Succession planning grooms firms for success - Application: Study identifies best practices among large firms
While the demand for effective managers continues to grow, the retirement of baby boomers is producing a sharp decline in the ranks of available personnel. In addition, the executives of the future are expected to be more sophisticated in order to develop and lead new global and technological initiatives. For these reasons, careful planning for the eventual replacement of managers at all levels in organizations has gained strategic importance.
This is true for small firms as well as large ones. It's not just succession to the top - It's getting the right person in place for every job. Some of tomorrow's key jobs may not even exist now. If a firm plans to double in size in five years, they will need more talented managers.
The larger issue is leadership development, tracking, and developmental opportunities. The real key in succession management is to create a match between the organization's future needs and the aspirations of individuals. The only way to keep talented people is to provide them with growth opportunities that keep them stretching and finding more promising opportunities they might find elsewhere. The average college graduate will change jobs five times in his or her career. Within the next decade, this norm will probably increase to seven job changes. Recruiting and retaining leaders becomes an economic and strategic challenge.
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