The looming brain drain
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Baby boomers are set to retire en masse in the coming years. This presentation outlines steps you can take to manage the risks this presents.
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The looming brain drain
- 1. Combating the Brain Drain Title
- 3. Demographics in the public sector
- 4. The cost of lost knowledge How smart are you? How do you contribute? What is stopping you? What types of knowledge will I lose?
- 5. Our Strategy Understand where you are Manage your talent Manage your knowledge Manage professional development
- 8. This has to be done by thewhole company
- 9. Manage your talent Are you attracting younger people? What values do Gen Y seek? What is their motivation? How do they communicate? What management style do they respond to?
- 12. Training
Editor's Notes
- Talk about the number of retirees growing25% of population predicted to be over 65 by 2050658,000 to turn 65 this year806,000 by 2012More 65+ than under 16’sgrowth of nearly 10% in the last decadethe largest group is 40-49 year oldsrelatively few younger employees compared to private sector
- relatively few younger employees compared to private sectorApprox 60% of central government are 40+68.4% of local government are 40+http://www.lga.gov.uk/lga/aio/15142156
- This is a difficult thing to achieve, reconciling the different generations in one workforceMany senior managers won’t be around to reap the benefitsShort-termism is ripe?Knowledge is becoming more specialised – stone age doing everything (self sufficient) > Adam Smith popularised the idea of specialisation > Modern day when someone has very deep, but very narrow knowledgeHow do you contribute?What is stopping you?Payback isn’t obviousYou’re tackling a problem that may never occurIt asks awkward questionsMany senior execs are too close to retirement themselvesWhat types of knowledge?Tacit and anticipated ie exec retires with his RolodexExplicit and anticipated ie when you know important documents are requiredTacit and unanticipated ie when you lose knowledge you didn’t know someone hadExplicit and unanticipated ie when you think the training you offer is enough
- What is the age profile of your key knowledge resources, not just average age, but age of key peopleAre you attracting enough Gen Y’s? Do you understand the difference between Gen Y and boomers?
- Ensure that you have the right culture and environment to attract the right talent across the age span. Understand the different demands of the generations in order to attract talented youngsters, whilst also doing what you can to ensure key skills amongst your older employees are kept for as long as possible.Mention Gen Y – differences between Gen Y and Boomers, include ‘values at work’, ‘motivations at work’, ‘key communication tools’ and ‘management approach’. values – motivation - communication – style - Also mention retention of older employees. How to keep key knowledge retained.
- To ensure you're not stung by retiring knowledge you need to ensure you have a good corporate memory. Knowledge comes in two kinds - explicit (documents etc.) and tacit (informal heuristics). You need to ensure you capture both.ExplicitTacitMention some of the tools and strategies availableCross project learning to enable collaboration across functionsCommunities of practice to enable sharing of information and experiencesExpert directories to enable seekers to hunt down expertsCompetence management to evaluate skills and strengths/weaknessesMentoring to assist sharing from senior to junior (mention Apprentice Week)Collaborative technology to facilitate working togetherSocial software such as wikis, blogs, forums for unstructured and self governed approaches
- Make sure you have the training and mentoring processes in place so that retirements don't catch you by surprise. That way you'll have great succession plans in place.MentoringTrainingSuccession planning