The purpose of this paper is to report on a research project, the aim of which was to identify the potential loss of company knowledge and expertise as experienced and expert employees retire.
The methodology used in this research was based on interviewing experienced and expert people who had retired or were approaching retirement: An application of expert interviewing. The interviews were conducted in five countries, across a number of sectors and involving a range of company sizes. The work of the research team was guided by an advisory panel of people with significant, senior level industrial experience.
In addition to the potential loss of technical product and process knowledge and expertise, there is a loss of expertise in interpersonal communication skill both in the company and in communication with companies and people who are suppliers and customers, in knowing the company culture and the way things are done and in the loss of maturity and stabilising influence.
The number of people interviewed was relatively small. However, the research pointed out the need for companies, both large and small, to put in place succession planning, talent management and knowledge management processes as well as training in transferable skills or soft skills.
Management training programmes and courses need to include aspects of succession planning, talent management and knowledge management processes as well as training in transferable skills or soft skills.
The research team and the advisory panel involved participants from five EU countries large and small, east and west, north and south, developed and developing, EU founder members and newer accession states. It involved working in five languages and cultures. Despite this diversity there was great agreement on the findings and implications.
