Backup Plans: How To Preserve Institutional Knowledge As Employees Depart

The Great Resignation and Silver Tsunami have received a lot of recent attention as two workforce trends making a significant impact on organizations. With the workforce rapidly graying, some employment experts are saying we are in the midst of the ‘Great Retirement.’

According to the Pew Research Center, the rate of retirement for Baby Boomers has accelerated since COVID-19 began. Nearly 29 million people from this generation retired in 2020 -- three million more than in 2019 -- and a total of 75 million will retire by 2030.

Many employees also recognize that leaving is often the only way to get meaningful salary increases and be paid the rates they deserve.

According to Pew Research Center analysis from July 2022, half of employees who switched jobs saw their pay increase nearly 10%, while the median worker who stayed put saw an inflation-adjusted loss of almost 2%.

When paired with stress, burnout, organizational culture issues, understaffing, rising inflation, the looming prospect of a recession, and any number of other issues impacting work conditions, it is no wonder most people are either looking or at least open to leaving their job. Indeed, Randstad’s Employer Brand Research recently found that 70% of all workers are open to new job opportunities.