Should organizations develop talent or hire it? (Guest commentary)

Succession planning becoming a fundamental requirement
By Gail Voisin
|Canadian HR Reporter|Last Updated: 11/15/2007

Retaining top talent is one of the greatest challenges facing organizations. Senior-level executive talent is hard to find and even harder to integrate successfully into the cultural fabric of an organization.

As baby boomers approach retirement age, many organizations are facing up to 50-per-cent retirement in their management ranks. Due to the emphasis on retirement savings and enjoying life to its fullest, most are expected to retire well before age 65 while they can physically, emotionally and financially enjoy the remaining years of their lives.

This means succession planning is no longer a “value add,” it’s a fundamental requirement. To be competitive, organizations need senior managers who can plan ahead and identify successors. Boards of directors and shareholders are pressuring senior management to develop key individuals for future senior positions. It’s all about having the right person in the right place at the right time to keep the momentum and maximize profits.