With so many baby boomers on the verge of retirement, these positions will soon be vacated, creating opportunities for younger workers. Although this might provide great career development paths for younger workers, some positions are leaving major knowledge gaps, and older workers and younger workers must work together to prepare for this generational workplace shift.

Before the knowledge transfer can even begin, older and younger workers have to learn to work together, which can be a struggle for some, says Jamie Hale, account director of Towers Watson, a global professional services company in New York City. Hale recommends forming work groups that are specifically designed to include employees from the different generations. While this helps employees better understand the generational differences, it also creates a richer work environment because of the various experiences.

"The older workers can bring that wealth of knowledge they've had, and the younger workers can bring new perspectives," Hale says. "That tactic has shown value at all the places along the continuum."