Rural Water - Quarter 3, 2011 - (Page 11)
Your Future Depends On It
DO YOU HEAR that rumble in the distance? The deafening noise is the baby boomers getting ready to retire. On January 1, 2011, the very first boomer turned 65. Millions upon millions of them are rushing towards retirement age. This iconic generation that transformed America is getting ready to retire. Every single day, going to keep happening every day for the next 19 years! more than 10,000 baby boomers will reach the age of 65. This is
State and local governments are scrambling to ﬁnd ways to pay out all of the beneﬁts that they have been promising. Many state and local governments will be forced into some very hard choices by the hordes of boomers that will now be retiring. Utilities and other companies in the water industry are facing an impending mass exodus of senior workers the likes of which has never before been seen. There are approximately 82 million baby boomers. The federal government estimates that by 2012, 24 million workers will need to be replaced due to death or retirement. As this generation leaves the workplace, the consequences of their exit and the steps necessary to ensure a smooth transition should be carefully examined. Besides placing a strain on governmental entitlement programs and company beneﬁt and pension plans, a bigger concern will be those suddenly empty chairs and service trucks in utilities across the nation. The incoming workforce generation is small, and coupled with their high turnover rate and transient nature, means a shrinking pool of replacements and increased competition for those employees. There could be a possible labor shortage in the coming decades even though a recent AARP survey of baby boomers says 40 percent of them plan to work “until they drop.” Longer life expectancy makes it likely that many boomers will retain positions past typical retirement age. Fortunately, it is doubtful that all of the baby boomers will retire en masse tomorrow, but planning for that eventuality needs to begin today. Has your utility devised a plan for capturing and transferring the critical knowledge of retirees to your younger employees before hundreds or even thousands of years of work experience pack up and leave? This effort will ensure that when your utility ofﬁces become vacant and the utility is turned over to the next generation, the transition will be as painless as possible. It’s past time for your utility to look closely at its plan for human resource needs and devote the necessary attention to knowledge management and succession planning. The future of your utility and your customers depends on it.
From the President
BY JOE LILES, NRWA PRESIDENT
It’s past time for your utility to look closely at its plan for human resource needs and devote the necessary attention to knowledge management and succession planning. The future of your utility and your customers depends on it.
Third Quarter 2011 • 11
Table of Contents for the Digital Edition of Rural Water - Quarter 3, 2011
FROM THE PRESIDENT
WILL YOU SURVIVE THE NIGHT OF THE BABY BOOMER EXODUS?
A BOARD PERSPECTIVE:
HOW TO AVOID THE NONPROFIT LEADERSHIP GAP
WHAT’S IN A NAME?
ENGINEERING CONTRACTS 101 – PART TWO
THROWING MY LOOP
INDEX TO ADVERTISERS/ ADVERTISERS.COM
FROM THE CEO
Rural Water - Quarter 3, 2011