(Post by Rick Dacri, December 11, 2015)
I met with a group of municipal and public utility managers yesterday. One of the issues that they brought up was their aging workforce. It’s a topic I hear at most meetings I attend, across all industry segments. The challenge we all face is how to address it. Executives and Boards are slowly realizing they cannot recruit their way out of this long-term issue. Both the loss of staff and their years of knowledge and experience can significantly hamper the viability of many organizations. So what should you be doing now?
While employers are slowly beginning to understand they must put in place succession planning programs while subsequently beefing up their recruitment and retention of younger workers, they must also not forget those 50 and older employees. These individuals often have the most experience and skills and possess the work habits most valued by employers. To be able to keep these workers longer, they will need to accommodate their needs. That means training, upgrading their skills and offering them alternative work schedules, particularly in their later years. Changes in benefit programs will also be needed. These could include prescription drug coverage, long-term care insurance, enhanced retirement plans and retiree health benefits.
Retaining these key employees and all their institutional knowledge and expertise can be your organization’s competitive edge.
Let me know what your organization is doing by placing comments in the Reply Section.
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This webinar, titled Succession Planning: Refilling the Pipeline was designed by Rick Dacri and delivered on December 10, 2013. Click Succession Planning to hear the webinar recording.
This webinar provided the business case for having a succession plan and outlined the critical elements of such a plan. Our workforce is graying. Organizations must be prepared if and when key employees suddenly exit the workforce due to retirement, death or resignation. Business owners/CEOs must lead their organization in designing, implementing and managing an organization wide succession and knowledge retention plan. This should be an essential piece in the organization’s business plan and is fundamental to the long-term viability of all successful organizations. Good succession plans focus on developing their employees and ensuring that the organization always has the people in place to operate the business. This webinar was designed for CEOs, Executives, Business Owners, and HR Professionals.
Some of the topics covered:
- Understanding why all companies, regardless of size, should have a plan in place
- Knowing how to develop a successful succession plan & emergency preparedness plan
- Ensuring that qualified employees are ready when key vacancies occur in their organization
- Preventing the loss of valuable knowledge from walking out the door
- Developing key staff so that they have the skills to do the job today and tomorrow
- Recruiting staff that can contribute today and who also have future potential
To hear the webinar, click Succession Planning.
To learn more, contact Rick Dacri at Dacri & Associates, LLC