Do you have a Succession Plan?
According to a survey from Business and Legal Reports (BLR), only 25% of large organizations surveyed are making an effort to transfer knowledge from baby boomer retirees leaving the workforce to other, younger employees. Developing a formal succession plan has a two-fold benefit for employees facing a new wave of retiring employees. Not only does this prevent the often feared “brain drain” of company knowledge, but it speaks to the greater importance of employee training and development. Employees who believe their organizations take a vested interest in their growth and development will stay with an organization longer.