The retirement brain drain is occurring as Baby Boomers and older Gen Xers decide to leave the working world. So, as a leader in the business, it’s important to proactively consider the impact of the transition. Because the cost to hire and onboard people to replace the pending retirees is significant, having a strategy in place is critical.
Coaching Closes the Gap
How do organizations protect and pass along the knowledge, experience and relationships from Baby Boomers and Gen Xers looking to retire? Too often, we lack a ‘back up’, someone to step up when they aren’t able to hold the fort. Fortunately, coaching closes the gap, and there are four key elements that comprise effective coaching:
Commitment
- Have you had career discussions with your direct reports about their retirement plans as well as a good succession plan for yourself?
- What are the expectations for sharing the knowledge, experience and relationships with other members of the team, and is it happening? Sharing can be difficult, so individuals may hesitate to develop in others the assets that make them feel valuable and secure. Passing on influential relationships is critical to future success, so be sure you are walking the talk in this regard.
- When does the leader need to step down and let a younger person lead? This is especially applicable in partnerships.
Guidance
- How do you help younger generations lead to ensure commitment and accountability? An external coach can help.
- Are the older leaders in your organization effectively coaching those from other generations to ensure sustainability of the team?
Support
- Have you considered that an effective transition requires support?
- Have you analyzed the impact on the business of retiring Baby Boomers and Gen Xers.
- How do we retain younger generations who may leave if they are not feeling valued, and will they take the knowledge that the pending retirees have shared to another organization?
Accountability
- How do you ensure that commitment, guidance and support are being implemented?
- Are you committed to regular coaching to find out how individuals are doing? Concerns left unattended can lead to demotivation.
Take control now to manage the retirement brain drain.
Click here to receive our Focus articles.