The uncertainties of the job market can make it difficult for employers to attract and retain strong talent. This dilemma is intensified with the inevitable exit of both Baby Boomers (1946 – 1964) and Generation X’ers (1965 – 1980) over the next 15 years, which will certainly be accompanied by the loss of many years of skills, institutional knowledge, and experience. Procrastination or failure to plan for orderly organization succession, will not only lead to depletion or absence of quality talent, but even monetary losses in some cases.

 

It is important for managers to consider the following questions, in situations where a succession planning strategy is not in place:

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• What would happen to your organization if you or a key member of your staff, was not able to return to work for a long period, or worse still, never?

• How are you working to assure a continuing pipeline of qualified people can move up and take over when the current generation of managers and key people retire or move on?

• How can you plan for the future of the company without a strategy centered on ensuring that key posts are filled with people able to carry on and excel?

• Will you be able to protect the value of the business if you cannot demonstrate a clearly defined viable future? A structured succession strategy can enable an organization or more specifically a department to produce both a sustainable and profitable business, a strong brand, foster longevity of operations, create a committed and confident team, and most importantly give way to a resilient workforce.