Are you prepared for the boomer brain drain? The oldest baby boomers are now only a few years away from retirement. What happens to the knowledge they’ve accumulated over the years when they leave? CIO magazine has a new article on the topic with participation from Liviu Dedes from Pepboys (a customer) on the topic of succession planning.

This is the kind of cross-industry issue that’s going to make bigger and bigger headlines the closer we get to retirement day. I’ve even heard it described as the Y2K of the HR world, but this time, there’s real probability of impact.

From the article:

Some companies turn to software to help predict future departures and determine crucial knowledge. Succession planning or talent management software can give organizations a good picture of who is working for them, how they are performing and how long they’ll be around. With retirement on the horizon and new management positions to fill last year, automotive chain Pep Boys started using succession planning software from SuccessFactors to give it a clear picture of all employees at the company’s 584 retail and service centres. “The risk of knowledge loss will always be there because there will always be unexpected departures,” says Liviu Dedes, Pep Boys’ director of training and organizational development. “But if you have a solid process to map out who is in your leadership pipeline, you’ll be better prepared to fill job openings, retain top-performing employees and prepare for retirement.”