As America's population ages, so does its workforce. In fact, in the first decade of the new millennium, the number of workers aged 55 to 64 increased by 52%. Unfortunately, most companies are unprepared to manage the loss of many highly skilled, older workers. The challenge: identifying the skills and knowledge of your workforce and putting the right plans in place to ensure your organization's future success.
At EDSI, we've developed a process to identify "what" skills and knowledge will be lost and "when" the losses will occur. Furthermore, we ensure training, recruiting and hiring efforts minimize costs, risks, and organizational disruptions that come with the retirement of skilled workers. Click here to download our Knowledge Retention brochure.
Ken Mall, Managing Director of EDSI Consulting, was recently published in an international report from Ark Group entitled “Knowledge Retention: Protecting Corporate Memory.” Ken was one of 11 authors from around the globe invited to contribute to the report with his article entitled “You Don’t Need a Crystal Ball to Plan for the Future – Why Your Organization Needs to Implement a Knowledge Management and Retention Strategy.” Click here to read Ken’s article.
Ken was also a featured author in a recent cover story of American Gas Magazine - "The Aging Workforce." Click here to read the article.
- Identify: Identifying and prioritizing the specific knowledge and skills at risk
- Capture: Capturing processes, responsibilities and tasks of subject matter experts
- Communicate: Analyzing and communicating areas of risk and skill gaps within the organization
- Connect: Developing concrete, actionable responses to mitigate this loss and connect people, tools and resources to ensure future success
EDSI Can Help
With our Skilldex system leading the way, we'll help you build a better workforce. We combine our proprietary software capabilities with skilled professionals who are experts at leading companies through workforce transition issues. Whether you expect to lose a significant number of skilled workers in the next 5 years, or you have a handful of employees nearing retirement age, we'll work together to develop the appropriate knowledge retention strategy for you.
Benefits and Outcomes
- Company-wide skills balance sheets
- Organizational risk mitigation plans
- Organizational SWOT analysis
- Documented job responsibilities and tasks for positions at risk
- Knowledge loss risk assessments for "soon-to-retire" employees
- Identification of knowledge transfer priorities
- Customized curriculum and training program development
- Recruiting and hiring plans
- Employee retention plans
- Measurement of skill attainment and growth
- Job competency and benchmarking
- Development of career pathways
- Optimization of company-wide skills
- Individual Succession Planning
- Organizational Succession Planning
From Our Blog
Recent blog posts related to knowledge retention
Knowledge Retention Webinar
Losing skilled workers? Worried about knowledge retention as baby boomers exit your workforce?
Check out a recording of our knowledge retention webinar in which we covered:
- State of affairs - the aging workforce in the U.S.
- A proven Knowledge Retention process
- Benefits and outcomes
- Knowledge Retention approaches around the country
State of Affairs
Because the U.S. workforce is aging, the projected tide of retirements could dramatically affect productivity and profits. In many companies, younger workers remain relatively inexperienced because of the predominance of Baby Boomers in important management and other leadership roles. The loss of older workers’ critical organizational knowledge and expertise could be costly to employers.Report of the Taskforce on the Aging of the American Workforce, February 2008
The recent recession has hidden a rapidly evolving threat in many organizations. Despite an elevated unemployment rate, a lot of companies are in imminent danger of losing knowledge and capabilities critical to future performance due to the looming retirement of so many highly-skilled Baby Boomers.Dr. David DeLong - Author of Lost Knowledge: Confronting the Threat of an Aging Workforce
According to the U.S. Census Bureau, by 2030, 19.7% of the population, or about 71.5 million Americans, will be 65 or older, compared with just 12.4% in 2000.Report of the Taskforce on the Aging of the American Workforce, February 2008
As the year 2011 began on Jan. 1, the oldest members of the Baby Boom generation celebrated their 65th birthday. In fact, on that day, today, and for every day for the next 19 years, 10,000 baby boomers will reach age 65.Pew Research Center
The U.S. economy will add 18.9 million jobs in the decade ending in 2014, about 2.6 million more jobs than were added in the previous decade. Meanwhile, over the same period, nearly 36 million workers are expected to leave their jobs permanently and will need to be replaced.The Bureau of Labor Statistics Projection, 2005