With the baby boomers reaching retirement age, a large number of companies are expected change hands in the coming years. When the Canadian Federation of Independent Business (CFIB) polled its members recently about when they planned to exit their businesses, almost two-thirds said they would do so in the next decade.
The absence of a succession plan can undermine an organization’s effectiveness and its sustainability. Without a succession planning process, an organization may not have a means of ensuring that the programs and services that are crucial to its operation are sustained beyond the tenure of the individual currently responsible for them.
The only way to reduce the effect of lost leadership is through a strong succession planning program that identifies and fosters the next generation of leaders through mentoring, training and stretch assignments, so they are ready to take the helm when the time comes.
Four generations in the same workplace? It’s a reality for some companies. With the Millennials, Gen X, Baby Boomers and Veterans under one office roof, companies need to manage a range of work and lifestyles.
Knowing that employee tenure is about 3 years, why wouldn’t employers be scrambling to hire older workers? If you know that you can hire someone who is only looking to work for another 5 – 10 years, shouldn’t they be at the top of the candidate pile?