How to Create a Culture of Succession Readiness

Let’s start with a quote “Failing to plan is planning to fail”. Every day for the next 18 years, 8,000 Americans will turn 65. That demographic includes today’s 47-year-olds. The AARP estimates only about 37 percent of companies have considered how this brain drain will affect them in the next five to 10 years. The situation is not very different in India where retirement/superannuation age for central Government and Public Sector Undertakings employee is 60 years. A big chunk of employees are going to depart from the organizations in next few years. The skills leaving the workplace will create a knowledge gap that is hard to fill. Therefore, leaders must…

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Succession Planning – Retain and develop future leaders

As a leader, your natural focus is the growth and performance of your company. It is no secret that the quality leadership you and your colleagues provide everyday is the engine that drives continued growth. But a powerful engine is worthless without the parts to keep it running. Developing current talent for key management positions ensures the supply of leaders your company needs to continue to work and grow. Effective succession planning delivers top performers ready for the challenges of the future. Leading companies have identified top challenges to successful succession planning. Current leaders generally have little available time for succession planning and development. Without a rigorous process, leaders will…

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