Hello everyone, in the next 10 to 15 years, a significant number of baby boomers will be retiring from the industry, taking with them a wealth of experience, knowledge, and skills. This departure will impact the overall level of expertise within companies, especially as the number of entry-level engineers surpasses that of experienced professionals. It's crucial for companies to address this impending talent gap before it becomes a problem. I have been researching this topic and am eager to learn about solutions being implemented worldwide. Your feedback is valuable and appreciated.
It appears that the company's recent decisions are inconsistent and do not effectively address the issue at hand. There is a noticeable trend of baby boomers being reassigned, possibly promoted, to roles that appear to sideline them and allow younger individuals to take on Supervision and Engineering roles.
We conducted a survey of more than 800 companies regarding the impending skills shortage, and I am currently working on producing detailed reports based on the findings. One of these reports, spearheaded by Howard Penrose, involves extensive research that will be published in August of this year. Additionally, I am crafting a unique report that provides a summary and analysis of the data collected by Reliabilityweb.com, along with insights from various other sources. The full report will be released in October, accompanied by a keynote presentation at IVARA's User Summit. Here are two statistics that may interest you: - When asked about the extent of procedure-based maintenance within their maintenance workforce, respondents reported the following: - 9% documented 100% of their maintenance procedures - 35% documented over 50% of their maintenance procedures - 48% documented less than 50% of their maintenance procedures - 8% did not have any maintenance procedures documented *Please note that the question did not assess the quality or value of these documented procedures.* - When asked about knowledge capture within their maintenance workforce, respondents provided the following responses: - 9% had a completed plan for knowledge capture - 11% had a budget and plan for knowledge capture - 21% were considering a plan for knowledge capture - 56% did not have a plan for knowledge capture - 3% provided an "other" response Our research suggests that a potential brain drain may begin within the next five years at some companies, underscoring the urgency to capture valuable maintenance knowledge and experience. We extend our gratitude to the maintenance and reliability professionals who participated in this project, and anticipate sending you an email with advance download links for the report. Stay tuned for further updates. Terry O.
One major challenge in the maintenance industry is attracting younger generations, such as Gen Y and Gen X, to fill positions. Many see the appeal of pursuing certifications from tech giants like Microsoft or Cisco after reading about the challenges faced by maintenance professionals. Without offering similar growth opportunities and advancements within the maintenance sector, companies will struggle to recruit skilled individuals. Simply offering trade schools, skills training programs, and apprenticeships may not be enough to address this issue. It is important for management to recognize the value of proper asset management, as it ultimately benefits them the most. By investing in their assets and those who maintain them, companies can ensure longevity and success in their operations. Terry O.
Terry, I am incredibly intrigued by this report. Could you please share its source with me? In our experience working with clients, we have encountered two crucial issues in handling this matter. The first issue goes beyond mere skills and delves into the realm of knowledge, particularly in areas like contingency response, project management for rare projects, and operation of complex machinery (areas that may not be covered in standard operating procedures). For example, in a case from a water company in Southern Europe, a worker had been quietly taking the initiative to clean a filter daily for 15 years without anyone realizing. When he fell ill, the consequences were costly in terms of fines and damage to the company's reputation. The second challenge lies in how this knowledge is preserved and utilized. It is not enough to simply document information for others to reference, as people may not always read these documents. The key is to not only capture knowledge but also codify it and enhance its effectiveness. This, I believe, is the key challenge in modern asset management practices. I am eager to learn about the innovative solutions being implemented by companies. Might this information be included in the report you mentioned?
Terry, I wholeheartedly agree with the essence of your statement below, which emphasizes the importance of proper asset management for maximum benefits. This debate has been ongoing for at least 5 years now. It is crucial to take care of your assets as they will reciprocate the care provided. Similarly, valuing and supporting the people responsible for managing your assets will result in mutual care and success. Recent legislative changes in Canada and the UK, particularly in areas like corporate responsibility, have brought attention to this issue. The dynamics of asset ownership have seen a shift towards outsourcing management and operations, leading to a disconnect from those directly managing the assets. This has sparked resistance, as seen in the recent trend of insourcing maintenance contracts by organizations like Network Rail in the UK. However, economic incentives often drive wholesale outsourcing, contributing to a transient and unstable workforce. While addressing asset owners is crucial, it is important to acknowledge the challenges faced by those responsible for maintaining and managing the assets. The outsourcing of engineering and other functions to countries with lower labor costs, such as the Philippines, China, and India, further complicates the situation, with varying values placed on work and worker efforts. This presents a notable dilemma in the current landscape.
Absolutely agree with your point. Fortunately, I've seen several firms being proactive by implementing mentorship programs where these experienced professionals impart their knowledge and skills to the younger generation before they retire. They also tend to invest more in continuous learning and development programs. This not only helps to bridge the knowledge gap but also encourages a culture of knowledge sharing, which I think is key in today's rapidly evolving professional landscape. Companies must think long-term to sustain their growth and innovation, and cross-generational collaboration is arguably the best place to start.
Absolutely, this is a very important issue that is often overlooked. While a lot of focus goes into training and developing newcomers, the potential knowledge drain is just as significant. One solution might be embracing mentorship programs and creating better ways for the experienced professionals to pass on their knowledge before retirement. Furthermore, companies may want to consider phased retirement strategies, where these professionals transition from full-time to part-time, allowing a more gradual knowledge transfer to the younger generation. Strong succession planning is key and investing time to ensure all knowledge isn't lost with retirements is vital for a smooth transition and continued success of any organization.
You've raised a critical point! Companies can start by fostering mentorship programs that pair retiring boomers with younger employees. This not only helps transfer vital knowledge but also builds relationships that can aid in professional development. Additionally, investing in training and upskilling initiatives for new hires can ensure they’re better equipped to fill the gaps left by their predecessors. It’s about creating a culture of learning and knowledge sharing that can really help bridge that experience gap. I would love to hear about specific initiatives that others have come across!
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Answer: - Addressing knowledge transfer in the workplace is crucial because a significant number of baby boomers will be retiring in the next 10 to 15 years, taking with them valuable experience, knowledge, and skills. This departure will impact the expertise level within companies, especially as the number of entry-level employees surpasses that of experienced professionals.
Answer: - The talent gap resulting from the retirement of baby boomers can lead to a decrease in overall expertise within companies, creating challenges in maintaining and transferring crucial knowledge and skills. This gap can also affect productivity, innovation, and the ability to compete effectively in the market.
Answer: - Various solutions are being implemented globally to address the talent gap, including knowledge transfer programs, mentorship initiatives, skills development training for younger employees, creating a knowledge-sharing culture within organizations, and leveraging technology for capturing and disseminating knowledge effectively. These solutions aim to ensure a smooth transition of knowledge and skills from retiring employees to the next generation of workers.
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