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Montréal, QC and Toronto, ON, July 27, 2007 Over the next decade, companies could face financial hardship or even bankruptcy due to loss of expertise from retiring workers. In the 2006 Canadian census report, Statistics Canada has recognized that organizations will face specific challenges with a rapidly aging workforce including:
· Knowledge transfer, and · Continuous training for employees
interKnowledge Technologies, a global specialist in the field of expertise management, understands the workforce is evolving in ways that Canadian managers have never faced before. The median age of the workforce has never been so high – at 39.5 years, and the number of employees from 55 to 64 is growing rapidly – to the point where one in five workers will be in this age group in the year 2016.
While little can be done to reverse or slow down the aging of the workforce, what can be done is to plan and prepare better for the impacts. Through the short-term, organizations need to create a strategic plan for how to distinguish and preserve their knowledge and expertise. Certain sectors, such as public service and healthcare face a much higher level of urgency – due to a higher percentage of older employees along with higher rates of early retirement.
Aspects of an effective strategy must include: · Identifying business critical knowledge and expertise · Identifying areas at risk · Determining how to best transfer knowledge and learn expertise
By addressing these challenges now, rather than taking a "wait-and-see" approach, companies will be able to gain on their competitors in the future. "Organizations who will win the war for talent are those that best manage the knowledge and expertise of both people entering and leaving the organization," stated Anders Hemre, Founder & CEO of interKnowledge Technologies. "A talented and ambitious new hire will quickly become frustrated with poor access to information and captured knowledge or insufficient opportunities to learn from experts."
Utilizing interKnowledge Technologies' expertise management and training solutions, companies will not only be able to protect themselves from losing valuable knowledge and expertise, but also create a more collaborative, productive and innovative work environment built around the awareness and preservation of expertise.
ABOUT INTERKNOWLEDGE TECHNOLOGIES interKnowledge Technologies provides expertise and innovation management solutions and services that help companies from around the world manage their business and technological talent. Headquartered in Montreal, interKnowledge Technologies has built a corporate network in Canada, the US and Sweden. For more information visit www.interknowledgetech.com or call +1 514 707 7359.
For further information: interKnowledge Technologies Geoff Dahl, +1 416 465 2729 info(at)interknowledgetech.com
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