Plugging retirement knowledge drain (Guest Commentary)

HR needs to capture knowledge before it walks out the door for last time
By Kasey Martin and Krista Uggerslev
|Canadian HR Reporter|Last Updated: 12/04/2012

The oldest of the baby boomers, people born between 1946 and 1964, turned 66 this year and more than 40 per cent of the Canadian workforce is between the ages 45 and 64, according to Statistics Canada.

With an average retirement age of 62, a massive wave of employees are preparing to retire. The Conference Board of Canada suggests this growing rate of retirement is contributing to a projected 10 per cent labour shortage — more than two million workers — by 2025.

HR managers are increasingly concerned with the deficit left behind when an employee retires. Not only is it challenging to fill a retired worker’s position, it is challenging to find someone with comparable knowledge and efficient and effective work capabilities. Boomers have tended to spend their whole career at a single organization, and are more apt to be knowledge workers.