Preparing for the new wave of executive retirement

All good things come to an end, and even the most spirited and energetic business leaders will have to call time on their career at some stage.

This sentiment holds plenty of weight when you consider that many of today's business leaders come from the baby boomer cohort. Coupled with increasing confidence in the economy and renewed energy to source frontline leadership to grow the business, it may not be too long before they need to find someone to take over the reins, says one executive recruitment firm.

According to MR Chicago Worldwide CEO Gary Bozza, succession planning isn't just about finding a replacement leader – it's also about making the right choices to help build the business even more.

This involves looking forward long-term to ensure the organisation will have the people in place to reach its stated goals and objectives, says Mr Bozza. Having such a change management strategy will ensure the business can “not only survive the wave of boomer retirements, but will have the potential to successfully ride its crest”.

“This kind of action plan is not static. Success and failures must be monitored and assessed, and revisions made where needed,” Mr Bozza urged in a January 28 statement.

He also offered a number of key tips for any business approaching this important transition phase. It is crucial to provide effective training and development for key employees, he said, and provide an executive mentoring program.

Businesses should also focus on implementing a “talent acquisition strategy” that takes into account internal promotions and recruiting.

Any organisation that is preparing for its leader to step down should make the most of any support and guidance it can receive.

Enlisting in business planning consulting, for example, can help your organisation make the best choices possible in the recruitment and selection of next-generation leadership.