With aging Baby Boomers getting set to retire over the next decade, the potential loss of business knowledge and expertise is a crucial problem for many organizations. However, employers are largely unprepared for the impact of how this loss of senior executives and highly skilled workers will affect the corporate memory when a big chunk of knowledge, context and process know-how walks out the door with newly retired staff.
For many industry sectors, organizations will be losing major skill sets and their competitive advantage when key workers retire. Most vulnerable are high-value positions that cannot be easily automated using new technology. Engineers, scientists and technical project managers, who have often spent their entire careers at the same organization, are potentially leaving and taking with them decades of best practices and corporate memory.
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