Workforces in most developed countries are aging because of the simultaneously operating trends of increased life expectancies and decreased birth rates (United Nations 2013). Due to the large numbers of very experienced older and retiring workers from the so-called baby boomer generation, organizations are facing an unprecedented and unintentional loss of valuable organizational knowledge (Beazley et al. 2002; Daghfous et al. 2013). When valuable employees retire, valuable knowledge retires with them if there are no effective knowledge management or human resource (HR) management processes in place to prevent it.