Bridging a wide gap

Although Generation Y is only now beginning to enter the work force, the number of baby boomers leaving their companies and taking years of knowledge and skills with them requires a proactive approach on the part of employers.

Filling the void created by an impending mass exodus of talent over the next five to 10 years is a critical planning step for companies, says Marsha Murray, president of Murray Resources. She advises that companies not only know their situation (How many boomers will retire in the next few years and what is the impact?), but create a succession plan in advance.

“Generation X is next in line, but they number only about half of the boomer generation,” she says. “Do you have enough up-and-coming talent to replace those retiring?”

Start grooming young employees now, she advises, and they will be ready for future management responsibilities.

“Once you’ve identified the positions opening up and you’ve identified individuals best qualified to fill them, create hands-on mentoring opportunities between future retirees and their successors,” she says. “Place successors in a position that works directly with the retiree to assure that as much technical, departmental and supervisory knowledge is exchanged as possible.”

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