What have you done about it?
97% of those employers concerned about the knowledge drain have not yet calculated the cost to transfer knowledge from older to younger employees.
"We were surprised to find the extent to which the knowledge drain is both a 'today' and 'tomorrow' issue for employers, even while conventional wisdom might suggest that the effect of workers now delaying retirement primarily out of financial necessity could lessen immediate concerns about the knowledge drain."
-- Cynthia Mallett, MetLife
Missing the point
42% of employers concerned about the knowledge drain, and 38% of employers who offer post-retirement benefits, see no connection between post-retirement benefits and an employee's decision when to retire.
"The design and implementation of phased retirement programs continue to be mostly uncharted territory."
-- Kent Mason, Davis & Harman
Phased retirement may be key
As employers search for strategies to manage the knowledge drain, some are looking more closely at phased retirement programs. Phased retirement programs can consist of a workplace program offered by employers in order to keep needed older employees who want to continue working, including flexible work arrangements, a gradual shift from full-time employment to full-time retirement, a shift in work responsibilities and hiring back retired employees.
