WHAT DO THEY KNOW?
The Risk from Baby Boomer Retirements
Within the next ten years there will be close to 4 million Australians either retired or near retirement age.
On average around this is around 22% of the workforce.
In recent months there has been much discussion about employees working longer with the Federal Government flagging 70 as the new “retirement” age. The reality is that many baby boomers will choose not to work until 70, or are simply not fit enough to keep working into older age.
The vast majority of baby boomers want a different deal for their latter working years with a preference to work 2 or 3 days a week or being brought in for special projects. Yet for some reason the majority of companies do not offer this “phased retirement”.
So what are the risks from an ageing workforce?
If companies are prepared then the risks can be mitigated, unfortunately most are underprepared. The four areas of risk are:
The earliest and most important risk mitigation strategy is to simply ask older employees what their thoughts are around the work to retirement transformation.
Baby Boomer Phased Retirement
The times they are a changing! As a baby boomer himself, Bob Dylan's lyrics characterise the mood of the older workforce. Most baby boomers do not want to completely retire, but nor do they want to keep working the way they are.
The new way is to ask your employees what they would like to do. Many will say they want to work 2-3 days per week and take a phased retirement.
LIFE TIME WISE encourages older employees to keep an open mind about their later woking years. For some, the first year of retirement can come as a shock and the opportunity to come back to work for short periods or special projects is a valuable option for both employer and the individual.
The benefits of the Phased Retirement strategy for the organisation include:
The benefits of the Phased Retirement Program for employees include:
This approach can be adapted to other age cohorts.
The Knowledge Map - Retain - Reuse is a proven strategy developed by LIFE TIME WISE to help businesses protect their operations from crucial knowledge loss from those employees departing the business through retirement.
LIFE TIME WISE has undertaken knowledge loss risk assessment and retention work for over 10 years, and has saved companies such as Alcoa WA, Western Power, ARG (now Aurizon) and Austral Bricks considerable money, time, safe work practices and reputation.
It has achieved this by examining the risk that knowledge loss presents to their operations, mapping where the knowledge resides, developing effective capture methods and implementing reuse strategy .
LIFE TIME WISE APPROACH
The mapping and retaining of valuable knowledge starts with a robust understanding of why the company wants to undertake such a strategy.
Reasons might include wanting to gain efficiencies within the business by better utilising the talent within; mitigating the risk of losing corporate memory from an acute loss of employees; understanding lessons learned within project start ups and completions.
The process is underpinned by the use of a series of tools and filters developed by Andrew and is supported by story telling sessions designed to identify critical knowledge.
Capture and reuse techniques are tailored to suit the clients.
The Knowledge Retain and Reuse is a proven strategy to help businesses protect their operations from crucial knowledge loss.
The first step is to assess the vulnerability of the business in order to:
Having completed the risk assessment, the second step involves candidate employees coached in one- on-one sessions and small groups to: