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advising on an IT project, they are When faced with the retirement
strongly encouraged to document how it
was done,” she said. That includes of a key person, organisations
describing the goal, explaining whose
work was affected, detailing how the might consider offering them
project progressed, and listing any
underlying assumptions, nuances, or
exceptions to be aware of. That contract assignments or
documentation is saved on a shared
system, not on an individual employee’s part-time work to hold on to
computer, and updated as needed.
Volvo Financial Services also their knowledge.
cross-trains employees. “[We] made it
part of the culture that we all [knew] how
to do each other’s tasks,” May said. “The
goal is that individual knowledge
becomes business knowledge. Ask for feedback said. This can motivate people to retire
Employees work as a team to mitigate May recommended that if a finance early. At the same time, individuals
losses.” team’s leadership is not certain what may not seek out jobs or promotions
Critical areas are emphasised. In the options experienced workers are because they assume they will not be
accounting and finance department, a considering, it is a good idea to start a chosen because of their age.
new team member or someone taking conversation to gauge their engagement Organisations should review their
over a job may shadow someone through and satisfaction. Reviewing employment data to see if they are
the entire process of monthly close, for compensation for valuable, experienced losing older workers and use surveys or
example. people is another smart step to ensure exit interviews to find out why. They
Job rotation can also help workers their pay remains competitive. can also review their recruitment and
expand their knowledge and experience, “You never want to learn what could retention data to understand age
while mentoring can help them enhance have made someone happy in an exit demographics at different levels or
soft skills, Flanders said. interview,” May said. teams. It’s in their best interest to
Employing cross-functional teams is address bias if they find it, Chaplain
another way to retain knowledge about Focus on flexibility said. “When organisations try to make
important tasks or projects. Parkison, Chaplain’s organisation has found that hiring processes more age-friendly,
for example, has led strategic planning experienced workers often leave they broaden their entire talent pool,”
efforts with City Utilities’ director of because of a lack of flexibility, possibly she said.
information technology and chief legal driven by health issues, the need to care Chaplain suggested that employers
counsel. He also serves on a health plan for relatives, or a desire for a less simply describe the job and what it
committee that includes representatives demanding schedule. When job involves. “By scrutinising their job
from human resources, legal, IT, and postings mention flexibility and adverts and removing age bias from the
operations. Such teamwork can ensure examples of what that means, they are language they use, they improve
that knowledge of a project’s purpose more likely to appeal to both newer and recruiting across the board.”
and history does not reside solely in one more experienced people, she said.
department. In addition, his Organisations should consider new Set the right tone
organisation reviews its cash balance ways to hold on to the talent they have. The tone at the top is also an
target every three years. Disaster-and- When faced with the retirement of a important element in holding on to
contingency reserves are reviewed every key person, they might consider people. If leaders of the organisation
five years. Cash balances are monitored offering them contract assignments or and the finance team can articulate a
monthly, but to maintain a more part-time work to hold on to their clear vision and strategy, it will be
holistic, long-term view on a recurrent knowledge. And both new and veteran easier for employees to understand
basis, the three- and five-year periods employees might respond to the how best to work together to fill any
have been right for his organisation. chance to do something new and gaps, May said. ■
Leaving too much time between reviews different. “I have seen opportunities
could mean that people with long-term being given to individuals to develop in
knowledge of the organisation would areas they would otherwise have had
not be involved. no exposure to,” Panditharatne said. Anita Dennis is a freelance financial
Including a range of experience writer based in the US. To comment on
levels in such critical projects ensures Address age bias this article or to suggest an idea for
the team will have some historical As workers grow older, their access to another article, contact Oliver Rowe at
perspective as well as new ideas from opportunities in the labour market can Oliver.Rowe@aicpa-cima.com.
more recent hires. diminish because of age bias, Chaplain

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