Succession planning is a key element of your overall workforce planning process. And with business more competitive than ever and large numbers of Baby Boomers retiring each year, the need for effective planning has never been greater.
Succession planning has traditionally been focused on replacing senior executives. But two major business and demographic realities point to the need for a different approach:
- In today’s fast-changing, project-based business environment, you need to develop and promote high-potential employees at all levels, not just at the executive level.
- With Baby Boomers retiring every day and not enough skilled workers to replace them, you’ll want to both retain older workers and accelerate development of younger ones.
To stay in control in this challenging environment, you need a comprehensive plan that reflects these and other emerging business trends.
Need help with succession planning or other workforce issues? Contact your local American Job Centerto connect with a Business Services Representative or other resources that can help.