Executive Summary (This is a document excerpt)

The large number of senior employees now reaching retirement age is a serious concern to many organizations with highly skilled workers who have built their expertise through years of on-the-job training. Industries now facing this problem are government, oil and gas, utilities, transportation, pharmaceuticals, manufacturing, education, and healthcare. Most enterprises don't realize the magnitude of this problem or the force with which it will hit businesses during the next five years. Those that do are grappling with the complexity of issues surrounding the knowledge drain. Some initiatives being considered and implemented are mentoring programs, contracting retired employees to work part time, deploying new systems that reduce the reliance on knowledge-intensive work (e.g., by implementing self-diagnosing equipment to replace inspections by highly trained engineers) and by considering knowledge management initiatives.

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