Unlock knowledge before a great worker retires
As the distribution industry weathers the “Silver Tsunami” of retirements, the difference between companies that fail and those that thrive may come down to one factor: the ability to retain institutional knowledge despite turnover.
According to Gartner, 75% of CEOs expect a shortage of skills or workers to disrupt their businesses and recommend preparing in advance to retain institutional knowledge.
If your company has valuable workers planning to retire in the next couple of years, don’t hesitate to tap into their eagerness to pass on knowledge. As soon as they tell you about their retirement plans, begin documenting their day-to-day work processes. You can’t assume that you’ll be able to hire their replacement to shadow them before they leave, so it’s crucial to have the next best thing in the form of detailed notes and instructions.
But don’t have them do it all at once — after all, they’re still busy! Have them cover one process at a time over a series of weeks or months so they don’t feel overloaded. You may even want to develop structured forms that guide them through the documentation process and encourage them to share specific quirks, workarounds, and vendor relationship notes that may otherwise slip through the cracks. Do as much as you can to ease the burden on them so they have the time and energy to share as much of their wisdom as possible.
As you continue the documentation process, make sure that the hiring supervisor of the outgoing employee is downloading their knowledge. Not only will this facilitate the transition to whoever fills the role, but it could also help the supervisor fix or improve certain processes.
In the Field: Stories & Examples from Distributors
It’s imperative that you track and measure your succession planning efforts. This editable PDF from Brian Heger HR has 10 metrics you can track. You can track fewer metrics or select others more relevant to your organization. The key is to have a snapshot of succession planning management for long-term planning, employee engagement, and retention.
This "Tip of the Week" is provided by the Talent Development Council | Texas A&M University.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Applied Industrial Technologies. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
