Baby Boomers were the largest part of the labor force for years, but now they’re retiring in droves. Along with limiting access to talent, retirees are increasingly leaving companies with a less capable workforce. Skill gaps are increasingly pervasive, as Baby Boomers are often the most experienced segment of a company’s employees. Fortunately, there are steps companies can take to prepare for this skill loss. Here’s what to do.
Arrange Knowledge Transfers
One of the most effective ways to prepare for skill loss is through knowledge transfers. Have soon-to-be retiring employees document processes, procedures, and best practices. Additionally, make sure they’re sharing their expertise with new hires or existing employees who will take over responsibilities.
For the latter, mentoring, job shadowing, or cross-training programs are potential options. These allow employees to learn from their more experienced counterparts, ensuring any related skills aren’t lost.
Succession Planning
Succession planning is another strategy that organizations can use to prepare for skill loss. Begin by identifying key positions within the organization. Then, create a plan for how those positions will be filled when the current employee retires.
With succession planning, it’s easier to identify the skills the incoming employee may need but doesn’t currently possess. Then, the company can use upskilling or similar training strategies to prepare them well before the worker currently in the role leaves.
Retention Strategies
Organizations can also implement retention strategies to keep experienced employees from retiring early or leaving the company. Often, these require an unconventional approach to retention, as it’s critical to balance the desire of a retiree to move on with keeping them with the organization. For example, allowing them to transition to a part-time role may make it easier to keep them on board. Similarly, consulting arrangements or short-term project positions could be beneficial, depending on their job category.
Automation Technology
Automation technology can play a role in preparing for skill loss caused by retiring employees. By automating specific tasks, organizations can reduce the need for particular capabilities. Plus, it can give existing employees more time in their schedules by taking over tedious or repetitive tasks, which could make finding time for training or upskilling easier.
Partnering with Staffing Firms
Partnering with a staffing firm is a simple way to access more talent and fill skill gaps that are created when an employee retires. Plus, it allows for flexible hiring solutions to make efficient workforce management simpler.
Companies can secure permanent employees that have skills the organization needs long-term or can secure top talent for short-term projects without the challenges associated with taking them on as permanent staff members and letting them go later. As a result, it can address skill gaps while also lowering expenses and reducing risk.
Looking to recruit Connecticut’s next superstar?
If you’d like to learn more about how partnering with a recruitment agency can benefit your business and help your company overcome skill loss, A.R. Mazzotta can help. A.R. Mazzotta offers flexible, streamlined hiring solutions for any need, allowing companies to customize their hiring approach. Request an employee from A.R. Mazzotta today.