CII Thinkpiece 66: Retaining today’s knowledge for tomorrow: Capturing the knowledge of retirees

CII Thinkpiece 66: Retaining today’s knowledge for tomorrow: Capturing the knowledge of retirees by Adele Wilter Knowledge loss can often be an unintended consequence of retirements and can prove to be a costly problem for firms. This issue looms large for many companies as almost a third of the current UK workforce is over 50. Firms therefore should look to take action to ensure that the knowledge and expertise of those retiring is not lost. Although the removal of the Default Retirement Age means that workers can remain in employment past the State Pension Age through choice, this should not be seen as a solution retaining their knowledge. At some point they will retire, taking their experience and expertise with them. Nearly a quarter of all knowledge in an organisation is classed as tacit (i.e. experience, stories and creative solutions) and this is often difficult to tie down There are a number of ways to tackle a potential brain drain. These range from simple, easily implemented methods, such as coaching or mentoring, to more sophisticated technological tools This Thinkpiece provides seven of the more common and cost effective ways of capturing the tacit knowledge of those staff looking towards retirement.