According to a survey by Willis Towers Watson, 4 out of 5 businesses in manufacturing are concerned about the loss of talent. With millions of Baby boomers expected to retire in the coming years, many organizations will struggle with the loss of specific company knowledge due to seasoned employees exiting the work force.
With almost 10,000 Baby boomers retiring daily, 57% have shared half or less of the knowledge needed to perform their job responsibilities. Even worse, 21% have shared none, according to a survey by Express Employment Professionals. For organizations with asset management professionals or reliability engineers, this loss of knowledge can be particularly disrupting.
A Standard Operating Procedure (SOP) helps to maintain company knowledge. An example of an effective SOP could be the foundational data formats or required data for CMMS equipment, such as equipment numbers or physical location.