Knowledge Transfer from the Near Retirement Generation to the Next Generation

RT-292 Topic Summary
RT 292

Overview

As the Baby Boomer generation nears the traditional retirement age of 65, organizations in most industries are finding themselves facing a potential mass exodus of their most senior and experienced employees; the situation in the capital projects industry is no exception. As older generations begin to retire from the construction workforce, knowledge and first-hand experience is leaving with them. RT-292 investigated the current state of the industry’s Knowledge Management (KM) in order to understand its knowledge transfer problem in terms of magnitude and dynamics, and to isolate the contributing factors and barriers to success. 

RT-292 has found that when an organization effectively manages and retains its subject matter experts’ experiential knowledge in the face of increased retirement rates, it can optimize its institutional knowledge. Having an effective experiential knowledge retention plan is important now more than ever, as the number of Baby Boomers at or approaching retirement age is increasing every day. Furthermore, as the economy begins to recover, individuals who have put off retirement due to economic hardships will again be looking to retire in the near future. 

The team conducted interviews, surveys, and case studies, and consulted heavily with industry knowledge management and human resources experts to frame the problem and understand what constitutes a successful experiential knowledge retention program. As a result, RT-292 was able to confidently provide recommendations and conclusions regarding experiential knowledge transfer from the near retirement generation to the next generation for the capital projects industry.

The result is a knowledge retention model that, at a high level, has the following functions:

  • Aids in the implementation and preparation of a corporate knowledge retention program
  • Assesses current risk of experiential knowledge loss across organizational knowledge areas called Subject Matter Areas (SMA)
  • Identifies at-risk individuals whose departure would result in the loss of considerable experiential knowledge
  • Provides a mechanism for effectively planning to transfer/retain the knowledge at risk
  • Offers guidelines for implementing the plan

Key Findings and Implementation Tools

No Key Findings

Key Performance Indicators

Improved organizational knowledge retention

Research Publications

Transferring Experiential Knowledge from the Near-Retirement Generation to the Next Generation - RR292-11

Publication Date: 03/2014 Type: Research Report Pages: 269 Status: Reference

Experiential Knowledge Retention Management Model, Version 1.1 - IR292-2

Publication Date: 09/2013 Type: Implementation Resource Pages: 91 Status: Tool

Transferring Experiential Knowledge from the Near-retirement Generation to the Next Generation - RS292-1

Publication Date: 07/2013 Type: Research Summary Pages: 35 Status: Supporting Product


Presentations from CII Events

Plenary Session - Transferring Experiential Knowledge from the Near-retirement Generation to the Next Generation

Publication Date: 07/2013 Presenter: Number of Slides: 11 Event Code: AC13

Implementation Session - Transferring Experiential Knowledge from the Near-retirement Generation to the Next Generation

Publication Date: 07/2013 Presenter: Number of Slides: 42 Event Code: AC13


Tags