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The looming brain drain

by CMI Milburn on Feb 11, 2011

1,802 views

Baby boomers are set to retire en masse in the coming years. This presentation outlines steps you can take to manage the risks this presents.

Baby boomers are set to retire en masse in the coming years. This presentation outlines steps you can take to manage the risks this presents.

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Talk about the number of retirees growing25% of population predicted to be over 65 by 2050658,000 to turn 65 this year806,000 by 2012More 65+ than under 16’sgrowth of nearly 10% in the last decadethe largest group is 40-49 year oldsrelatively few younger employees compared to private sector
relatively few younger employees compared to private sectorApprox 60% of central government are 40+68.4% of local government are 40+http://www.lga.gov.uk/lga/aio/15142156
This is a difficult thing to achieve, reconciling the different generations in one workforceMany senior managers won’t be around to reap the benefitsShort-termism is ripe?Knowledge is becoming more specialised – stone age doing everything (self sufficient) > Adam Smith popularised the idea of specialisation > Modern day when someone has very deep, but very narrow knowledgeHow do you contribute?What is stopping you?Payback isn’t obviousYou’re tackling a problem that may never occurIt asks awkward questionsMany senior execs are too close to retirement themselvesWhat types of knowledge?Tacit and anticipated ie exec retires with his RolodexExplicit and anticipated ie when you know important documents are requiredTacit and unanticipated ie when you lose knowledge you didn’t know someone hadExplicit and unanticipated ie when you think the training you offer is enough
What is the age profile of your key knowledge resources, not just average age, but age of key peopleAre you attracting enough Gen Y’s? Do you understand the difference between Gen Y and boomers?
Ensure that you have the right culture and environment to attract the right talent across the age span. Understand the different demands of the generations in order to attract talented youngsters, whilst also doing what you can to ensure key skills amongst your older employees are kept for as long as possible.Mention Gen Y – differences between Gen Y and Boomers, include ‘values at work’, ‘motivations at work’, ‘key communication tools’ and ‘management approach’. values – motivation - communication – style - Also mention retention of older employees. How to keep key knowledge retained.
To ensure you're not stung by retiring knowledge you need to ensure you have a good corporate memory. Knowledge comes in two kinds - explicit (documents etc.) and tacit (informal heuristics). You need to ensure you capture both.ExplicitTacitMention some of the tools and strategies availableCross project learning to enable collaboration across functionsCommunities of practice to enable sharing of information and experiencesExpert directories to enable seekers to hunt down expertsCompetence management to evaluate skills and strengths/weaknessesMentoring to assist sharing from senior to junior (mention Apprentice Week)Collaborative technology to facilitate working togetherSocial software such as wikis, blogs, forums for unstructured and self governed approaches
Make sure you have the training and mentoring processes in place so that retirements don't catch you by surprise. That way you'll have great succession plans in place.MentoringTrainingSuccession planning

The looming brain drain — Presentation Transcript

Combating the Brain Drain
Title
UK Demographics
Demographics in the public sector
The cost of lost knowledge
How smart are you?
How do you contribute?
What is stopping you?
What types of knowledge
will I lose?
Our Strategy
Understand where you are
Manage your talent
Manage your knowledge
Manage professional development
Understand where you are
- Not all people are the same
- Different knowledge has
different impact
- Beware of cultural implications
- This has to be done by the
whole company
Manage your talent
Are you attracting younger people?
What values do Gen Y seek?
What is their motivation?
How do they communicate?
What management style do they respond to?
Manage your knowledge
Manage professional development
- Mentoring
- Training
- Succession Planning
Where to go from here
Map your knowledge
Retain key skills as long as you can
Work to recruit talented youngsters
Transition knowledge from old to young
Build this into a culture of knowledge sharing