim, Coach: How HR Can (and Should) Coach Managers on Problem Employee...
Ready, Aim, Coach: How HR Can (and Should) Coach Managers on Problem Employee...Kip Michael Kelly
 
Beyond Smiley Sheets: Measuring the ROI of Learning and Development
Beyond Smiley Sheets: Measuring the ROI of Learning and DevelopmentBeyond Smiley Sheets: Measuring the ROI of Learning and Development
Beyond Smiley Sheets: Measuring the ROI of Learning and DevelopmentKip Michael Kelly
 
Developing Real Skills for Virtual Teams
Developing Real Skills for Virtual TeamsDeveloping Real Skills for Virtual Teams
Developing Real Skills for Virtual TeamsKip Michael Kelly
 
Developing Leaders in a VUCA Environment
Developing Leaders in a VUCA EnvironmentDeveloping Leaders in a VUCA Environment
Developing Leaders in a VUCA EnvironmentKip Michael Kelly
 
Maximizing Millennials in the Workplace
Maximizing Millennials in the WorkplaceMaximizing Millennials in the Workplace
Maximizing Millennials in the WorkplaceKip Michael Kelly
 
Charting a Course in Uncertain Times
Charting a Course in Uncertain TimesCharting a Course in Uncertain Times
Charting a Course in Uncertain TimesKip Michael Kelly
 
Making the Case for Learning and Development: 5 Steps for Success
Making the Case for Learning and Development: 5 Steps for SuccessMaking the Case for Learning and Development: 5 Steps for Success
Making the Case for Learning and Development: 5 Steps for SuccessKip Michael Kelly
 
Putting Success Back in Succession Planning
Putting Success Back in Succession PlanningPutting Success Back in Succession Planning
Putting Success Back in Succession PlanningKip Michael Kelly
 
Unlocking the Potential of On-Demand Learning in the Workplace
Unlocking the Potential of On-Demand Learning in the WorkplaceUnlocking the Potential of On-Demand Learning in the Workplace
Unlocking the Potential of On-Demand Learning in the WorkplaceKip Michael Kelly
 

Plus de Kip Michael Kelly (20)

Powering Your Bottom Line Through Employee Engagement
Powering Your Bottom Line Through Employee EngagementPowering Your Bottom Line Through Employee Engagement
Powering Your Bottom Line Through Employee Engagement
 
Identifying High-Potential Talent in the Workplace
Identifying High-Potential Talent in the WorkplaceIdentifying High-Potential Talent in the Workplace
Identifying High-Potential Talent in the Workplace
 
Balancing Talent & Time Online
Balancing Talent & Time OnlineBalancing Talent & Time Online
Balancing Talent & Time Online
 
ideas@work vol. 5
ideas@work vol. 5ideas@work vol. 5
ideas@work vol. 5
 
Building A Resilient Organizational Culture
Building A Resilient Organizational CultureBuilding A Resilient Organizational Culture
Building A Resilient Organizational Culture
 
Wired to Learn: How New Technologies Are Changing L&D Delivery
Wired to Learn: How New Technologies Are Changing  L&D DeliveryWired to Learn: How New Technologies Are Changing  L&D Delivery
Wired to Learn: How New Technologies Are Changing L&D Delivery
 
UNC Leadership Survey 2012: Women in Business
UNC Leadership Survey 2012: Women in BusinessUNC Leadership Survey 2012: Women in Business
UNC Leadership Survey 2012: Women in Business
 
Leadership Agility: Using Improv to Build Critical Skills
Leadership Agility: Using Improv to Build Critical SkillsLeadership Agility: Using Improv to Build Critical Skills
Leadership Agility: Using Improv to Build Critical Skills
 
Wired to Learn: How New Technologies Are Changing L&D Delivery
Wired to Learn: How New Technologies Are Changing L&D DeliveryWired to Learn: How New Technologies Are Changing L&D Delivery
Wired to Learn: How New Technologies Are Changing L&D Delivery
 
Embracing Open–Book Management to Fuel Employee Engagement and Corporate Sust...
Embracing Open–Book Management to Fuel Employee Engagement and Corporate Sust...Embracing Open–Book Management to Fuel Employee Engagement and Corporate Sust...
Embracing Open–Book Management to Fuel Employee Engagement and Corporate Sust...
 
The Recruiting Revolution: How Technology is Transforming Talent Acquisition
The Recruiting Revolution: How Technology is Transforming Talent AcquisitionThe Recruiting Revolution: How Technology is Transforming Talent Acquisition
The Recruiting Revolution: How Technology is Transforming Talent Acquisition
 
Ready, Aim, Coach: How HR Can (and Should) Coach Managers on Problem Employee...
Ready, Aim, Coach: How HR Can (and Should) Coach Managers on Problem Employee...Ready, Aim, Coach: How HR Can (and Should) Coach Managers on Problem Employee...
Ready, Aim, Coach: How HR Can (and Should) Coach Managers on Problem Employee...
 
Beyond Smiley Sheets: Measuring the ROI of Learning and Development
Beyond Smiley Sheets: Measuring the ROI of Learning and DevelopmentBeyond Smiley Sheets: Measuring the ROI of Learning and Development
Beyond Smiley Sheets: Measuring the ROI of Learning and Development
 
Developing Real Skills for Virtual Teams
Developing Real Skills for Virtual TeamsDeveloping Real Skills for Virtual Teams
Developing Real Skills for Virtual Teams
 
Developing Leaders in a VUCA Environment
Developing Leaders in a VUCA EnvironmentDeveloping Leaders in a VUCA Environment
Developing Leaders in a VUCA Environment
 
Maximizing Millennials in the Workplace
Maximizing Millennials in the WorkplaceMaximizing Millennials in the Workplace
Maximizing Millennials in the Workplace
 
Charting a Course in Uncertain Times
Charting a Course in Uncertain TimesCharting a Course in Uncertain Times
Charting a Course in Uncertain Times
 
Making the Case for Learning and Development: 5 Steps for Success
Making the Case for Learning and Development: 5 Steps for SuccessMaking the Case for Learning and Development: 5 Steps for Success
Making the Case for Learning and Development: 5 Steps for Success
 
Putting Success Back in Succession Planning
Putting Success Back in Succession PlanningPutting Success Back in Succession Planning
Putting Success Back in Succession Planning
 
Unlocking the Potential of On-Demand Learning in the Workplace
Unlocking the Potential of On-Demand Learning in the WorkplaceUnlocking the Potential of On-Demand Learning in the Workplace
Unlocking the Potential of On-Demand Learning in the Workplace
 

Dernier

Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptxCracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptxWorkforce Group
 
Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...Roland Driesen
 
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRLMONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRLSeo
 
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best ServicesMysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best ServicesDipal Arora
 
Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...
Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...
Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...anilsa9823
 
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...lizamodels9
 
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Coffee Bean & Tea Leaf(CBTL), Business strategy case studyThe Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Coffee Bean & Tea Leaf(CBTL), Business strategy case studyEthan lee
 
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptxB.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptxpriyanshujha201
 
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service BangaloreCall Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangaloreamitlee9823
 
0183760ssssssssssssssssssssssssssss00101011 (27).pdf
0183760ssssssssssssssssssssssssssss00101011 (27).pdf0183760ssssssssssssssssssssssssssss00101011 (27).pdf
0183760ssssssssssssssssssssssssssss00101011 (27).pdfRenandantas16
 
Monthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptxMonthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptxAndy Lambert
 
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdfDr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdfAdmir Softic
 
A DAY IN THE LIFE OF A SALESMAN / WOMAN
A DAY IN THE LIFE OF A  SALESMAN / WOMANA DAY IN THE LIFE OF A  SALESMAN / WOMAN
A DAY IN THE LIFE OF A SALESMAN / WOMANIlamathiKannappan
 
Call Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine ServiceCall Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine Serviceritikaroy0888
 
Famous Olympic Siblings from the 21st Century
Famous Olympic Siblings from the 21st CenturyFamous Olympic Siblings from the 21st Century
Famous Olympic Siblings from the 21st Centuryrwgiffor
 
Organizational Transformation Lead with Culture
Organizational Transformation Lead with CultureOrganizational Transformation Lead with Culture
Organizational Transformation Lead with CultureSeta Wicaksana
 
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...amitlee9823
 
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...Aggregage
 

Dernier (20)

Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptxCracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptx
 
Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...
 
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRLMONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
 
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best ServicesMysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
 
Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...
Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...
Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...
 
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
 
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabiunwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
 
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Coffee Bean & Tea Leaf(CBTL), Business strategy case studyThe Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
 
VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...
VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...
VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...
 
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptxB.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
 
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service BangaloreCall Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
Call Girls Hebbal Just Call 👗 7737669865 👗 Top Class Call Girl Service Bangalore
 
0183760ssssssssssssssssssssssssssss00101011 (27).pdf
0183760ssssssssssssssssssssssssssss00101011 (27).pdf0183760ssssssssssssssssssssssssssss00101011 (27).pdf
0183760ssssssssssssssssssssssssssss00101011 (27).pdf
 
Monthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptxMonthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptx
 
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdfDr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
 
A DAY IN THE LIFE OF A SALESMAN / WOMAN
A DAY IN THE LIFE OF A  SALESMAN / WOMANA DAY IN THE LIFE OF A  SALESMAN / WOMAN
A DAY IN THE LIFE OF A SALESMAN / WOMAN
 
Call Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine ServiceCall Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine Service
 
Famous Olympic Siblings from the 21st Century
Famous Olympic Siblings from the 21st CenturyFamous Olympic Siblings from the 21st Century
Famous Olympic Siblings from the 21st Century
 
Organizational Transformation Lead with Culture
Organizational Transformation Lead with CultureOrganizational Transformation Lead with Culture
Organizational Transformation Lead with Culture
 
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
 
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
 

Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust

  • 1. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust By: Kip Kelly Director of Marketing UNC Executive Development All Content © UNC Executive Development 2011 Website: www.kenan-flagler.unc.edu/execdev/ |Phone: 1.800.862.3932 |Email: unc_exec@unc.edu
  • 2. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Promise As aging baby boomers reach retirement age over the next two decades, many organizations face a potential mass exodus of their senior leaders. While the economic downturn may have delayed retirement for many baby boomers, these valued employees will retire eventually, taking with them a lifetime of knowledge and skills that are difficult, if not impossible, to replace. This paper discusses the five steps you should take now to avoid the baby boomer brain drain and create a brain trust. Introduction The statistics of an aging workforce tell the story. As of January 1, 2011, a baby boomer turns 65 every eight seconds -- over 7,000 per day. While many may delay retirement for financial and personal reasons, employers are worried—and rightfully so—that they will face a shortage of experienced workers over the next five years. A recent Ernst and Young survey of Fortune 1000 companies found that 62 percent of employers believe future retirements will result in a labor shortage (Johnson, 2010). With every passing year there will be fewer workers with the knowledge and experience to lead effectively. For some industries like health care, energy and construction, this talent gap is already acutely felt (Davis, 2008). Few industries, however, will be unaffected. Research indicates that employers are unprepared for the inevitable departure of these workers:  A Sloan Center on Aging and Work survey found that 68 percent of employers had not analyzed the demographics of their workforce and that 77 percent had not analyzed the projected retirement rates of their employees (Pitt-Catsouphes, 2009).  A series of AARP surveys found that few employers (between 19 and 37 percent) had taken active steps to prepare for baby boomer retirements (Johnson, 2010). The brain drain resulting from retirements in key business functions can be devastating. Organizations that ignore the looming crisis will suffer the consequences later. The good news is that many senior leaders want to give back and create a legacy in their organization. You can seize the opportunity and engage your most senior leaders before they retire and harvest their collective experience to shape the next generation of leaders in your organization. If you want to take action, here are five steps to avoid the brain drain and turn your baby boomers into a brain trust. All Content © UNC Executive Development 2011 2|Pa ge
  • 3. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Step 1: Conduct a Strategic Workforce Analysis Nearly half (48 percent) of the employers surveyed in a SHRM-AARP poll (SHRM, 2009) said they had no plans to conduct a strategic workforce analysis to see how their organizations would be affected by the loss of retiring workers. This could be a huge oversight with potentially catastrophic consequences for an organization. The ability to accurately forecast when you will lose top talent across the organization is critical to succession planning and business continuity. A strategic workforce analysis should be conducted internally to anticipate the effect of retirement over the next five and 10 years and beyond. Questions for a strategic workforce analysis should include: 1. How many of your employees will become eligible to retire? 2. How many of your senior leaders will become eligible to retire? 3. How many skilled technical workers and individual contributors will become eligible to retire? 4. How many front-line managers will become eligible to retire? 5. Do you have a succession plan in place for key positions that are most at risk? Example: AARP’s Workforce Assessment Tool AARP offers a free online workforce assessment tool. The tool helps employers assess how the aging of their workforce will affect their organizations. In addition, it maps out an organization’s current employer practices, identifies areas of improvements, and makes recommendations on ways to create an age-friendly workplace. Nearly 2,000 employers have used the tool since its launch in 2007 (Jackson & Rand, 2010). All Content © UNC Executive Development 2011 3|Pa ge
  • 4. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Step 2: Refine Your Retention Strategy Although retirement is inevitable, keeping senior workers in the labor force a little longer will provide more time to transfer knowledge. Baby boomers, however, aren’t looking for business as usual. They want flexibility. To keep them in the labor force, employers must offer flexible work options that will appeal to them. In recent testimony before the U.S. Equal Employment Opportunity Commission, Cornelia Gamlem, president and founder of the Herndon, Va.-based GEMS Group, offered these suggestions for recruiting and retaining older workers:  Offer part-time employment and hire retired employees as consultants or temporary workers. (Source: Gurchiek, 2011.)  Encourage employees with specific expertise to mentor or coach others and to remain on call after they retire. (Source: Gurchiek, 2011.)  Establish forums where older workers can discuss how the employer can make the workplace more accommodating to their needs. (Source: Gurchiek, 2011.)  Base layoffs on organizational needs and employees’ skills, knowledge, ability, reliability, performance and length of service. (Source: Gurchiek, 2011.)  Offer retirement savings plans or pension plans with specific provisions for older workers. (Source: Gurchiek, 2011.) In addition to these recommendations, consider offering other benefits of interest to mature workers such as long-term care insurance, pre-retirement planning, health and wellness programs, comprehensive medical coverage, health coverage for retirees and part-time workers, and pro-rated benefits for employees on flexible work schedules. Many employers are already taking these and other steps to keep their valued older employees working longer—and in some cases, luring retirees back. All Content © UNC Executive Development 2011 4|Pa ge
  • 5. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Example: Abbott Laboratories’ Freedom-to-Work Program New York-based Abbott Laboratories created a “Freedom to Work” program that allows employees to reduce work schedules to four days a week or to take up to 25 more vacation days a year. The program is open to employees with 10 years of service and who are 55 years of age or older. Although overall pay is reduced, 401(k) contributions are still made as a percentage of their full salaries and pension formulas remain intact. Abbott Laboratories also allows senior technical staff to take on “emeritus” status, giving up some of their management and administrative responsibilities to return to full-time scientific endeavors. This opens up management opportunities for rising leaders while keeping older staff working and available to advise or share insights as needed (McGregor, 2009). Example: Chevron’s Bridges Program Energy giant Chevron Corporation has established its Chevron Bridges Program for former employees who are interested in continuing a working relationship with the corporation. Former technical and professional Chevron employees can enroll in the program through the Chevron Alumni Community Web site. Applicants are considered for specific contract assignments that may include working on projects as technical specialists, partner representatives, guest speakers, recruiters, mentors, peer reviewers and advisors on focus areas (Chevron Bridges Program, undated). All Content © UNC Executive Development 2011 5|Pa ge
  • 6. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Step 3: Identify, Prioritize and Engage Potential Retirees There was a time when predicting the retirement of your senior leaders may have seemed relatively straightforward. However, attitudes about retirement are changing, and there will be an ongoing shift as baby boomers transform expectations about retirement. This shift is compounded by recent changes in the political and economic landscape. Employees have pushed back retirement an average of nine years because of the recession, which ravaged 401(k) accounts and caused home values to plummet (Hewlett, 2009). In addition, high unemployment rates, ongoing economic instability and potential changes to social security and health care coverage have created a great deal of uncertainty. All of these factors make it difficult--but not impossible--to anticipate and prepare for the departure of your senior leaders. Employers face retirement from all parts of the organization, from top to bottom. Efforts to identify the individuals who represent the greatest risk of knowledge loss will differ from one organization to the next, and how they prioritize and respond to this risk will also vary. In general, the employees who present the greatest immediate risk include those closest to retirement age who serves in vital roles, and possess unique, irreplaceable knowledge and skills. Once you’ve identified the employees who represent the greatest retirement risk, talk to them about their future plans and aspirations within the organization. This is not, strictly speaking, a conversation about retirement. This should be a voluntary conversation designed to recognize the individual’s unique value and contributions to the organization and explore ways to transfer and retain their knowledge and experience. Ask them what knowledge they feel is most critical; the answers may surprise you. Explore how they might contribute to the development of future leaders. Be prepared with a range of options such as mentoring, coaching and direct involvement in training and development efforts. You may find that your employees actually appreciate the opportunity to discuss their future plans. It should come as no surprise that loyal, long-serving employees would welcome the chance to transfer their knowledge and skills to the next generation. As leaders in your organization, they want to take an active role in creating a legacy and ensure the future success of the organization. All Content © UNC Executive Development 2011 6|Pa ge
  • 7. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Example: The TVA’s Knowledge Retention Program The Tennessee Valley Authority (TVA), headquartered in Knoxville, Tenn., identifies employees planning to retire through two annual surveys, one designed for line managers and one designed for all 13,500 employees. To alleviate anxiety, HR makes it clear that while the survey is necessary to collect data about workforce planning, it is voluntary. Nearly 80 percent of TVA employees complete the annual questionnaire (Leonard, 2003). The line manager survey asks three questions: 1. What knowledge will be lost when an employee retires? 2. What are the consequences of losing this knowledge? 3. How can the organization retain this knowledge? These surveys help the TVA’s HR staff identify those employees who, according to their supervisors, hold critical knowledge and skills. HR staff members then interview both the supervisor and the employee to learn about the employee’s specific knowledge and skills. Jerry Landon, senior consultant for assessment and evaluations at TVA University, realized early on that these conversations are not as difficult as you may think. “This interview process is very important, because we found…that retiring workers really care about TVA and their jobs,” reports Landon. “They have devoted a good part of their lives to this organization, and many are very concerned that their knowledge of what makes this utility run will be lost or, even worse, just ignored when they retire.” (Leonard, 2003). After the interview, HR assesses each employee’s skills and knowledge on a five-point scale, with a five meaning that transferring and retaining the employee’s skills and knowledge should be a top priority. Those with high scores receive special attention and are asked to take on some new roles as consultants, instructors and mentors. In some cases, capturing knowledge is simply a matter of writing down procedures or processes. In other cases, reports Langdon, the interviews shed light on where processes could actually be improved, saving TVA money. “For example, there might be one worker who has a very specialized skill in how to operate or repair an ancient type of electrical switch at a power station,” Landon says. All Content © UNC Executive Development 2011 7|Pa ge
  • 8. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust “Well, the answer here may not be to keep doing this the same old way. The answer might be, let’s upgrade the switch. In the long run, we’re going to save the organization a lot of money by finding solutions like this.” (Leonard, 2003). TVA’s knowledge retention initiative has also had some unexpected benefits. TVA senior leaders say the process has improved team building and made employees more cohesive, enhanced employee’s self-esteem as they realize that what they do counts, and lowered stress levels among supervisors who were concerned about losing valuable knowledge with employee retirements (Leonard, 2003). All Content © UNC Executive Development 2011 8|Pa ge
  • 9. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Step 4: Prepare Senior and Emerging Leaders Your efforts to engage senior leaders before they retire will be more successful if you provide the skills and tools they need to be effective. For example, a senior engineer may possess a lifetime of technical expertise but may lack the ability to share that knowledge effectively. Even the most seasoned, successful business leaders will benefit from some guidance and preparation. The type of preparation they require will depend on the individual and how you plan to engage them in the organization. Developing specific skills can mean the difference between their success and failure. As you prepare your senior leaders to make a more significant impact, do the same with your emerging leaders. These future leaders should know that they have been selected because of the talent and potential they have demonstrated. They should also understand that the transfer of knowledge and experience is critical to the long-term success of the organization, and that they should appreciate the value it represents. Finally, they should recognize that absorbing and applying the knowledge and experience shared by the senior leaders will lead to their own success in the company. This is an invaluable opportunity, and they should be properly motivated to take full advantage of it. (If you want more information about identifying and preparing future leaders, you might be interested in the whitepaper, Putting Success Back in Succession Planning: the Role of Learning and Development.) All Content © UNC Executive Development 2011 9|Pa ge
  • 10. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Myths about Older Workers 1. Older workers are less productive than younger workers. 2. Older workers cost more to employ. 3. Older workers are not really motivated—they’re just biding their time until retirement. 4. Older workers are preoccupied with the past and have little interest in the future. 5. Older workers have old-fashioned values and are traditional thinkers. They are overly conservative. 6. Older workers are mentally and physically impaired. 7. Older workers are often ill and absent from work. 8. Older workers are resistant to change. 9. Older workers are unable to learn new skills and new ways of doing things. The Truth about Older Workers 1. Older workers have lower absenteeism rates than younger workers, making them more dependable. 2. Because of their life experience, older workers can better relate to others. 3. Older workers are, in fact, highly productive. 4. Older workers often require less supervision. 5. Older workers are less likely to abuse drugs and alcohol. 6. Older workers have stability that comes with maturity. 7. Older workers are willing to work part time and flexible hours. 8. Older workers have a strong work ethic. 9. Older workers waste less time on the job. 10. Older workers have higher writing and math skills. 11. Older workers are highly motivated to do a job well. 12. Older workers are willing and able to learn and acquire new skills. 13. Older workers are less distracted by outside interests. 14. Older workers have a lifetime of experience dealing with people and changing conditions. (Source: Davis, 2008.) All Content © UNC Executive Development 2011 10 | P a g e
  • 11. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Step 5: Create Knowledge Transfer Opportunities There are a number of ways to facilitate the transfer of critical knowledge in your organization. There is no “one size fits all” approach—it will depend on your organization’s capabilities and culture. Regardless of the method or combination of methods you employ, it is critical to identify the outcomes and objectives you hope to achieve to ensure that the investment of time and effort provides real value to everyone involved. PROVEN METHODS OF KNOWLEDGE TRANSFER 1) Formal and Informal Mentoring and Coaching Programs Coaching and mentoring programs provide an effective way to transfer knowledge and skills- -as well as the wisdom gained from years of experience. Coaches and mentors can share valuable information on a one-on-one basis, sharing personal insights and professional advice that lead to greater individual and organizational success. Your senior leaders are stewards of your organization’s history, culture and values. The stories they pass on to the next generation of leaders can be more meaningful and powerful than any corporate mission statement. Example: The YMCA of Greater Rochester’s Mentoring Program The YMCA of Greater Rochester, New York, a non-profit organization with more than 2,700 employees, has been recognized by AARP for five consecutive years as an outstanding place to work for older workers. For the past several years, the YMCA’s HR team has made a concentrated effort to recruit and retain older workers. A full-time staff member serves as a liaison with a group of 40 retirees in its workforce, managing employee support and relation activities. In addition, the organization keeps a roster of outside retirees who are interested and available for work and calls on them for temporary jobs, consulting projects and part-time work. The YMCA also offers phased retirement and works with recruiters from outside agencies to identify qualified older job seekers (SHRM, 2010). All Content © UNC Executive Development 2011 11 | P a g e
  • 12. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust As part of its professional development programming, the YMCA gives employees the opportunity to participate in their Mentoring Across Generations program (also known as "Generation YMCA"), in which baby boomer employees are paired with Gen X and Gen Y employees to exchange information and skills (AARP, 2009). Coaching Characteristics  Managers coach their staff as a required part of the job.  Coaching takes place within the confines of a formal manager-employee relationship.  The focus is to develop individuals within their current job.  The interest of the relationship is functional, arising out of the need for individuals to perform the tasks required to the best of their ability.  Managers tend to initiate and drive the relationship.  The relationship is finite, ending when an individual has learned what the coach is teaching. Mentoring Characteristics  Mentoring occurs outside of a line manager-employee relationship, at the mutual consent of a mentor and employee.  Mentoring is career focused or focused on professional development that may be outside the employee’s area of work.  Relationships are personal—a mentor provides professional and personal support.  Relationships may be initiated by mentors or created through matches initiated by the organization.  Relationships cross job boundaries.  Relationships last for a specific period of time (nine months to a year) in a formal program, at which point the pair may continue in an informal mentoring relationship. (Source: Management Mentors.) All Content © UNC Executive Development 2011 12 | P a g e
  • 13. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust 2) Intergenerational Work Teams Like mentoring and coaching programs, pairing older, more experienced workers with emerging leaders can greatly facilitate both the transfer of knowledge and the development of future leaders. Though communication between the generations can sometimes be challenging, it can also be vastly rewarding to all parties involved. This is what LaRhonda Edwards, an HR manager for a large office supply distribution center in Alabama, has learned. In an article for SHRM Online on employee relations trends for 2011, Edwards noted that one of her most productive work teams includes a 63-year-old employee with more than 20 years of experience in the company and a 25-year-old employee just starting his career. The team works well because the skills sets of the older and younger worker complement each other. The older worker has a deep knowledge of processes and procedures and how to complete work projects on time, while the younger worker uses technology to the best advantage. “The result is that as a team, they are very productive and enjoy learning from each other,” Edwards says. “They have taught me a lot, too, about finding the right role or niche for workers and how crucial that is to successful and effective employee relations.” (Leonard, 2011). 3) Involve Senior Leaders in Learning and Development Opportunities as Instructors or Participants Senior leaders can also serve as valuable instructors, speakers and facilitators because they can offer knowledge and a unique perspective that can enhance learning and development programs. 3M, the maker of PostIt Notes® and ScotchBrite™ cleaning products, has tapped into its senior leadership base through the company’s “Leaders Teaching Leaders” program. More than 300 senior leaders teach in 3M’s program annually, sharing their knowledge, experience and 3M’s values with employees who have been identified as future leaders. Consider including those senior leaders who would prefer to stay off the podium but still want to contribute their knowledge in action learning projects. Action learning is about integrating real work challenges into learning and development programs. By pairing experienced senior leaders with emerging leaders in action learning projects, you can facilitate the transfer of critical knowledge and skills while developing future leaders and addressing real business challenges. All Content © UNC Executive Development 2011 13 | P a g e
  • 14. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust 4) 2.0 Technologies Many employers are turning to technology to preserve valued workers’ knowledge. Web 2.0 technologies such as blogs and wikis provide useful tools for employees to develop a detailed library of knowledge, processes and procedures that can be updated, expanded and shared throughout the organization. While most experts agree that knowledge transfer cannot be conducted through technology alone, employees can use these inexpensive Web tools to complement other efforts. Internal websites provide employees with online retirement planning tips and tools to ensure a successful transition to the next stage of their lives. This is a simple and effective way to provide useful information, while also collecting accurate, real-time data about retirement intentions. Voluntary and anonymous surveys can capture useful data that provides insights you can use to plan and prepare. An internal website is also a great platform to solicit volunteers for coaching and mentoring, provide them with valuable resources to do so, and then organize these efforts. All Content © UNC Executive Development 2011 14 | P a g e
  • 15. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Conclusion You can turn the impending baby boomer brain drain into a brain trust by developing programs that will transfer critical knowledge and skills to the next generation of leaders. In doing so, you can ensure your organization’s future success and prevent the loss of valuable knowledge and experience. Follow the five steps outlined in this paper and proactively approach baby boomer retirement: 1. Conduct a strategic workforce analysis 2. Refine your retention strategy 3. Identify, prioritize and engage potential retirees 4. Prepare senior and emerging leaders 5. Create knowledge transfer opportunities As the global economy recovers from the deepest recession in 70 years, organizations need every competitive advantage they can find to survive and thrive. Employers that explore and develop ways to leverage the knowledge and experience of employees approaching retirement age will discover that these workers offer a lasting legacy of outstanding corporate performance. All Content © UNC Executive Development 2011 15 | P a g e
  • 16. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust About UNC Executive Development Our approach to program design and delivery draws upon the power of real-world, applicable experiences from our faculty and staff, integrated with the knowledge our client partners share about the challenges they face. We call this approach The Power of Experience. We combine traditional with experiential and unique learning. Through action learning and business simulation activities, we challenge participants to think, reflect and make decisions differently. Our Approach: The Partnership Our team customizes each leadership program through a highly collaborative process that involves our clients, program directors, faculty and program managers. This integrated approach consistently drives strong outcomes. Our Approach: The Results Our executive education programs are designed with results in mind. Below are a few examples of the results our client partners have achieved:  Leadership refocused with new  Products redefined strategy and cohesive vision  New markets targeted  Strategic plans created for the  Cost-saving measures developed global marketplace  Silos leveled  Supply chains streamlined  Teams aligned Participants leave empowered to bring in new ideas, present different ways to grow business and tackle challenges. The result is stronger individuals leading stronger teams and organizations. Contact Us Website: http://www.execdev.unc.edu Phone: 1.800.862.3932 Email: unc_exec@unc.edu All Content © UNC Executive Development 2011 16 | P a g e
  • 17. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust Resources Anonymous (undated). Chevron Bridges Contract Positions. Chevron Alumni Community. Retrieved December 2010 from http://alumni.chevron.com/index.php. Barnhart, M. (2009). Keeping Top Talent: The Value of Employee Retention. Katz, Sapper & Miller. Retrieved on December 2010 from http://www.touchpointrecruiting.com/doc/KSMTPRAdvisor2009.pdf. Cauchon, D. (2010, December 14). American Workforce Growing Grayer. USA Today. Retrieved December 2010 from http://www.usatoday.com/money/workplace/2010-12-14- older-workers-employment_N.htm. CEO Consultant (2010, August 12). Aging Workforce—10 Key Points on Training. CEOConsultant.com. Retrieved December 17, 2010 from http://www.ceoconsultant.com/business/aging-workforce-10-key-points-training/. Davis, D. (2008, September 24). Strategies to Employ and Retain Older Workers. Forum on North Carolina’s Aging Workforce. Raleigh, NC: National Council on Aging. Delong, D. & Mann, T. (2003). Stemming the Brain Drain. Accenture. Retrieved January 2011 from http://www.accenture.com/Global/Research_and_Insights/Outlook/By_Alphabet/StemmingTh eBrainDrain.htm. Evans, P. (2010, December 15). Baby Boomer Retirement: Is Your Data Center Ready? CIO Network. Retrieved January 2011 from http://blogs.forbes.com/ciocentral/2010/12/15/baby- boomer-retirement-is-your-data-center-ready/. Gallagher, J. (2010, September 14). Older Workers Can Shine—But Will They Get a Chance? Michigan Business. Retrieved December 2010 from http://www.freep.com/. Gurchiek, K. (2011, January). Older Workers Need More Flexible Policies. HR Magazine. Alexandria, VA: Society for Human Resource Management. Hastings, R. (2008, October 2). Global Employers Lauded for Support of Workers Over 50. SHRM Online. Retrieved December 2010 from http://www.shrm.org/hrdisciplines/diversity/articles/pages/globalemployerslauded.aspx. Hewlett, S. (2009, September 4). Reward Older Workers with What They Really Want. Bloomberg. Retrieved on December 2010 from http://www.bloomber.com/news/2009-09- 04/reward-older-workers-with-what-they-really-want.html. Jackson, H. & Rand, A. (2010, October). HR and the Aging Workforce: Two CEO Points of View. HR Magazine. Alexandria, VA: Society for Human Resource Management. All Content © UNC Executive Development 2011 17 | P a g e
  • 18. Passing the Torch: 5 Steps for Turning the Baby Boomer Brain Drain into a Brain Trust James, B. (2008, April 8). Capitalizing on the Baby Boom Brain Drain. The HR Edge. Retrieved December 2010 from http://thehredge.wordpress.com/2008/04/08/capitalizing-on- the-baby-boomer-brain-drain/. Johnson, R. (2010). Phased Retirement and Workplace Flexibility for Older Adults: Opportunities and Challenges. Focus on Workplace Flexibility. Retrieved December 2010 from http://workplaceflexibility.org/images/uploads/program_papers/johnson_- _phased_retirement_and_workplace_flexibility.pdf. Leonard, B. (2003, July). More than 2,500 Employees Riding the Age Wave. HR Magazine. Alexandria, VA: Society for Human Resource Management. Leonard, B. (2010, January 10). Economic Uncertainty Shaping Employee Relations Trends for 2011. SHRM Online. Retrieved January 2011 from www.shrm.org. McGregor, J. (2009, November 13). How Older Workers Can Lighten the Load. Bloomberg Businessweek. Retrieved December 2010 from http://www.businessweek.com/managing/content/nov2009/ca20091111_435788.htm. Management Mentors (undated). Corporate Mentoring vs. Corporate Coaching. Management Mentors. Retrieved January 2011 from http://www.management- mentors.com/resources/coaching-and-mentoring/. Moore, J. (2009, April 17). Knowledge Retention Helps Agencies Retain Employee Expertise. Federal Computer Week. Retrieved January 2011 from http://fcw.com/articles/2009/04/20/tips-for-knowledge-retention.aspx. Nichols, M. (2008, October 22). America’s Aging Workforce: It’s Time for Employers to Accept Reality. Citizen Economists. Retrieved December 2010 from http://www.citizeneconomics.com/blogs/2008/10/22/americas-aging-workforce-its-time-for- employers-to-accept-reality/. Pitt-Catsouphes, M. (2009, October). Talent Management Study: The Pressures of Talent Management. Boston, MA: The Sloan Center on Aging and Work at Boston College. Roth, R. (2010, September 5). How BMW Deals with an Aging Workforce. CBS News. Retrieved December 2010 from http://www.cbsnews.com/stories/2010/09/05/sunday/main6837469.shtml. SHRM (2009, November 17). SHRM-AARP Poll Shows Concern About Aging Workforce. SHRM Online. Retrieved December 2010 from http://www.shrm.org. Smith, D. (2010, Dec. 22). Leading Edge of U.S. Baby Boomers Content Survey. Washington, DC: Reuters. Tennessee Valley Authority (undated). Knowledge Retention. TVA. Retrieved January 2011 from http://www.tva.gov/knowledgeretention/. All Content © UNC Executive Development 2011 18 | P a g e