Retirement Is Coming! (Is Your Sky About to Fall?)

I read a statistic the other day which said 33% of the U.S. workforce became eligible to retire last year! It is reasonable to think at least half would have grown to leadership roles in some capacity. This means many companies will have huge holes in their leadership teams in 2017 if they aren’t ready.
How is your company fairing? Answer yes or no to the following:

• Have you identified the employees who became eligible to retire?
• Has there been discussion with each eligible employee for their actual plans or timeline toward retirement?
• Has current leadership developed a succession plan for the most key future vacancies?
• Has a hiring plan been established for bringing on employees to feed the pipeline?
• If you have answered mostly “no” to the above, you need to schedule some meetings now to get these items covered.

If you answered mostly “yes” to the above, here is more food for thought.

Don’t look at this situation as doom and gloom or a huge expense to find good candidates, train them, etc. One of the worse things is running around like Chicken Little thinking the end is near! This is a time to embrace change as an opportunity. Project out long term before hiring so you bring in people who can meet and implement possible changes in the company vision.

• What new avenues is the company thinking of exploring or are their new products, demographics or territories in the company’s future plan?
• Where has current management been slow to change?
• What skill-set is missing from the current leadership team?
• Have you only been promoting from within and the company culture and workforce have become a little complacent?
• Is there a special skill or talent you would like to bring into the company?

Not sure what your needs are? If there isn’t consensus or someone with the perspective to accurate identify future needs, hire a consultant who specializes in company culture, employee assessments and forecasting. Someone from the outside will have the ability to see what those on the inside may not. It will be money well spent to make sure your company is ready for management changes which lie ahead.

The New Year is a great time to reflect and look toward the future. Here’s to a Happy and Prosperous 2017!

Moving Image Consulting works with companies to fill their vacancies with the right candidates. Not just good on paper, but the right mindset and leadership style for your particular culture and needs.