The baby boomers generation is reaching a state of crisis. For the next twenty years, an average of 10,000 people each day will reach age 65. As a result, creating a nightmare for HR professionals who are trying to replace their aging staff.

Millions of dollars are spent every year by firms in their attempt to find qualified workers with the skills and knowledge needed, to fulfill their workplace obligations successfully.

Modern organizations constantly change, and so must the skills and knowledge requirements. At times, businesses must be ready to pay up to 60 percent of the worker’s annual salary in the form of skills retention costs.

Of course, it comes as no surprise that, with the declining number of working baby boomers, businesses and non-profit organizations are extremely worried about retaining knowledge and skills. The entrenched knowledge and skills of these workers greatly impact an organization’s’ competitive opportunities in the market.

Those, who have knowledge, also rule the world.  This is an axiom organizations must follow. In order to strengthen their business position, the amount of resources invested in knowledge and skills retention is bound to constantly increase.

Today, employee’s knowledge is the chief source of a businesses’ competitive advantage. However, not all organizations and business owners know how to capture their employee’s knowledge and skills before they leave.

The process of assessing knowledge loss risks is rather complex, but its primary purpose is to identify and anticipate, possible knowledge and skill gaps, and develop strategies to have these gaps closed.

The skills loss assessment process enables businesses to determine the total attrition factor in actual skills and knowledge, not just in headcount.

You can start by matching the skills, knowledge, tasks, and responsibilities needed to be successful in the target position. You can also create and implement, individualized training and development plans, for potential replacements and prospective hires.

Use benchmarking, job competencies analysis, and perform a thorough analysis of your attrition versus hiring practices. Do not forget that time is running faster than you think, it is always better to stay ahead of the problems you may face in terms of your aging staff.