In this era of a shrinking pool of prospective employees and a growing glut of positions to be filled, one area where employers have some breathing room is with employees who are approaching retirement age.
As noted last week, Baby Boomers are aging out to the tune of nearly 10,000 per day. Yes, you read that right: an average of ten thousand Boomers leave the workplace for retirement every day. Have you analyzed your own workforce? How do you plan to replace not only the person but the knowledge and experience that employee represents?
For business owners, this scenario is one over which you have a great deal of control. First, time might be on your side. Second, it’s your call as to whether you’ll train a worker within your company or hire a new employee when a position goes vacant due to a retirement. Several factors come into play, including the cost, time, and effort required for training and hiring. For a technical position, you may decide to hire a replacement with up-to-date skills in your field. Training an existing employee could be both time-consuming and costly. Conversely, an external hire could have a negative effect on current employees. Succession planning techniques can be used as a retention strategy if you promote current employees into roles filled by workers who are retiring.
Knowledge transfer, whether to a new hire or a promoted employee, is not a quick process and requires both time and effort. So don’t wait until a week before the retirement party to implement the process. Every business should have strong processes in place that ensure continuous transfer of knowledge. Is it time to take a look at your company’s knowledge transfer practices?
There’s a lot going on at the Chamber these days. We’re hosting a ribbon cutting for Toso Family Eye Care, 827 Commercial St., on Oct. 4, at 11:30 a.m. Everyone is always welcome to attend Chamber ribbon cutting events.
Remember to register for Group Lunch on Oct. 6 at noon, either online at emporiakschamber.org or call Membership Director Amy Little at 620-342-1600.
Coffee & Conversation is coming up on Oct. 8, 9:00 a.m., at the Trusler Business Center. Guests this month will be Rollie Martin, Lyon County Board of Commissioners Chair, and Rob Gilligan, Mayor of Emporia, providing insight to the upcoming county sales tax renewal question on the November ballot, and other local government current events and activities.
Also on Oct. 8, at 11:30 a.m., is a ribbon cutting for McDonald’s on Sixth, at 1202 W. 6th, to celebrate their recent renovations. We hope you’ll join us for some or all of these events.
The Chamber is proud to welcome new members Emporia Carpet Cleaning; Toso Family Eye Care; The Station; and Kansas Methodist Foundation. Please patronize these local businesses supporting our local community.
It’s the last week to submit your photos for the Chamber’s Live, Work, & Play photo contest! The winning photo will be featured on the front cover of the 2022 Emporia Area Chamber of Commerce Relocation Guide. Details are at emporiakschamber.org/emporia-chamber-relocation-guide-cover-photo-contest/.
It’s a great day in Emporia!
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“Let’s Talk Business” is a weekly column of the Emporia Area Chamber of Commerce and Visit Emporia. The mission of the Chamber is to be proactive in creating an environment for business and community success, guided by the vision that positive attitudes promote positive actions. Contact us at 620-342-1600 or chamber@emporiakschamber.org and visit our website at www.emporiakschamber.org.