Wednesday, September 26, 2007

Monster Study Reveals Organizations Not Adequately Prepared for Impending Employee ''Brain Drain''

[26 September 2007 - Online Recruitment] US employers largely recognize they face an imminent worker shortage due to Baby Boomer retirements; however, few have a formal strategy in place to manage and retain worker knowledge, according to a survey released today by Monster. The corresponding report, titled "Building and Securing an Organizational Brain Trust in an Age of Brain Drain," reveals that only 12 percent of human resource managers report knowledge retention as a high priority within their organizations - despite the fact that one-third estimate 20 percent or more of their current workforce will be eligible for retirement over the next several years. Monster is the leading global online careers and recruitment resource and flagship brand of Monster Worldwide, Inc. ... The study reveals that while HR managers recognize the looming issue of losing institutional knowledge due to retirement, many face barriers to establishing strategies and tactics that help preempt the problem. Key findings include:

  • Turnover vs. Retirement: More firms perceive conventional turnover as a higher risk to losing organizational knowledge than loss due to retirement, as younger workers leaving an organization not only take away knowledge, but typically bring it to competitors.
  • What You Can't Measure, You Can't Manage: Only 23 percent of firms report having a formal method to actually identify the knowledge that needs to be protected and retained.
  • Proving ROI: 43 percent of respondents cite the ability to measure the ROI and effectiveness of a knowledge retention program as a chief stumbling block to implementing a formal strategy.
  • Unmotivated Workers: Only one-third of firms report that their workers are rewarded or encouraged to share organizational knowledge with colleagues.


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