Lately, we have had frequent conversations in the classroom around how to prepare for the mass exodus of Baby Boomers from the workplace over the next several years. Many people have stated that after an examination of the rolls, they have discovered that a significant number of people are eligible to retire. Granted, some of them have no intention of leaving anytime soon; but many of them will.
What is being done to make certain the organization's history and culture are being passed along to their successors? And just exactly who will these people be? That is a real challenge companies face. Some report that "high potentials" have been identified and are in the process of being groomed for greater responsibility. Others say that the day-to-day operations of running the business have made it difficult to single out possible replacements and prepare them for the future. Still others are confident that when the time comes, they will easily be able to attract the talent they need from the Millennial Generation because they will offer flexible work schedules and team-based work with plenty of incentives.
Consulting firms and CPA firms have historically been tough training grounds for ambitious employees. The ones with the most drive to succeed made it to partnership (read: I will give all my time and energy to the firm) . We are seeing a change even in these bastions of tradition. One participant deemed "high-potential" declared that he had no intention of giving his whole life to the company the way his own manager had done.
Consideration of succession planning is creeping up on many organizations. What is your company doing?