Identifying Future Knowledge Gaps due to Aging Workforce Surfacing Critical Knowledge Retention Risks

Step 1: Assess Retirement Eligibility Organizations may assess the retirement eligibility of individual employees (e.g., Employee X is expected to retire this year) or of a critical talent segment (e.g., 50% of this talent segment will be retirement eligible this year). Risk Criteria 5 Retirement Expected this year 4 Past Median Retirement Age this year 3 Currently Eligible or Becomes Eligible this year 2 Becomes Retirement Eligible in three years 1 Retirement Eligible in five years or later.

Step 2: Assess Criticality of Knowledge Organizations may assess the criticality of individual employees or talent segments using the criteria and scale illustrated in the table below. Criticality Criteria Extremely Difficult to Replace (5) Critical and unique knowledge Mission critical knowledge Organization-specific knowledge Knowledge requires significant training/experience Difficult to Replace (4) Limited employees possess knowledge Requires substantial training/experience Moderately Difficult to Replace (3) Important knowledge/skills Documentation exists and other employees possess knowledge Replacements available Somewhat Difficult to Replace (2) Possess non-mission critical knowledge Training programs and documentation exist Least Difficult to Replace (1) Common knowledge and skills External hires require minimal training

Step 3: Plot Criticality and Establish Action Plan Organizations should plot the retirement risk score and the criticality score for either individuals or talent segments on the matrix below. The matrix will indicate the critical knowledge risks within the organization. Establish Knowledge Management Plan Succession Planning Hiring Outsourcing Mentoring Retention Job Rotation Training Process documentation 5 Critical Knowledge Risk Retirement Risk 1 Criticality 1 5