Press Room
Lost Knowledge: Harnessing the Creativity of an Aging Workforce
David DeLong presented a fascinating discussion about how an aging workforce will present companies and organizations with strategic risks, but also opportunities.
Shifting demographics will create a “war for talent” according to DeLong. By 2010, 50 percent of federal workers will be eligible to retire, as will 50 percent of utility workers. More than 40 percent of registered nurses will be over the age of 50 by 2010, and 50 percent will retire within 15 years. By 2013, the largest groups of workers will either be over the age of 50 or under 35, leaving a shrinking pool of “prime workers” of ages 35-49 who have experience and expertise in crucial functions.
DeLong suggests six keys for leveraging the aging workforce:
- Identify who you really can’t afford to lose and the most critical roles at risk in your organization.
- Increase your organization’s understanding of your employees’ retirement plans, create strategies for mitigating knowledge loss and make the case for investing in knowledge retention.
- Do everything possible to retain high-performing older workers. Flexibility and phased retirement are options to consider.
- Teach your experts how to teach. Create mentoring programs and reassure veterans that they are still valued.
- Rehire retirees, but do it the right way by formalizing the process.
- Don’t overlook the expertise and resources of the “working retired.”
DeLong’s presentation was well-received, resulting in long lines for questions and equally long lines for his book signing afterwards.
All photos by Kaveh Sardari. These and many other high-resolution images from the National Conference on the Creative Economy may be viewed and purchased from www.sardari.com.
