In the years heading into “the Great Recession, a major concern for businesses was the coming brain drain, which would be caused by Boomers retiring in droves from the workplace, and taking with them their vast technical skills, historical knowledge, and honed industry-specific abilities.” That is a reality being dealt with by US manufactures on a more frequent basis. While many Boomers stayed in the workforce a little longer than they had expected, a greater number are moving into retirement and leaving companies with big gaps in knowledge and experience. Many companies were unwilling or unprepared to have defined succession plans in place. The training and development programs that would have been provided to past generations were only sparingly continued following the last two recessions. This is a good time to be a mid-career professional with a strong academic foundation and the good fortune to be given some additional training and responsibilities along the way. As the older generation moves on companies are finding themselves in a desperate spot to attract these individuals to refill vacant leadership positions.
Vice President of Business Development
The Richmond Group USA