Credit at work.(Letter to the editor)

Dear Andy,

There are several individuals in my department in key roles who are nearing retirement and I am concerned about losing their knowledge and expertise--what can I do?

You're not alone with this concern. The oldest of 77 million baby boomers turn 60 this year and many of them will begin retiring within the next year or two. Managers need to take proactive steps now to address this impending loss.

The imminent retirement of millions within this demographic could be especially harmful for credit departments that are already experiencing a shortage of skilled candidates. Here are some suggestions for retaining critical legacy knowledge held by these individuals while preparing your department for the looming exodus:

* Explore alternative arrangements. Many baby boomers are planning to work full-time past what has traditionally been considered retirement age. Periodically discuss long-term goals with those nearing retirement age and encourage these individuals to stay on board--whether in part-time or consulting roles. The most progressive organizations recognize the potential negative impact of this exodus of talent and are taking steps to persuade older workers not to retire completely, or to modify their existing positions.

* Transfer knowledge. Despite your best efforts to retain potential retirees in some capacity, inevitably, many will decide to leave your organization. In these situations, it becomes paramount ...