Question

Baby Boomers and other older, more experienced employees are planning to retire in droves. However, when they leave, amazing multi-decade experience and connections will leave the company. For this reason, many companies are working on plans on how to retain these valuable employees when they choose to retire. What kind of strategy would you recommend for your company to take in order to not lose this potential talent and know-how? Why?

Answer 1

Answer:

Given that:

Baby Boomers and other older, more experienced employees are planning to retire in droves. However, when they leave, amazing multi-decade experience and connections will leave the company.

Few strategy that I'll recommend for the company to not lose potential talent are:

1. Use them as paid consultants for contract based work. This should be done so that the company isn't deprived of their valuable contribution and also needn't hire external consultants to get the job done, rather get the work done by somebody who knows the system in and out.

2. Keep them as a part of advisory board who can be accessed as virtual teams and can be asked for their valuable input. That way the employee can also be under their own liberty to enjoy their life while contributing the company simultaneously.

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