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October 24, 2017
Maria Schuld, Group Executive – Financial Services Group
Ten thousand people will retire every day for the next 20 years in the United States. It’s called the “Boomer Brain Drain” and it’s something every company should be planning to face.
55 percent of U.S. company leadership is made up of baby boomers – people between the ages of 53 and 71. Despite that, fewer than one-quarter have reviewed the retirement rates of current employees – only a third have even analyzed their employee demographics.
Companies at the highest risk of being unprepared are those that haven’t evaluated their workforces for single points of failure – meaning only one person in the company has the necessary skills for the job. An example that comes to mind is the number of COBAL programmers who will retire soon. According to Reuters, three trillion dollars of commerce flow through COBAL systems daily. Financial institutions rely on the language, but few universities still teach it. So, who will take the place of retiring COBAL programmers? And where will they get the critical skills that boomers have polished over their careers?
It’s imperative to have this knowledge transfer to the younger generations. However, today’s style of working hinders that because it’s characterized so much by on-the-job training and relative isolation due to remote worksites.
The time is now to put plans in place to mitigate the impact of the Boomer Brain Drain. Here are 10 steps to make a difference:
Group Executive – Financial Services Group
With over 20 years of experience in the financial and payments industry, Maria is the Group Executive for debit, credit, fraud operations and business management. Previously, she was a senior management team member for Metavante before its 2009 acquisition by FIS. Other areas of expertise include implementation management, account management, and professional services management.
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