FORECAST: TAKING SUCCESSION PLANNING SERIOUSLY

I have made it an annual rite for several years to review and give my take on the forecasts most relevant to my readers fron the Herman Trend Alert for each upcoming year. So here goes the first of four I have selected for 2010.

n      The  forecast that I hope the most becomes reality, the sooner the better because it is vital, is Increasing Attention to Succession Planning and its sidekick “succession preparation.” The longer firms put off serious preparation for the next generation to step into the big Boomer shoes the greater the danger. As  huge numbers of Boomers near the exit in their current workplace (not necessarily out of the workforce as such), the more behind the eight-ball and the less competitive firms will be as the economy picks up and competitors’ innovation accelerates. The current breather many organizations have allowed themselves during the recession will leave them gasping for air. Succession planning and preparation is needed at all times. Anyone whose expertise and contacts will be missed can cause a serious business disruption and loss of clients if quality transitions are not in the works. Remember, talented personnel can leave for numerous reasons besides retirement.

 

Phyllis Weiss Haserot          www.pdcounsel.com