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The baby boomer exodus
Most companies are aware that "baby boomers" - members of the generation born between 1946 and 1964 - are getting ready to retire over the coming decade. Many of them understand as well that, when baby boomers finally leave the workplace, they will take with them valuable experience, technical knowledge, and networks of professional contacts. However, initiatives to capture and transfer the in-depth knowledge of baby boomers are still limited. Relatively few organizations train managers to identify critical knowledge, add "skill gaps analysis" into their retirement forecasts, or set up formal processes to pass on the experience of soon-to-be retirees to their successors.
When companies do take action to capture and transfer the knowledge of baby boomers, they tend to focus on pre-retirement strategies, such as mentoring programs, "lunch and learn" activities, digital recordings of everyday activities, and exit interviews. Yet, in principle, there is no reason why knowledge transfer efforts should stop once an employee leaves. For once, baby boomers are just retiring, not vanishing from the face of the earth. Some will remain in their communities and keep personal relationships with current employees. Others may even choose to return to the job market. In effect, not only are baby boomers pushing back their retirement dates, but many are also considering working during retirement.
Corporate alumni networks
But, how exactly can companies tap into these opportunities and capture the knowledge of baby boomers after the latter retire?
One strategy is to create corporate alumni networks that target retired workers. Corporate alumni networks are organizations that help the former employees of a particular organization to maintain their corporate connections. Beyond this basic...