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Startling HR Stat Of The Week
Novations, a business performance consulting company, just released a study on what companies are doing to capture the knowledge that will be lost as baby boomers retire in increasing numbers in the years ahead. Shockingly, the study found that 73% have no knowledge transfer process in place, and an additional 23% have only an informal knowledge transfer process in place. So only 4% of the companies surveyed had a formal knowledge transfer process in place.
Of the 73% of companies without a process currently in place, 44% have no plans for doing anything to capture the knowledge that will be lost as boomers retire. This is either a sign that companies are woefully underprepared for the tectonic shifts that will be occurring in the U.S. workforce in the coming years or a sad indictment of the lack of knowledge that boomers possess.
[tags]Retiring Baby Boomers, Knowledge Transfer, Boomers, Baby Boomers, How Will Companies Stay Competitive[/tags]