Many organizations are still trying to figure out the fuss concerning boomers and the coming talent bubble. Companies, in every business sector, must get serious about learning exactly how the coming talent shortages will affect future operations. Here we examine the real cost of letting mature workers (especially boomers) depart the organization, without first capturing the critical knowledge they’ve acquired over many years of service.
The Real Cost to Companies
In 2005 along, American companies spent over $50 billion dollars training employees. In fact, organizations throughout the country spend a great portion of their yearly budgets sending workers to training retreats, weekly seminars, and all day training sessions. Not to mention the time and money spent for on-the-job training, computer and web-based trainings, and training classes specifically tailored to leaders. Then there are those weekly manager meetings, and annual leadership conferences employers send their critical workers to. When you calculate the total number of hours employees spend in all training sessions, and multiply those hours by the numbers of years those employees are on the job, the sheer magnitude of the dollars spent by companies, organizations, and governments (on the federal, state, and local levels) are staggering.
