Are your leaders about to retire? Are you prepared to deal with it? For a smooth transition, you need to know where your company’s next generation of leaders will come from before you need them.
Finding and developing leadership talent within your organization now, before the Baby Boomers retire, means you won’t be competing with everyone else looking for new recruits later.
It also means that when the time comes, you’ll have better leaders who are ready to step in and move your organization forward.
Studies show that internal promotees perform better, are less likely to leave and cost less in salaries than outside recruits. It’s a huge advantage for you to identify future leaders at all levels or your organization and develop their talents now.
To find and develop the future leaders of your company, you need to identify a few key factors for success:
- Skills needed to help your company reach its long term goals
- Employees at all levels who have the identified skills or potential to gain them
- Ways to mentor those employees and give them work that will develop them into leaders
An example of succession plans for everyone
UC San Diego goes as far as to put its succession planning initiatives in writing. The college’s Health Sciences department has made a strides in its succession planning initiatives by breaking down its strategies into three tiers:
- Recruitment and Entry-Level Retention
- Mid-Level Employees Pursuing Greater Operational Expertise
- Leadership Development Programs
UC San Diego is working through established programs to train leaders at all levels. The department’s Student Apprenticeship Program and Millennial Workgroup are two areas where the focus is on recruitment and entry-level retention. The school also offers an A-Z Training Series for it’s mid-level supervisions and various leadership development workshops, forums and training opportunities for other UC San Diego staff.
Don’t lose your future leaders.
It’s important that you communicate your succession plan to your employees. Let them know that their talents and loyalty will be rewarded with opportunities and growth to keep them motivated and engaged.
It’s never too early to start your job search for tomorrow’s leaders. In fact, if you haven’t started, you’re already behind. Your company is filled with potential leaders, and not just the middle managers. Learn to identify potential and foster it. Keeping the talent you have is the best way to ensure your successful future.
For more information about America’s aging workforce, download our free e-report which outlines the top aging industries and what companies should be doing to prepare for the next generation of leaders.