Does Your Company Have a Succession Plan?
Did you know?
- The youngest Baby Boomers are over 50
- 40% of chief executives are over 55
- 20-30% of managers and supervisors in most industries are over 55
- Half of the workforce retires by age 63, almost 2/3 by age 65
Even if so many Baby Boomers weren’t retiring, succession planning still would be an important issue for management. But, with the massive retirements of Baby Boomers underway, succession planning is even more important than ever.
Companies are experiencing an enormous loss of talent at the executive, management and supervisory levels. Is your company ready for the succession planning that must take place to be successful in the coming years?
A company’s success and survival depends, in large part, on its ability to replace key positions without undue delay. High-potential employees must be identified and prepared for those positions. And this is not just a C-suite issue. Company leaders need to decide which positions in the organization need to be included in the succession plan. Any company that doesn’t have a succession plan will face a crisis every time it inevitably loses a key employee.
Management at all levels needs to work together to make sure that the following is in place:
- Succession plan that identifies key positions and high-potential employees
- Comparison of high-potential employees’ current performance and future potential
- Individual development plans to help prepare high-potential employees for future key positions
Additionally, succession planning needs to take into account both organizational needs and those of individual employees. There is no benefit to preparing high-potential employees for positions they won’t want.
Join me and learn more
I lead a one-day UC Davis Graduate School of Management Executive Education program, Building your Strategic Bench: Visionary Succession Planning. It is designed to give you the opportunity to think about your role in succession planning. This program is tailored for your company’s management team whether you already have a succession plan or not.
The objectives for this workshop are to:
- Understand the importance of succession planning and your role in the process
- Identify key positions and high-potential employees
- Compare current employee performance with future potential
- Learn methods of developing high-potential employees for future key positions
To learn how to accomplish visionary succession planning, join us, at the Graduate School of Management for this engaging, skill enhancing learning lab workshop.