Trends: “Most Companies Have No Plan To Deal With Impending Brain Drain”

Most Companies Have No Plan To Deal With Impending Brain Drain
Click title to read rest of article at InformationWeek.com…

In the next 10 years, about one-in-three companies expect 20% or more of their workforce will be eligible to retire, according Monster’s recent national survey of 550 HR managers.

Marianne Kolbasuk McGee
Sept. 25, 2007

Most companies recognize that an exodus of talent threatens their business in the coming years, yet few have knowledge retention programs to deal with a brain drain caused by retiring baby boomers, according to a survey by Monster Worldwide.

In the next 10 years, about one-in-three companies expect 20% or more of their workforce will be eligible to retire, according Monster’s recent national survey of 550 HR managers.

However, only 20% of companies have formal strategies to manage and preserve organizational knowledge, said Jeff Quinn, director of Monster Intelligence, the research arm of online job site Monster.com, in an interview.

That’s because most companies are too busy focusing on short-term issues, like current employee turnover, he said. “A good knowledge strategy could help these companies feel less under the gun in dealing with their problems today, as well,” he said.