{"id":8863,"date":"2023-08-10T05:32:28","date_gmt":"2023-08-10T05:32:28","guid":{"rendered":"https:\/\/mysourcefunding.com\/leadership\/baby-boomers-retiring-20-strategies-to-help-companies-cope\/"},"modified":"2023-08-10T05:32:28","modified_gmt":"2023-08-10T05:32:28","slug":"baby-boomers-retiring-20-strategies-to-help-companies-cope","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=8863","title":{"rendered":"Baby Boomers Retiring? 20 Strategies To Help Companies Cope"},"content":{"rendered":"
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With each passing year, more and more Baby Boomers are leaving the workforce for retirement, and businesses are faced with the critical challenge of replenishing their ranks with fresh talent. Senior employees and leaders accumulate a lot of experience and know-how over the years, and as they depart, businesses are at risk of losing essential institutional knowledge.<\/p>\n

Rebuilding bench strength and maintaining a solid \u201cbrain trust\u201d will be an ongoing effort for companies in coming years. Below, 20 Forbes Coaches Council members share strategies to help businesses address the challenges brought on by the Baby Boomer retirement wave.<\/p>\n

1. Build Trust<\/h2>\n

The key is building trust. Baby Boomers are more likely to share their networks, lessons learned and secret sauce when they are confident that they won\u2019t be pushed out or become irrelevant before they are ready. In the same way, younger generations find it easier to learn from senior employees and leaders when they trust that a learning opportunity is more than just extra work. – Essey Workie, Multicultural Coaching<\/p>\n

2. Create A Culture Of Learning<\/h2>\n

Create a culture where people across levels and generations regularly learn from each other. For example, you could hold quarterly sessions where each person engages in an experience\u2014such as taking a training course, watching a TED Talk or reading a book\u2014and teaches it to the team while leading a chat about how to apply it to your business\u2019 needs. Or, create a safe forum where everyone shares one \u201cmistake of the month\u201d and what they learned from it. – Bonnie Davis, HuWork – Inspiring Humans at Work<\/p>\n

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Forbes Coaches Council is an invitation-only community for leading business and career coaches. Do I qualify?<\/em><\/p>\n

3. Define Current And Future Role Requirements<\/h2>\n

Start by properly understanding what you require from each role\u2014not just what they do today, but what you need them to do in the future. Turn this into a competency model and assess your existing talent against that model. Discover where the gaps are, and you can begin to start developing your talent. Remember that this exercise must be forward-looking; if it\u2019s not, you will just be doing what you have always done but expecting different outcomes. – Mark Savinson, Strategy to Revenue<\/p>\n

4. Embrace Apprenticeship-Style Learning<\/h2>\n

Knowledge retention and transfer are critical for all organizations to manage. And while many younger folks won\u2019t want to hear it, apprenticeship-style learning\u2014which often requires physical proximity\u2014is one approach that can help deepen context, understanding and mastery of institutional legacy as leadership transitions. Identifying successive leaders early is key to leveraging this approach. – Christy Charise, Strategic Advisor<\/p>\n

5. Facilitate Internal Mastermind Groups<\/h2>\n

Create internal mastermind groups where senior employees and leadership regularly come together in small groups with up-and-coming leaders to share their experiences, stories and insights on current and potential future-state concerns. Upcoming talent will contribute to the learning of those still in senior positions by expanding upon this learning through adding their perspectives\u2014a win-win-win. – Angela Cusack, Igniting Success<\/p>\n

6. Invest In Your Early-Stage Talent<\/h2>\n

In any knowledge-based business, early-stage leaders are the hardest to replace and the least fungible asset. Make sure they have the \u201cwhy\u201d and the \u201chow\u201d of their jobs and that their goals and interests are aligned with the company\u2019s objectives. Make sure they know you are investing in them\u2014not just for their current roles, but for the long-term value they represent. – Bill Berman, Ph.D., ABPP, Berman Leadership Development<\/p>\n

7. Establish A Knowledge Base<\/h2>\n

Document SOPs in writing. Capture pearls of wisdom from senior executives in video-based courses, and double down on mentoring programs to ensure the transfer of knowledge. – Pam Boney, Tilt 365<\/p>\n

8. Bring In Recent Retirees To Guide Professional Development<\/h2>\n

Upscale your mentorship programs by encouraging seasoned, semi-retired employees to return to the workplace in a part-time or consultant capacity to train, coach and mentor younger professionals. Those who have recently retired often desire to retain their skills as well as give back to their professional community. This is a great way to share knowledge, bridge generations and grow talent. – Erin Urban, UPPSolutions, LLC<\/p>\n

9. Share Your Sense Of Purpose<\/h2>\n

Building a business that has a greater sense of purpose than any individual is the key to attracting talent. Talented people want to be part of something for why they do it, not just what they do. Sharing the story of why the business exists and the difference it makes in the world should be a high priority. With this in place, you will attract the right people for the right reasons. – Robert Gauvreau, Gauvreau | Accounting Tax Law Advisory<\/p>\n

10. Build Community<\/h2>\n

Create communities and bring people together\u2014communities of practice, dialogue groups, and moments of sharing and exchanging. Convening and gathering people together helps to build a shared understanding and allows you to revisit assumptions and outdated beliefs. Focus on building a collective and evolving process of knowing rather than an individual database of knowledge that keeps replicating the same biases. – Alessandra Marazzi, Alessandra Marazzi GmbH<\/p>\n

11. Develop A Knowledge-Sharing Network<\/h2>\n

Create a network of retired employees whom emerging leaders can request time with for situational, educational and general mentorship. As part of the promotion process, a newly promoted leader gets an invitation to the network and an assigned \u201cwisdom leader\u201d for their first session. – Melissa DeLuca, DeLuca & Willow<\/p>\n

12. Map Out Essential Roles And A Succession Strategy<\/h2>\n

First, design a depth chart for essential roles and a succession strategy to locate and nurture organizational leaders. This includes leadership coaching, training and mentoring programs that foster continuous learning and growth. Target employees with varying levels of experience to prepare them to take on leadership roles when the time comes. – Lawrence Henderson, BOSS Consulting<\/p>\n

13. Leverage Personal Interactions To Capture Knowledge<\/h2>\n

Talk to most senior-level employees, and they will tell you that institutional knowledge can\u2019t be documented. However, it\u2019s mission-critical that organizations capture that knowledge in such a way that incoming talent can learn from, replicate and improve upon best practices. Reverse mentoring, job shadowing and even reverse career interviews are invaluable tools to facilitate this effort. – Claire Chandler, Talent Boost<\/p>\n

14. Hire Remote Workers Of All Ages<\/h2>\n

Companies are getting creative by hiring remote workers of all ages, even those in their 60s and 70s. This solution is a great way to access top talent, such as a retired vice president or a CEO who has left their role but isn\u2019t yet ready to retire. The great thing about this hybrid workforce is that the \u201cage rules\u201d don\u2019t apply. For every Baby Boomer who retires, there is one who wants to come back! – Tammy Kling, Voices Speakers Bureau<\/p>\n

15. Prepare Rising Leaders For Their Next Roles Now<\/h2>\n

Assess and prepare rising leaders for their next<\/em> leadership levels\u2014not their current ones\u2014now. Identify strengths and gaps for future roles. Delegate stretch roles, coach for leadership competency development and support rising leaders in building clear leadership plans. Assign responsibilities and opportunities beyond current job scopes to prepare both the new leaders and the rest of the organization. – Patrick Jinks, PhD, The Jinks Perspective<\/p>\n

16. Start The Succession Process Now<\/h2>\n

Create a succession plan now. Target your best employees\u2014even those at much lower levels\u2014and start working with them. Provide the training and education they need to fill the gaps senior leaders will leave when they exit. – Krystal Yates, EBR HR Experts<\/p>\n

17. Create An \u2018Investment Knowledge Bank\u2019<\/h2>\n

Create an \u201cinvestment knowledge bank\u201d within the organization. This bank is unique, as it has three functions. One, it accepts investments. These are made by existing leadership and subject matter experts. An investment is doubled if upcoming talent curates and\/or codifies the investment. Two, a repository is built with priority access given to rising talent. Three, retirees can be connected as advisors. – David Yudis, Potential Selves<\/p>\n

18. Take Advantage Of Intergenerational Skill-Sharing<\/h2>\n

Create a process to connect senior employees with one or two mid-managers or new managers to learn from each other and share ideas. Taking advantage of intergenerational skills and ideas is a great way to build bench strength. Use this opportunity to check in on current processes and potentially adapt them. Build a \u201cLegacy Program\u201d that will inspire senior employees to share their knowledge. – Wendy Hanson, BetterManager<\/p>\n

19. Create A \u2018Wisdom Gallery\u2019<\/h2>\n

When Baby Boomers leave, they take more than knowledge with them. They take insights and wisdom gleaned from decades of work experience. One way organizations can capture this is to add a \u201cWisdom Gallery\u201d to their online learning portal with video interviews with senior employees from all departments. These can be shared via an internal blog or as prelearning for employee training courses. – Gabriella Goddard, Brainsparker Global<\/p>\n

20. Implement A Mentoring Program<\/h2>\n

Tap into a primary motivation of people between the ages of 50 and 65, which is a desire to nurture people or things that will outlast them. Create a culture that emphasizes the value and importance of mentoring. Design ways to celebrate mentors and mentees. Share stories about the impact on both. Make it \u201ccool\u201d to be in the program. Developing a buzz helps to do that. – Ron Young, Trove, Inc. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

With each passing year, more and more Baby Boomers are leaving the workforce for retirement, and businesses are faced with the critical challenge of replenishing their ranks with fresh talent. Senior employees and leaders accumulate a lot of experience and know-how over the years, and as they depart, businesses are at risk of losing essential […]<\/p>\n","protected":false},"author":1,"featured_media":8864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[76],"tags":[],"class_list":{"0":"post-8863","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-leadership"},"yoast_head":"\nBaby Boomers Retiring? 20 Strategies To Help Companies Cope | Brandiary<\/title>\n<meta name=\"description\" content=\"With each passing year, more and more Baby Boomers are leaving the workforce for retirement, and businesses are faced with the critical challenge of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mysourcefunding.com\/?p=8863\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Baby Boomers Retiring? 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