Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
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.
CEO & Chairman
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.