Baby Boomers are retiring at a rate of 10,000 a day. Is your company ready to move skilled talent into those critical roles?
With the rapid rate of change that the business world is experiencing, it isn’t enough to simply replace baby boomers. What does a successful succession plan look like? This question will be answered differently by every company, but here are two important points to focus on:
Planning is Key. Gain a comprehensive understanding of what knowledge and skills your baby boomers who are leaving in the next two years can pass on. Equally important is finding the right people to pass it on to. The knowledge and skills that upcoming retirees possess is too valuable to not be shared with more than one individual. You should allow 2 years for a transition period.
Allow Budget & Bandwidth for Mentoring: While your organization may be focused acutely on the financials, don’t forget the payoff of a successful skills transfer. Making your baby boomer feel that he or she has the support and bandwidth to mentor the key individuals you’ve identified (above) will create an environment of teaching that can’t exist in a purely results-driven scenario.