Press Releases

YourEncore Alumni Advantage Closes Talent Gap as Baby Boomers Retire

Posted by YourEncore on May 8, 2017 10:40:48 AM

May 8, 2017 (Indianapolis, IN) – Companies are facing a drastic talent drain. Over 10,000 Baby Boomers retire every day. A shortage of 40 million educationally qualified technicians and scientists is forecast by 2020, and 50% of Science and Engineering workers will be eligible for retirement over the same time horizon. The gap between the skills-experience-wisdom of retiring Baby Boomers and that of up-and-coming Millennials is a serious talent vacuum that many employers cite as their #1 challenge in achieving their business objectives.

YourEncore®, the leading provider of proven expertise to the life sciences and consumer goods industries, helps companies close this talent gap through their Alumni AdvantageTM solution set. This suite of services includes client-specific Alumni Talent Communities, Alumni Knowledge Capture, and Alumni Mentoring programs, all of which can be designed and deployed within 90 days.

“YourEncore pioneered the concept of alumni management services nearly 15 years ago with Procter & Gamble, Eli Lilly, and Boeing,” said Mike Lewis, Chief Sales & Marketing Officer at YourEncore. “Since then, we have significantly evolved our model, moving from simple management to comprehensive engagement that allows clients to tap into the wisdom and experience of their knowledge workers both before and after they exit the company. Our expanding list of Alumni Advantage clients, including General Mills, Battelle, and others, is a testament to our performance in this space and the growing need for this type of service.”

YourEncore® Alumni Talent Communities enroll and engage retirees and other former company employees who have decided to join the “gig economy” as a freelancer. This provides a pool of highly experienced, immediately effective talent that is ready, willing, and able to be deployed as needed.  In addition, YourEncore Alumni Talent Communities have access to on-going training, collaboration tools, and social events, all designed and delivered to ensure that those within the Community stay engaged and effective. Clients can focus on business requirements and alumni relationships, confident that their program is being run in accordance with all applicable rules and regulations and that back-office functions are being handled efficiently.

YourEncore® Alumni Knowledge Capture allows companies to document mission-critical wisdom and the tacit, experiential knowledge that resides in the minds of key company experts…before they walk out the door. YourEncore brings a disciplined approach and unique expertise to this process, which is critical for meaningful and successful execution.

YourEncore® Alumni Mentoring brings retirees and current employees together for shared learning, knowledge transfer, and overall development of business acumen and professional gravitas. Many high-potential, early-career Millennials can benefit from mentoring by a Boomer who has “been there, done that.” And Boomers report they learn a lot from and enjoy these mentoring relationships, as well.

“It was almost ten years ago when we first connected with YourEncore and started to discuss this “crazy idea” of leveraging external talent and retirees from diverse industries to help accelerate innovation,” said Peter Erickson, Executive Vice President, Innovation, Technology, and Quality at General Mills. “I am very grateful to YourEncore for their leadership and tenacity in advancing a new approach across our organization. I have no doubt that we have brought better new products, product renovations, and cost savings to market than we could have done on our own.”

“Given the seismic shifts taking place in today’s workforce, companies need to think differently about how they utilize talent, and individuals need to think differently about how they approach work,” said Lewis. “YourEncore is uniquely positioned to provide both groups with the solutions they need to successfully navigate and take advantage of this perfect storm that is today’s economy.”

Learn more about today’s gig economy at yourencore.com/insights. Contact YourEncore to learn more about how YourEncore® Alumni AdvantageTM can help you achieve your business objectives.

 

About YourEncore
YourEncore is a leading provider of proven expertise, delivering flexible resourcing and consulting services to the biopharma, medical devices and diagnostics and consumer goods industries. YourEncore mobilizes the wisdom and knowledge of highly experienced, immediately effective experts to help companies outthink, outpace, and outperform. Based in Indianapolis, IN, with offices in Cincinnati, OH and Princeton, NJ, YourEncore was named a "100 Most Brilliant Company" by Entrepreneur Magazine. For more information, visit www.yourencore.com and follow us on Facebook and LinkedIn.

 

Topics: Press Release