As America’s workforce continues to transform from Baby Boomers to Generation Y a new phenomenon called “Brain Drain” has developed. It refers to the loss of the knowledge and experience of the older generation that is giving way to the textbook learning of the younger.
Many people underestimate the potentially catastrophic impact of “Brain Drain”. The Pentagon is now dealing with the problem on a very serious scale. They need to refurbish America’s arsenal of Trident nuclear warheads, but Washington has a problem.
In the 25 years since the warheads were first armed it seems the original personnel, which did not take the time to document the process, has retired or died. Now the National Nuclear Security Administration is spending millions of dollars trying to recreate the procedure.
According to U Express, others are experiencing similar problems. In Germany over three hundred top secret files have been lost. The files are so secret the German company does not even know what is in them!
Brain Drain occurs when experienced employees retire. Surveys show Baby Boomers have temporarily deferred their retirements until the economy recovers. Once they see recovery has ended, a record exodus of experience will leave the workplace -- creating a significant brain drain.
There are six essential steps for organizations to stop brain drain by ramping up the experience of Gens X and Y while retaining Boomers longer. They are:
- Adopt age-neutral policies
- Measure job fit
- Succession planning
- Flexible schedules
To learn more about each of these click here or see the attached list.