Retain Your Brains
That’s the title of a great article in Fortune Magazine (July 24, 2006, p. 49). Employee retention is a key issue for businesses, both in the short-run with tight labor markets, and in the long-run with retirement of baby boomers. Fortune describes how the Tennessee Valley Authority has identified key talents that are risk of near-term retirement, and how they have brought younger workers up to speed on the knowledge base of their soon-to-retire peers. Every business leader should be thinking about this issue, and this article is a good place to start.
Right now the article is not available on-line. Buy the magazine.
Comments
One thing that many of these “sky is falling” pieces overlook is that the boomers have failed to save for retirement. As such, many will seek out flexible employment relationships, or take low paying part-time jobs.
It is unlikely that the private sector will experience an avalanche of retirements. People live too long, and have not saved nearly enough.
The public sector, with viable pension programs, on the other hand, will experience some brain drain. However, some of those brains are rigid, and need to go.