It's no secret that corporations will face a talent shortage when scores of Baby Boomers retire in the coming years. However, steep inflation and poor investment performance may work in your favor in enticing aging employees to postpone retirement or stay on part-time to keep Cobol and other legacy systems running.

The Life Options Institute, an organization focused on helping people plan for life after 50, says employers will need to retain older workers to combat "brain drain." “Few companies have solved the knowledge-transfer problem,” said Joan Strewler-Carter, co-founder of the Life Options Institute. “Retaining older workers, even part-time, gives them the opportunity to teach younger workers what they know. Mentoring and action-learning teams are techniques that have helped some organizations succeed in transferring knowledge.”

Retirement is changing and many Baby Boomers won’t want to drop completely out of working life. IT leaders should try to accommodate mature workers who want to work on their own terms. One option is phased retirement, in which a worker gradually reduces his workweek and responsibilities, culminating in a final break from the company. This could go on for years. Another practice is the “boomerang” year in which workers take off a year or two before mixing part-time work with other leisure activities.

Some of the companies that encourage retired workers to continue their relationship with the firm include Procter & Gamble, Sharp HealthCare, Home Depot, General Electric, IBM and Traveler’s Group. Such programs tap the knowledge and expertise of retiring Boomers.

Amy Schurr is the former managing features editor of Network World.