Succession Planning
About 76 million baby boomers are set to retire by the end of the decade. That trend, combined with normal attrition rates and a tight labor market, means that it soon will be difficult to find an adequate number of qualified job candidates. Now is the time to implement a strategy for replacing these valuable, experienced employees.
Succession planning establishes a process for recruiting employees, developing their skills, and preparing them for advancement, while retaining them to ensure a return on your training investment. Succession planning involves:
- Understanding your organization's long-term goals.
- Identifying your workforce's developmental needs.
- Making predictions based on workforce trends.
Our comprehensive approach enables you to create a process for:
- Identifying expected vacancies and determining critical positions.
- Defining current and future competencies for critical positions.
- Pinpointing gaps in current employee and candidate competencies.
- Facilitating leadership transition and development.
- Developing a succession management evaluation plan.
Benefits
Effective succession planning enables your company to:
- Maintain productivity while meeting customer demands.
- Ensure continuity of product and service quality.
- Avoid excess hiring and training costs.
- Improve your training ROI.