In this economy, you might think that you have nothing to worry about when it comes to Baby Boomers retiring. But the fact of the matter is that this segment of the workforce will retire sooner rather than later – and you’ll be in a better position to deal with this reality if you start planning now.

So what can you do to create a successful succession plan at your company? Here are three tips:

Tip #1: Determine where you are most vulnerable.

When employees leave or retire, they take their knowledge with them. So how can you ensure critical knowledge is retained at your company? First you need to determine who is most likely to retire soon and what unique expertise and information they have.

Tip #2: Transfer knowledge.

Once you know who is likely to retire, sit down with each individual to talk about their plans for the future – and to develop plans to make sure that their knowledge doesn’t leave the company when they retire. There are several ways in which knowledge can be transferred, including:

• Technology. Record important meetings or presentations on video or audiotape. Also, take advantage of technology, such as electronic discussion groups, that capture “shop talk.”

• Job shadowing or mentoring. Pass along complex skills or information by matching a senior manager with a less experienced one. Or consider creating a formal knowledge transfer program that consists of a detailed curriculum.

• Document important policies and procedures. Consider investing some resources into documenting all important policies and procedures that a soon-to-be-retired employee is responsible for.

Tip #3: Retain senior employees.

Just because an employee is nearing retirement age, doesn’t mean they have to fully retire. They may be interested in continuing to work part time, or as a consultant for your company.

Those firms that develop an effective strategy now for dealing with Baby Boomer retirement will be in a much better position to compete in the future. If your company is interested in learning more about succession planning, please contact Murray Resources. As a staffing services firm serving Houston, we have the knowledge and expertise to help your company create an effective succession plan.