28 Mar Plan to Succeed with a Succession Plan
Planning for both the predictable and the unexpected is a key element of running any successful business. Succession planning to replace key employees is a given, but succession planning is also necessary for growing future leaders, addressing anticipated talent shortages, and supporting projected growth.
Executives leave for many reasons; they retire, may become ill, get headhunted, their spouse may relocate. A vital factor also to consider is the dynamic, changing nature of the population.
In the US alone, projected demographic changes are having a dramatic effect on corporate structure. According to the latest statistics, by 2020, older workers age 50+ will account for just over 25% of the labor force in the US, which represents a 10% increase over the previous ten years. Given that the number of people aged 25 – 34 has been steadily decreasing and fewer people are entering the workforce, succession planning should not be reserved for the C level and executive board. For a company to develop a strong corporate culture, to identify and grow high potential talent from the ground up, and to maintain a strong pipeline of expertise, it must invest time and resources in training and development from entry level upwards, as well as sourcing new talent to bolster existing teams.
COI partners with clients to develop succession strategies, recruiting high potentials and finding management and C level executives for key positions. Whether it’s an MBA Job Fair, or engaging passive candidates for highly confidential, sensitive searches, COI has the experience and track record to partner with businesses of all sizes as they build their future teams.
Succession planning should be seen as a process that helps build leadership while reexamining corporate goals. By involving the entire company in forming and shaping the future style, behaviors and skillset you want to promote, the process is a business improvement initiative that helps a company grow and thrive while confidently embracing the future.
By Rowena McAllister