Just how worried should organizations be about the potential "brain drain" as the workforce ages?

In Beating the Boomer Brain Drain Blues (CIO Magazine, 1/15/2006) Suzanna Patton highlights the use of knowledge management systems to combat the coming wave of baby boomer retirements. She quotes  David W. DeLong, author of Lost Knowledge: Confronting the Threat of an Aging Workforce: "Federal and state government, as well as industries such as aerospace, defense, energy and utilities, will be hit hard by the large-scale retirement of skilled workers. " Yes, the concerns are very real.

But things may not be as bad as they seem, if its true that "60 is the new 45". EJ Mundale explains (Healthday News, 8/30/2006) why organizations shouldn't count baby boomers out so quickly. Expect longer lifespans and healthier aging to change the age at which people stop contributing to the workforce, but don't relax yet!  The evidence shows a growing trend in older workers to find work that is meaningful and flexible. Will those gracefully aging Boomers stay with your organization?

Organizations must respond to the trend with an array of initiatives aimed at retaining older workers through their productive years, attracting new workers, and facilitating the transfer of knowledge between outgoing and incoming workers.

Moving beyond these survival tactics, leading organizations will look outside their own organization to incorporate external knowledge - from customers, partners, academia, and even competitors. Knowledge Management systems are an important part of the equation, but implemented alone, they will fail. As a living system, organizations can't must also update the processes, policies, and procedures as well as the corporate culture to support their overall objectives.

2:23:58 PM    
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