We make a considerable effort to protect our literary, artistic and cultural heritage in ever-expanding libraries, art galleries and museums, but when it comes to doing the same with our corporate knowledge, companies are dragging the chain.
Only one quarter of large organisations are making any effort to transfer knowledge from retiring baby boomers to other employees, according to a survey of 2,046 human resource executives by Novations Group, a global consulting and training firm based in Boston.
Just four percent have created a formal process to pass on know-how, while 23 percent report doing so informally.
Results:
Q. Has your organisation created a way of transferring knowledge from retiring baby boomers to other employees?
| 1. Yes, a formal process | 4% |
| 2. Yes, a informal process | 23% |
| 3. No, but we plan to | 29% |
| 4. No, we have no plans to | 44% |
“Despite wide concern about loss of institutional know-how and industry expertise as boomers retire, employers have been slow off the mark in seeking a solution,” said Novations Executive Consultant Tim Vigue. “The clock is ticking, and it’s surprising so little is being done.”
Vigue conceded that some boomers may not plan to retire any time soon. “Organisations can’t assume one way or the other and have to probe boomer attitudes and plans. In certain cases, boomers may be persuaded to continue working part-time or on a contract basis.”
Nevertheless, every organisation needs to assess its risk, Vigue advised. “They have to examine the organisation’s demographics department by department, conduct an inventory of critical key skills and knowledge, and find the prospective gaps. Overall the outlook may be okay, but one or two areas may be facing trouble.”
Many organisations will need to set up a formal knowledge transfer system, predicted Vigue. “The system may be technology-based, or be just ample documentation. In addition, pairings of boomers with younger managers for this specific purpose will become common.”
According to Vigue, organisations have seldom faced this kind of dilemma. “The boomer cohort represents about one-fifth of the workforce and most of senior corporate leadership. These people may be gone within five years.”
For a different spin on knowledge management, have a look at this article from Knowledge Wharton, Does Knowledge Sharing Deliver on its Promises?
