News release: “Most companies do not have a plan to manage and transfer knowledge and even fewer factor cross-generational challenges into business strategy, says a new report from The Conference Board…

“As the Baby Boom generation of corporate leaders and experts approaches retirement, businesses in the U.S., Canada, and many European nations face the loss of experience and knowledge on an unprecedented scale,” says Diane Piktialis, Mature Workforce Program Leader at The Conference Board and co-author of the report with Kent Greenes, Program Director, Learning & Knowledge Management Council, The Conference Board. “Younger workers can’t be counted on to fill the void, as they lack the experience that builds deep expertise. They also tend to change jobs frequently, taking their technological savvy and any knowledge they’ve gained with them.”

The result can be a significant drain of business wisdom that decreases innovation, lowers growth capacity, and reduces efficiency in the organization. The Conference Board report – Bridging the Gaps: How to Transfer Knowledge in Today’s Multigenerational Workplace (available for purchase only) – is based on a Research Working Group on Multigenerational Knowledge Transfer that explored the topic with a special emphasis on knowledge-retention challenges that organizations face due to shifting demographics and the shortage of new talent in the pipeline.