Boomers make up nearly a third of the workforce. More than half of them are in leadership positions, and they are retiring in droves. This massive exodus of talent is an existential problem for companies.
Most institutional knowledge about products, processes, and customers is formally documented, but is in the collective heads of the people who have done the work for years and know the intricacies of workflows. When these workers retire, they take the knowledge with them, causing a massive drain of organizational wisdom.
Capturing this tacit knowledge from an aging workforce, and putting it to use, can make the difference between companies that thrive and ones that die off.