Employees are critical stakeholders who significantly contribute to the success of an organization. As such, it is very prudent for employers to put in place proper strategies to deal with any factors that might impede the effectiveness, productivity and optimal functioning of employees and influence. This paper discusses how to deal with imminent retirements of critical employees in an organization.
Dealing Imminent Retirement of High number of Employees. Exit of dependable and resourceful employees can adversely affect an organization’s performance especially in the absence of proper succession planning. This is the crisis that our organization is presently facing. However, I believe that with proper strategic planning, it is possible to address this challenge. As the senior executive in the human resource management, I would encourage supervisors and my fellow managers to begin an employee development plan. The development plan would focus on employee assessment, goal setting, employees’ education and training programs, performance appraisals and employee wellness programs, and creation of a conducive and supportive work environment. Such strategies have the potential of motivating employees to work hard and even stay put in an organization even past the retirement age (Reynolds, 2009).
Employee assessment programs would help me know the dynamic and particular needs of every employee in the organization. This information would then be used by the management to address the needs and create a working environment that not only retains the employees but also attract talented employees to the organization. Promotions will also be based on performance, competence and productivity of employees. Employee assessment would also help us design clear career path and rewards for talented employees in the organization.
Involving employees in the development of organization’s strategic plans and setting short term and long term plans is very key to employee maintenance (Reynolds, 2009). This approach will enable employees develop a sense of belonging. I would encourage the employer and the unit and departmental heads to increase their engagement of the employees in all the major decisions that affect the operations of the organization. This will improve employee participation and development of a sense of being real stakeholders in the organization.
As the head of human resource department, I would advocate for introduction of performance appraisal approaches for all employees. During appraisal, a manager reviews employees’ achievements and awards him/ her appropriately. This would retain top performing employees as they get rewards for their outstanding performance and innovation. Besides, I would initiate employee wellness program to cater for hospital allowances, transport allowances, house allowances and even educating employees’ children and an assurance of retirement benefits.
Tacit Knowledge Transfer. Tacit knowledge refers to the internal personal knowledge that cannot be easily transferred to a second person through written or spoken means (Reynolds, 2009). It is often based on one’s experiences. Tacit knowledge can be transferred through mentorship programs, internship programs, interviews and others. However, tacit knowledge holders need to be motivated so as to share their knowledge and experience with other employees. Special sessions should be created where experienced employees are encouraged, through special “knowledge transfer allowances”, to openly and genuinely share their tacit knowledge with other officers. The salaries of the tacit knowledge holders should also be increased. I would also advocate for a review of the organization policies to enable employees with tacit knowledge to continue working even beyond retirement age so long as they are still active and productive (Reynolds, 2009). This program will enable tacit knowledge holding employees to mentor young workers who will be placed to work as their assistants.
In conclusion, management and sustenance of talented employees in an organization is critical to its performance. It is thus imperative for human resource managers to do all within their reach to accommodate employees through very strategic succession planning for its personnel.