Simple Solution to Baby Boomer Brain Drain.

• ABS estimates in 2007 there were 3.9 million employees aged 45years and over – almost half of them are expected to retire before 2017;

• The Australian Government’s response to concerns over Gen Y’s ability to lead in the workforce will come too late for many companies;

• Organisations are turning towards knowledge management processes and systems but anxiety still lies in Gen Y’s decision-making abilities;

• Online mentoring combines Baby Boomer experience with Gen Y tools;

• Online mentoring company EQmentor provides unlimited knowledge access from experienced professionals with a focus on Emotional Intelligence (EQ);

The Australian Bureau of statistics estimates that in 2007 there were 3.9 million people employed who are 45 years or older, almost half of them are expected to retire before 2017.

Organisations with a high percentage of managers and professionals are more affected by this baby boomer brain drain then others with added concerns about generations X and Y’s ability to step up to the roles vacated by the baby boomers.

The government’s response has been to spend more money to increase literacy and numeracy levels overall and achieve goals of year 12 retention rates of 90% by 2015 and 40% of all 25-34 year olds with a bachelor degree by 2025.

As laudable as the goals are they will come too late for many organisations that need to act now, to retain knowledge and improve the decision making capability of the Gen Y’s filling the places of retiring baby boomers.

Organisations are increasingly turning towards knowledge management processes and systems to retain knowledge, but the solution to reduced decision-making capability which comes with experience, has been less certain.

One answer lies in a program combining Baby Boomer experience with Gen Y tools.

Online Mentoring is a tool that more companies are adopting world-wide as a means to harness the experience of the generations preparing to leave the workforce now.

Online Mentoring company EQmentor runs their program by capitalising on the experience of the older generations placing them in Mentor roles and matching them with young leaders – the mentees, all in a private, non-threatening online environment.

“For a generation raised on technology and the internet, to access knowledge and wisdom from a dedicated mentoring program 24hours a day seven days a week just makes sense,” says Mr Kevin Dwyer, Australian VP for EQmentor.

The company program is based on one improving a proven driver of individual performance - Emotional Intelligence Quotient (EQ).

It utilises tools such as forums, wikis, chatrooms, a library of management methods and a research database to complement the knowledge and experience transfer from mentor to mentee.

“Emotional Intelligence is no longer just a HR buzzword but rather a tangible way to bridge generation gaps, retain knowledge in an organisation and develop an individual’s capabilities,” Mr Dwyer says.

“The idea that companies can rely solely on an individual’s knowledge and resources to make better decisions is obsolete.

“By adopting proven programs which strengthen upcoming leaders now, the Australian economy and workforce will be in a much better position than predicted,” Mr Dwyer says.

Traditional mentoring programs have had mixed success. Those organisations using internal mentors have often stumbled over the ongoing willingness of senior managers to regularly and reliably take the time to mentor employees or over their capability to mentor.

Those organisations using external mentors have often stumbled over the cost of using qualified mentors and the inability to determine a return on investment.

In the 2006 Census, the Baby Boomer demographic was recorded as 41% of the workforce. In industries such as telecommunications it was 50%, in consulting engineering companies it was 79.4%