Baby Boomers Retiring: Strategies for Small Businesses Retaining Explicit and Tacit Knowledge

Baby Boomers Retiring: Strategies for Small Businesses Retaining Explicit and Tacit Knowledge by Anethra Adeline Facione MBA, University of Phoenix, 2008 MPA, Southern University A&M College, 2003 BA, Southern University A&M College, 2000 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University August 2016 Abstract More than 35% of the U.S. workforce is composed of Baby Boomers who are eligible to retire within the next 5 years. Despite the potential loss of critical expertise, a gap in knowledge retention exists in small consulting businesses. The purpose of this case study was to explore effective strategies for retaining the tacit and explicit knowledge of retiring employees, to avoid operational knowledge drain. Exploration ensued through semistructured interviews at 2 small consulting businesses in the Washington, DC metropolitan area that are adept at innovatively retaining requisite knowledge. The conceptual frameworks of Bass’ transformational leadership and Nonaka’s knowledge creation led to the identification of strategies to retain tacit and explicit knowledge of retiring Baby Boomers. Seven small business leaders addressed questions on knowledge types, knowledge stimulation and sharing methods, and retention strategies to provide meaningful responses to the knowledge retention phenomenon. Data analysis included the Colaizzi and modified van Kaam methods of mining, categorizing, organizing, and describing participants’ statements. Subsequently, the themes that emerged during the analysis identified reward, communication, and motivation as strategies for knowledge-More than 35% of the U.S. workforce is composed of Baby Boomers who are eligible to retire within the next 5 years. Despite the potential loss of critical expertise, a gap in knowledge retention exists in small consulting businesses. The purpose of this case study was to explore effective strategies for retaining the tacit and explicit knowledge of retiring employees, to avoid operational knowledge drain. Exploration ensued through semistructured interviews at 2 small consulting businesses in the Washington, DC metropolitan area that are adept at innovatively retaining requisite knowledge. The conceptual frameworks of Bass’ transformational leadership and Nonaka’s knowledge creation led to the identification of strategies to retain tacit and explicit knowledge of retiring Baby Boomers. Seven small business leaders addressed questions on knowledge types, knowledge stimulation and sharing methods, and retention strategies to provide meaningful responses to the knowledge retention phenomenon. Data analysis included the Colaizzi and modified van Kaam methods of mining, categorizing, organizing, and describing participants’ statements. Subsequently, the themes that emerged during the analysis identified reward, communication, and motivation as strategies for knowledgeshare and transfer. Succession planning, mentoring, documentation, training, and knowledge sharing also emerged as effective methods for knowledge retention. The findings will contribute to social change by illuminating the roles effective leaders practice to influence and foster knowledge management, offering insight to other small businesses having difficulties remaining sustainable as the operational knowledge of Baby Boomers becomes unavailable as they retire. Baby Boomers Retiring: Strategies for Small Businesses Retaining Explicit and Tacit Knowledge by Anethra Adeline Facione MBA, University of Phoenix, 2008 MPA, Southern University A&M College, 2003 BA, Southern University A&M College, 2000 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University August 2016 Dedication I dedicate this study to my mother, Gloria Elizabeth Facione, who has often prayed for me and showed me how to pray for others, as well as guided me throughout my life’s journey. I can never repay you for all your glorious deeds as a loving mother, but I hope you understand what you mean to me. I also dedicate this study to my father, Alvariest Anthony Facione, for demonstrating forward thinking and always planning for the unexpected. To my dear brothers, Shannon LaMark Anthony Facione and Brock Alex Matthew Facione: You are the two best friends a sister could ever dream to have. Lastly, I dedicate this achievement to my biggest supporter, my husband Salmon Vinceroy Wendell Patrick, who slept on the table beside me many late nights and early mornings, to model what it means to be a true life-partner. I thank each of you, because, without one of you, none of this would be possible. God bless you and know that I love you all deeply. In loving memory of my grandparents Alex and Adeline Joseph, and Matthew and Rhea Facione, for giving me the most precious gifts I could ever receive, which are my dearest parents. In memory of Ms. Wilhelmina Bell-Taylor, who inspires me through her generational legacy to aspire for greater achievements. Acknowledgments First, thank you, my Heavenly Father for allowing me to complete this journey. To my Doctoral Chair, Dr. Frederick Nwosu: Our paths crossed with a purpose and that purpose was for you to guide me to completing my greatest milestone to date. I cannot thank you enough for the encouragement, guidance, patience, and dedication to making my vision your very own. You are indeed a transformational leader. Dr. House: Thank you so very much for serving as my Second Committee Chair. I appreciate the enthusiasm and drive you compelled to cultivate my study into a success. Thank you also to my University Research Reviewer, Dr. Jill Murray, for believing in my work and making an invaluable commitment in advancing my study into a meaningful instrument. I would also like to thank Dr. Larry Chandler, my initial Chair, who indeed has inspired me to continue this challenge as he took on and won a bigger battle than my own. I would also like to acknowledge and thank Dr. Freda Turner for always expressing concern and gratitude toward those she lead. Thank you for the interest you took in me personally, as well as my purpose of this work. Special acknowledgments to: Ms. Libby Munson for helping me get through IRB, the U.S. General Services Administration for your support in my pursuit of academic excellence, and to Queen Anne’s Public Library for your kindness and assistance with delivering the resources needed for my study. Lastly, thank you to Mr. Ken and Mrs. Shobhana Kannan for your love, support, and acceptance as family. Also, thank you to my true family and friends for your patience, prayers, love, and understanding of my absence during this journey.