The economy might likely delay some of those retirements. An US News article citing a PEW research report indicates that 60% of employed adults 50-61 years old may have to delay retirement because of economic hardships brought on by the recession. Additionally, 35% percent of those age 62 and older say they have already pushed back retirement plans.
Despite this possible respite, manufacturing organizations must devise a plan to deal with the “brain drain” or knowledge loss that will most likely accompany this eventual exodus of experienced engineers. This group makes up a large proportion of senior engineers and engineering managers, since later generations were much smaller in number. The number of baby boomers (the generation born after World War II) is double that of the Generation X that follows them.
Unlike their younger counterparts—who experts estimate will hold five to seven different jobs before retirement—most boomers have spent most of their careers in one company, building up years of company-specific technical experience and knowledge. So what happens to an organization when all that knowledge walks out the door?
Many companies are dealing with it by luring them back from retirement. According to a study conducted by AARP, more than 60% of U.S. companies are currently bringing back retirees as contractors or consultants. In lieu of that, companies must utilize tools and put standardized processes in place that enable them to retain or transfer knowledge from their engineers to younger engineers, well before they retire. Organizations must be proactive about encouraging experienced engineers to share and capture their experience and knowledge long before they retire.
Some organizations use knowledge retention tools and methodologies—deployed internally or through specialized consultants—to facilitate their ability to retain knowledge. This engineering know-how can be divided into two components: explicit and tacit. Explicit refers to the information that can be easily explained and, therefore, stored in databases, repositories and manuals. Knowledge management systems can help put databases in place to track this type of knowledge. To encourage experienced engineers to capture such information and add to databases or repositories, companies should measure such efforts on performance reviews.
Tacit knowledge, on the other hand, is much harder to capture because it is more intangible. These might include on-the-job experience, stories, impressions, and creative solutions, things that are obtained as a result of years of experience. Dorothy Leonard, professor emeritus of business administration at Harvard Business School and coauthor of “Deep Smarts: How to Cultivate and Transfer Enduring Business Wisdom,” argues that companies should concentrate on re-creating tacit knowledge, rather than focusing only on transferring it. For example, an experienced engineer planning to retire within the next year should have a younger engineer assigned to shadow him, working side by side. It is only through such daily interactions and observations that tactic knowledge can be passed to younger protégés.
Establishing a formal mentoring program can also facilitate knowledge transfer. The benefits can be two-fold. Protégés benefit from observing first-hand the “lessons learned” by seasoned and experienced engineers, which are often things that are not taught in traditional engineering programs. Mentoring programs make both mentor and protégé feel invested and engaged, a key component of retaining employees. It is critical, however, to choose a mentor not solely on their technical skills, but also for their ability to communicate effectively.
Many companies are turning to software and other technology tools to help predict future departures and determine crucial knowledge that could be lost. Succession planning or talent management software helps companies get a feel for who is working for them, how they are performing and how long they before they retire. Intranets, videoconferencing, peer-to-peer technology and podcasts can connect workers over distance and varying time zones so they can develop virtual relationships to share ideas, solve problems, and transfer knowledge.
Whenever possible, companies should also integrate engineers of all age groups on teams and projects—thus ensuring knowledge and skill transfer. Organizations must work on balancing the more gradual transfer of knowledge from older to younger engineers with the need to capture some crucial expertise quickly before it’s too late. Mentoring, training and passing on knowledge are all important things that can’t be rushed so organizations must plan ahead to stay ahead of the rising tide of retirements.
Despite this possible respite, manufacturing organizations must devise a plan to deal with the “brain drain” or knowledge loss that will most likely accompany this eventual exodus of experienced engineers. This group makes up a large proportion of senior engineers and engineering managers, since later generations were much smaller in number. The number of baby boomers (the generation born after World War II) is double that of the Generation X that follows them.
Unlike their younger counterparts—who experts estimate will hold five to seven different jobs before retirement—most boomers have spent most of their careers in one company, building up years of company-specific technical experience and knowledge. So what happens to an organization when all that knowledge walks out the door?
Many companies are dealing with it by luring them back from retirement. According to a study conducted by AARP, more than 60% of U.S. companies are currently bringing back retirees as contractors or consultants. In lieu of that, companies must utilize tools and put standardized processes in place that enable them to retain or transfer knowledge from their engineers to younger engineers, well before they retire. Organizations must be proactive about encouraging experienced engineers to share and capture their experience and knowledge long before they retire.
Some organizations use knowledge retention tools and methodologies—deployed internally or through specialized consultants—to facilitate their ability to retain knowledge. This engineering know-how can be divided into two components: explicit and tacit. Explicit refers to the information that can be easily explained and, therefore, stored in databases, repositories and manuals. Knowledge management systems can help put databases in place to track this type of knowledge. To encourage experienced engineers to capture such information and add to databases or repositories, companies should measure such efforts on performance reviews.
Tacit knowledge, on the other hand, is much harder to capture because it is more intangible. These might include on-the-job experience, stories, impressions, and creative solutions, things that are obtained as a result of years of experience. Dorothy Leonard, professor emeritus of business administration at Harvard Business School and coauthor of “Deep Smarts: How to Cultivate and Transfer Enduring Business Wisdom,” argues that companies should concentrate on re-creating tacit knowledge, rather than focusing only on transferring it. For example, an experienced engineer planning to retire within the next year should have a younger engineer assigned to shadow him, working side by side. It is only through such daily interactions and observations that tactic knowledge can be passed to younger protégés.
Establishing a formal mentoring program can also facilitate knowledge transfer. The benefits can be two-fold. Protégés benefit from observing first-hand the “lessons learned” by seasoned and experienced engineers, which are often things that are not taught in traditional engineering programs. Mentoring programs make both mentor and protégé feel invested and engaged, a key component of retaining employees. It is critical, however, to choose a mentor not solely on their technical skills, but also for their ability to communicate effectively.
Many companies are turning to software and other technology tools to help predict future departures and determine crucial knowledge that could be lost. Succession planning or talent management software helps companies get a feel for who is working for them, how they are performing and how long they before they retire. Intranets, videoconferencing, peer-to-peer technology and podcasts can connect workers over distance and varying time zones so they can develop virtual relationships to share ideas, solve problems, and transfer knowledge.
Whenever possible, companies should also integrate engineers of all age groups on teams and projects—thus ensuring knowledge and skill transfer. Organizations must work on balancing the more gradual transfer of knowledge from older to younger engineers with the need to capture some crucial expertise quickly before it’s too late. Mentoring, training and passing on knowledge are all important things that can’t be rushed so organizations must plan ahead to stay ahead of the rising tide of retirements.
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