The 7 deadly sins of succession planning

Tackling the wave of boomer retirements
||Last Updated: 04/23/2007

As the boomer generation gets ready to retire, the words ‘succession planning’ are on the lips of CEOs and business owners across the country – or they should be.

“You only need to read the business pages to know that not having a plan for succession can be a serious liability, yet companies seem to get hit from behind time and again,” says John Szold, managing director of psychometric assessment and consulting firm Caliper Canada.

Succession planning not only ensures a continuity of leadership but it supports future growth through the retention and development of a company’s brightest talent. Effective succession planning can also be the key to increased motivation, performance improvement and a seamless transition from one management team to the next, said Szold.