How to Retain Institutional Knowledge When Employees Retire

This article originally appeared on IA Magazine 

Every day, 10,000 baby boomers reach retirement age. Although many work well past their 65thbirthday, most veteran employees take valuable company know-how with them when they finally walk out the door for the last time—leaving less-experienced employees struggling to fill their shoes.oe1

The insurance industry is aware of this impending transfer of knowledge—or lack thereof. In a recent survey of more than 2,200 members of the community, insurance pros listed recruiting and retaining talent as the top challenge facing their organizations in 2016.

The survey also found that insurance organizations are combating the talent gap by encouraging retiring workers to pass on institutional knowledge in the form of industry contacts, relationships with clients, informal best practices and more. This is one of the top three approaches, which also include increasing recruitment efforts of recent college graduates and encouraging experienced employees to mentor younger employees.

Read more to learn how a mentoring program can help retain institutional knowledge at your agency.

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