Stopping The Brain Drain: How To Capture Key Business Knowledge Before It Walks Out The Door

The verdict is in: More and more baby boomers will be leaving the workplace sooner, rather than later. Many industries are predicting that between 25 and 45% of their more senior employees will soon be departing their organizations. And as they leave, they will be taking vast amounts of accumulated business knowledge with them.

Why the mass exodus? As the age of the workforce increases, a greater number of people will be leaving their jobs due to death, disability, or retirement. For several decades, the Bureau of Labor Statistics has been tracking the numbers of baby boomers leaving the workplace and reports that close to 25 million people will have left the workforce in the years between 1998 and 2008. Of these, 22 million are or will be aged 45 years or older and thus will be leaving mostly to retire. The total number of people who left the labor force between 1988 and 1998 was 19 million. As we near the end of the current period (1998 ? 2008), the oldest baby-boomers are or will be aged 52 to 62 and eligible to retire.

The Graying Workforce

The baby boom began in 1946 and continued through 1964. During those years, 76 million people were born. The unprecedented number of births during this period has had a major impact on many aspects of the economy over the last 50 years, mainly forming the size and age demographics of the workforce for the past 30 years.

In 1978, baby-boomers were aged 15 to 32 and comprised about 45% of the workforce. In 2008 this number will decrease to about 40% but will still add nearly 17 million workers to this age group. As a result, the average age of the workforce will have risen from 38.7 years in 1998 to 40.7 years in 2008.

Retaining Key Business Knowledge

As the baby boomers edge toward retirement, there are three main options they face:

1. They are eligible to leave the company, have the means to do so, and choose to leave

2. They are eligible to leave the company, have the means to do so, but choose to stay

3. They are eligible to leave the company, do not have the means to do so, and must choose to stay

Regardless of the situation, many organizations simply cannot afford to have crucial business knowledge walk out the door. Following are 3 ideas on how companies can best stop the brain drain and capture this knowledge before it is gone forever.

1. Ensure the company has a solid succession planning system in place. By identifying key personnel who can replace a knowledgeable person who will be leaving, cross training can begin as soon as possible

2. Create a company-sponsored mentoring program where more senior, experienced mentors are teamed with less senior, less experienced protégés

3. Carefully map crucial business processes so that they are captured for training and development purposes. Use of process mapping will automatically identify bottlenecks and critical sub-processes that are often contained solely in a person's brain. Once processes are mapped they can be distributed and shared with many people and the company becomes less vulnerable if someone chooses to leave the company.

The reality is that many companies are vulnerable to potential brain drain. For these companies to continue to grow and succeed, it is imperative that they retain as much crucial business knowledge as possible. Use of these three ideas can go a long way to ensure that your company remains healthy and viable.

Dr. Dan Strakal has been an expert on the changing workplace, business life, and career transition for nearly 20 years. He is the coauthor of and contributor to two books, Better Job Search in 3 Easy Steps and Better Job Skills in 3 Easy Steps. He is also the creator of numerous audio programs including Undaunted Courage in Leadership: 7 Lessons From Lewis and Clark, Networking to Increase Your Net Worth, Creating An Empowered Workplace, Increasing Employee Motivation in 3 Easy Steps, Balancing the 7 Sides of the Work and Home Life Equation, and many others. Through his consulting engagements, workshops, and one-on-one coaching sessions, Dr. Dan helps dozens of organizations and hundreds of people each year to overcome the challenges and barriers they face in creating satisfying and successful workplaces. Dan is a former executive in the corporate sector and is now a high energy entrepreneur who brings a well-rounded and realistic perspective to issues occurring within Fortune 500 companies, mid-sized organizations, and small businesses. More info at http://www.capable-consulting.com

---

Human Resources: The Misidentified Subject

Interest in the field of human resources has exploded in... Read More

Classifying Motivational Needs

While there exist several useful definitions of motivation, for our... Read More

Hows Your HUB?

Marketing gurus are always coming up with new lingo but... Read More

Creativity and Innovation Management ? Idea Progression

Creativity can be defined as problem identification and idea generation... Read More

Lets Flourish and Prosper!

Some say that in business as in sex: if it... Read More

How to Set Up a Conference Call

The methods in which you set up a conference call... Read More

Three Foundation Stones for Building Organizational Integrity

When the stock market crashed in 1929, there were a... Read More

Knowledge Mapping

This module focuses on the basics of Knowledge Mapping, its... Read More

Effective Ways to Give Performance Feedback

Consequences of Not Giving Effective FeedbackLet's take a look at... Read More

How to Beat the Turf Mentality

Want to hear a fascinating story? Let's sit in at... Read More

Training Adults, Not Teaching Children

Adults are vulnerable to personal and professional embarrassment from poor... Read More

Issue Management Methodology for Tracking Project Issues

1. What is an Issue?An issue is an incident, circumstance,... Read More

How to Save Money on Training

1) Use a live instructor. Adults learn best by doing,... Read More

Improve Operations by Restructuring

Transitioning from Vertical Hierarchies to Decentralized / Flatter OrganizationsThe need... Read More

Recruitment - Do You Know What Youre Looking For?

The time will come when you'll need to interview someone... Read More

Management Consultants, Creativity, Innovation

Most firms have intelligent, capable, knowledgeable managers who are very... Read More

Making Powerful Requests That Launch People Into Action

Do you ever wonder why people do not simply do... Read More

What Personal Assistants Really Want

What would happen if the personal assistants in your organisation... Read More

Where Businesses Fall Short

1. No vision. Successful businesses have a clear vision or... Read More

Managing Dickheads

"We are so different and individualistic that we can't work... Read More

Bosses Are Out ? Managers As Coaches Are In

There is a new trend taking hold in business today... Read More

Allan Kempert Discovers That Truly All You Gotta Do Is Ask

A year or so ago, I met Allan Kempert. Allan... Read More

Creativity and Innovation Management - Turning Ideas into Action

The phrase "turning ideas into action" is a Russian doll.Managing... Read More

Innovation Management ? Diversity Can Make All The Difference

Companies are welcoming a diverse range of employees (The Sunday... Read More

The Dripping Faucet in Every Organization

Each day millions of workers spend 8 hours or more... Read More