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Boomers on the run


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With boomers heading into retirement, succession planning takes on a higher priority. HR experts can turn this challenge into an opportunity to secure a seat at the C-suite table by developing a boomer legacy process.

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Boomers on the run

  1. 1. Boomers on the Run BM2B - Matching Talent to NeedPlanning for Succession as Boomers Transitioninto Retirement 1
  2. 2. Today (%) 4040 BM2B - Matching Talent to Need 25 3020 5 0 Traditionalists Boomers Gen X Gen Y 2
  3. 3. 60 40 20 0 1 22 20 50 7 2020 (%) BM2B - Matching Talent to Need3
  4. 4. So - the Challenge?Expertise and knowledge drain as boomers exitfrom the workforce. BM2B - Matching Talent to NeedWhich expertise and knowledge is critical and important toretain?Which expertise and knowledge is not required for yourbusiness to achieve its future goals? 4
  5. 5. And - The Solution?Keep the expertise by transferring the knowledgeand skills. BM2B - Matching Talent to NeedHuman Resources needs to take a leadership rolein addressing the pending expertise gap. 5
  6. 6. The Boomer Legacy (a demographic gift)• Boomer Leaders accountable.• Critical roles surfaced and documented. BM2B - Matching Talent to Need• Risk Assessment• Measures of Success (ROI) 6
  7. 7. How Do You Start?First - Educate Yourself1. Conduct research BM2B - Matching Talent to Need2. Assess learning styles3. Investigate trends 7
  8. 8. Learning Styles Digital Immigrants Digital NativesLinear acquisition of information Nonlinear (hyperlinked) logic of learningFocused mainly on facts and Focused more on learning how toknowledge acquisition learn BM2B - Matching Talent to NeedGuided learning Autonomous learningLearning in specified time periods Learning 24/7Face-to-face learning Interactive virtual learningLearning as duty Learning as funRote learning Analogical learning*Conference Board of Canada, Bridging the Gaps. 8
  9. 9. Second– Build the Business Case • What knowledge and expertise needs to be transferred? BM2B - Matching Talent to Need • How does the intended receiver learn? • What is the timing? • What is the cost of ‘lost knowledge’? 9
  10. 10. Third- Build the Boomer Legacy Process1. Establish your cross functional team.2. Evaluate current competency and future capability requirements. BM2B - Matching Talent to Need3. Select successors.4. Select knowledge transfer methodology.5. Build the project plan6. Implement with current and successors.7. Evaluate performance, measure and report.8. Reward and recognize. 10
  11. 11. The Boomer Legacy ProcessFirst Steps 1. Do your research BM2B - Matching Talent to Need 2. Conduct your risk assessment 3. Establish your team. Start your planning process NOW! 11
  12. 12. This is your ‘Demographic gift’. BM2B - Matching Talent to Need OPEN IT! 12
  13. 13. Boomers on the Run BM2B - Matching Talent to NeedPlanning for Succession as Boomers Transitioninto Retirement 13