Corporations Predict Losing Up to a Third of Workforces to Baby Boomer Retirement: Succession Planning Strategies That Ensure Leadership.CHAPEL HILL, N.C. -- With baby-boomers on the brink of retirement, some industries predict losing up to a third of their total workforce in the next five years. Forward-looking organizations guarantee future innovations and continual success by identifying employees to be tomorrow's leaders. Winning strategies for succession planning Management Succession Planning In organizational development, succession planning is the process of identifying and preparing suitable employees through mentoring, training and job rotation, to replace key players — such as the chief executive officer (CEO) — , identified by the research and consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a Best Practices, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , are highlighted in a free white paper available at: http://www3.best-in-class.com/cr101.htm Succession planning insights--collected from interviews, surveys and research with more than 30 leading organizations--include: --Create a "living" program to store and easily retrieve capability profiles, high potentials and candidate backgrounds--the companies with the most success at migrating succession planning into an electronic format have also been the most successful at integrating the process into the fabric of the organization. --Determine succession planning candidates by individual as well as position to retain top talent--some organizations focus more on top talent, making the process less about position level; therefore, it is important to consider both in choosing contenders. --Select positions for succession plans based on contribution to the organization, not level in the company--most companies do not create a succession plan for every person in the organization; therefore, it is important to set criteria for selecting the positions with plans. Best Practices, LLC has extensive experience in researching quantitative and qualitative insights that set human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. organizations apart. Other human resources research topics include: --Employee performance management and development --Staffing, roles and budget management --Recruiting top employees --Executive communication practices --Human resources incentive systems "Over my many years in business, I have had the opportunity to work with more than a few consultants. The Best Practices team has been fantastic! We have been impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with their professionalism professionalism the upholding by individuals of the principles, laws, ethics and conventions of their profession. , responsiveness and willingness to help us succeed," former vice president of human resources at Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. . To download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. a free succession planning white paper and learn more about our research, visit our website at: http://www3.best-in-class.com/cr101.htm For more information, contact Chris James
ABOUT BEST PRACTICES, LLC Best Practices, LLC is a research and consulting firm that works on the principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class organizations. Visit our corporate web site at http://www.best-in-class.com |
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