the looming brain drain
DESCRIPTION
Baby boomers are set to retire en masse in the coming years. This presentation outlines steps you can take to manage the risks this presents.TRANSCRIPT
Combating the Brain Drain
UK Demographics
Demographics in the public sector
24 and under
25-34 35-44 45-54 55-64 65 and over
Whole economy
14% 23% 24% 23% 13% 2%
Local govt
6% 20% 26% 29% 16% 2%
Public sector
6% 21% 26% 29% 16% 2%
Private sector
17% 24% 23% 21% 12% 2%
The cost of lost knowledge
How smart are you?
How do you contribute?
What is stopping you?
What types of knowledge will I lose?
Our Strategy
1. Understand where you are
2. Manage your talent
3. Manage your knowledge
4. Manage professional development
Understand where you are
• Not all people are the same
• Different knowledge has different impact
• Beware of cultural implications
• This has to be done by thewhole company
Manage your talent
Are you attracting younger people?
What values do Gen Y seek?
What is their motivation?
How do they communicate?
What management style do they respond to?
Manage your knowledge
Manage professional development
• Mentoring
• Training
• Succession Planning
Where to go from here
Map your knowledge
Retain key skills as long as you can
Work to recruit talented youngsters
Transition knowledge from old to young
Build this into a culture of knowledge sharing