Thursday, February 02, 2017

How your company can survive the baby boomer brain drain

From BizWomen

The result of this baby boomer retirement surge? A massive brain drain that threatens to destabilize American business. Many companies are unprepared for the challenge...

A recent study from the University of North Carolina at Chapel Hill reveals that less than 40 percent of employers have taken action to address the imminent loss of detailed know-how. Adding even well-trained millennials to the workforce may not be enough to restore the balance when your company is hemorrhaging its veteran employees...

Dorothy Leonard, a professor of business administration at Harvard Business School, says there is a big difference between information and knowledge. Information is something you can get from Google. Knowledge is the critically important stuff in your head that has never been written down. And companies often fail to retain it.

It is critical that longtime workers transfer the knowledge they’ve gained from decades of experience to employees who will be taking on their responsibilities. Leonard calls it “tacit knowledge.” Unlike a checklist or a binder full of procedures or reports, this knowledge is hard to identify and even harder to pass on.

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