A silver tsunami is sweeping the nation, and it may even be hitting your organization! The silver tsunami is a common metaphor used to describe population aging. And as the population ages, key managers and board members may be reaching retirement age. Keep reading or watch the video above to learn the ways you can prepare for the silver tsunami at your organization!
PEW Research Study
In 2009, the PEW research center performed a study and found that starting on January 1st of 2010, about 10,000 people per day will be reaching retirement age. That is a lot of people primarily in key manager roles, and the turnover is going to affect every organization out there!
So, do you have a lot of them nearing retirement age? If you don’t now, you may in the near future.
Here are some things you can do to prepare for turnover.
- Assess your organization in terms of your executive management team and your board of directors.
- Start creating succession plans now! It is important to always be prepared, so starting your succession planning now is critical.
- Prepare potential successors so that you can ensure you have bench strength for the future.
To help you see how ready your organization is for succession planning, I have included two links within this blog that will help you determine the readiness of your board for board succession and how ready your management team is for turnover. These are both quick and easy quizzes that will evaluate your organization’s readiness, and as a bonus you will receive useful tips and tricks in order to improve your organization’s score!
Our innovative software allows you to create succession plans for both your board of directors and your management teams! That’s why succession planning has the word success in it. If you do it, you are planning for your success!