Brampton - According to research conducted by Hewitt Associates, less than one out of five baby boomers has saved enough to meet estimated fiscal retirement needs.  As we watch the cost of living increase year after year, we can understand how this could happen.  The solution to this problem I will leave to the financial planning experts.

What is even more alarming is that a new study by the Institute for Corporate Productivity (i4cp) found that less than one third of companies are incorporating retirement forecasts into their knowledge transfer practices.  In other words, they have not planned for the retirement of the baby boomers either.

Organizations need to consider this major impact item for a number of reasons:

· Leadership positions occupied by baby boomers will need to be filled

· Corporate history / knowledge held by baby boomers will need to be transferred

· Future leaders will need to be developed

The first item is generally glossed over as we have historically had a large number of 35 – 54 year olds who are ready to assume leadership roles.  However, the larger than normal exit by baby boomers will result in organizations having fewer people to move into these roles and more roles to fill.

It is usually not until after long term employees have departed that we recognize the benefit of their accumulated knowledge and network.  They have gotten to know the system, how to get things done and therefore often require less supervision and guidance.

Further, organizations have historically hired for the needs of the day.  When talent was needed it was engaged.However, with a shrinking talent pool, it is necessary to hire individuals based on attributed and latent abilities.  These individuals will form the pool of resources from which the leaders of the future will come.

The bottom line is that the time to prepare for the exodus of 2011 is today in 2008.  Each organization needs to answer a few basic questions to determine their readiness factor.

·  Have you clearly identified the roles that will be vacated by your baby boomers?

·  Have you established a program of mentorship, training to transfer the knowledge from the baby boomers to your next team of leaders?

·  Have you established a clear and specific process for identification of leadership talent in individuals already on board

·  Have you established a clear and specific individual development program tailored to the needs of your organization?

To those of you who can clearly and unequivocally say YES to each of these four questions, congratulations.  You have an excellent chance of surviving the exodus in 2011.  To those who would answer NO to any one of these four questions, I ask, what are you doing about it today?

Copyright Gordon J. H. Newman, CPT