If active steps are not taken, this will result in a serious skills deficit. Knowledge is increasingly being recognised as a valuable asset within organisations since it is an important building block of competitive advantage. However, unless knowledge is shared among employees, organisations may fail to make the most of their intellectual capital.
Currently, the workplace consists of a mix of generations, Baby Boomers, Millenials and Generations X, Y and Z. These generations differ significantly in terms of their attitude, behaviour and approach to work. While Baby Boomers and Millenials are more loyal to organisational goals and value systems, Gen Zers are highly individualistic… or are they? Baby Boomers started their work life in a systemic, highly organised work environment, while some Gen Zers joined the workforce at the height of COVID-19 in a virtual environment, in a low-touch, high-tech environment.
In the insurance context, most generations “fell” into the industry, yet Gen Zers actively pursue an insurance career. It is exciting to see young people actively choosing insurance as a career, from underwriters and engineers to actuaries and IT professionals.
Gen Zers prioritize relevance and flexibility, seeking flexible work options and healthy work-life integration. A 2023 Deloitte survey found that 83% of Gen Zers value flexibility above pay. They are also digital natives, expecting workplaces to embrace automation and AI to streamline processes and boost productivity.
The building mass exodus of retiring Baby Boomers from the workforce poses a unique challenge. These esteemed retirees take with them not only their subject matter knowledge, institutional knowledge and skills but also a wealth of implicit knowledge accrued over their careers.
Knowledge is regarded as the most critical resource of the economy’s and a company’s primary source of production, value and innovation. Knowledge sharing is a sustained process of transferring experiences and organisational knowledge to business processes.
In today’s fast-paced and competitive business environment, knowledge sharing is a critical factor for organisational success. It is crucial for fostering collaboration and innovation in the workplace. By fostering a culture of open collaboration and effective knowledge sharing, companies and our industry can tap into the collective intelligence of our employees and drive innovation.
In comes mentoring and intergenerational knowledge transfer. Increasingly over recent years, there has been a growing recognition of the need for and importance of projects, activities and programmes that bring people from across the age spectrum together to engage with each other for their mutual benefit.
The looming knowledge crisis resulting from the retirement of baby boomers necessitates a proactive approach to knowledge transfer and issue resolution in the workplace. Organisations and industries that recognise the value of shared knowledge, establish cross-generational exchanges and implement systematic approaches for addressing business and industry concerns will thrive in the face of this workplace transformation. By creating a foundation of commonality, organisations can unleash an era of unexpected innovation and secure their long-term success.
At iTOO, we value different perspectives and make sure everyone’s voice is heard. We strive to transfer knowledge between different business areas and between different generations. There are challenges along the way, but we aim to be an EPIC partner in specialist insurance, ensuring that knowledge is transferred internally and creating opportunities to learn externally. We invite all our partners to share their knowledge and ideas and challenge us to make it happen for our industry and future generations to thrive!