The 2030 Workforce: Keeping Knowledge When Boomers Retire

The New 2030 Workforce and Baby Boomer Retirements A White Paper on Transferring Institutional Knowledge through Mentorship Baby Boomers are the generation known for being motivated by position, perks, and prestige. They are preparing to exit the workforce within ten years. Much like the traditionalist generation made their exit at the turn of the century. The youngest Baby Boomer just turned 57. Expect the majority of Baby Boomers to retire in short order. The US Bureau of Labor Statistics has released another all-time high month of resignations. Four months in a row. The number is staggering. Millions of jobs are going unfilled. That has not slowed innovation or entrepreneurship in this country. Numbers in both segments are climbing (BLS.gov, 2022). Baby Boomers are goal-centric and resourceful. They earned their way to becoming institutional historians, sometimes holding fifty years of knowledge, processes, procedures, and history. So how do institutions prepare for the Baby Boomer exit and retain the institutional knowledge these workers have accumulated over half a century? Create a mentorship program to engage them. Mentorship programs are a great way to transfer institutional knowledge and help younger generations learn from the experience of their elders. The Case for Mentorship According to the Society for Human Resource Management, here are key points for developing an effective mentorship program: Design the mentorship with appropriate goals, the right participants, and incentives that maximize engagement. Create resources so mentors and mentees can succeed early and keep the relationship deepening over time. Generate a suggested schedule, cadence, and agenda for their first few meetings. Provide activities they can complete together. Provide a guide with frequently asked questions that mentees and mentors can both ask and answer. Younger workers prize institutional knowledge. It helps them conceptualize their role and see how the organization has historically provided opportunities for growth. Hold a launch party with everyone to build community and feel the excitement. Continuously review and evaluate the program through quarterly check-ins. https://www.shrm.org/membership/student-resources/pages/mentorprogram.aspx