With more than a quarter-million Americans turning 65 each month, there has never been a more important time for organizations to implement succession planning.
The next several years will be a crucial time for organizations to begin hiring employees to fill the large gap left by retiring Baby Boomers. As the economy begins to gain steam, Boomers’ retirement savings may finally see positive returns large enough to begin planning an exit strategy from the workforce. The biggest challenge here is that there are not enough Generation X employees to fill the gap.
Organizations will need to hire from the Millennial generation, which will mean having to bring them up to speed very quickly. The questions organizations have to ask are whether they are willing to take the risk of waiting to see what the Boomers do, or be proactive and begin forming a succession planning strategy and not be caught short-handed.