Until recently, companies were dealing with the challenge of a retiring workforce and knowledge exodus. In the aerospace and defense industry alone, clients like Pratt & Whitney, Rocketdyne, and Honeywell told us that their average employee was more than 48 years old and about 40% of their employees would be eligible to retire within five years.
Current reports indicate that an increasing number of baby boomers are postponing retirement due to the recession. While this is not great news for individuals, it is good news for companies as it gives them extra time and opportunity to transfer innovation knowledge from baby boomers to Gen Yers.
In an innovation economy, it is critical to create a knowledge infrastructure that will help drive repeatable and sustainable innovation. We must give innovators access to precise knowledge from within their organizations as well as access to knowledge outside their area of expertise. This will allow both generations to leverage knowledge effectively and accelerate the delivery of leading-edge products.
In order to succeed in the next decade, generational knowledge transfer should be a top priority for small business owners. Companies need to implement the right innovation platform to harness baby boomer expertise so that Gen Yers can ramp up their innovation deliverables and increase their competitive-edge. In short, by fostering an innovation environment and the right knowledge-enabled innovation tool, a company can effectively transfer generational expertise. This will result in driving sustainable innovation which in turn will accelerate productivity and boost revenue.
Mark Atkins CEO & Chairman Invention Machine Boston