Succession planning is a phrase that is often used in the business press these days. Most commonly, it refers to the need to prepare for the orderly transition of duties in the executive suites of major companies. However, the phrase can also apply to the need to prepare for major demographic shifts in the workplace.
Boomers Nearing Retirement
One such major demographic trend facing U.S. companies is the impending loss of millions of Baby Boomers from the workforce as they transition into retirement over the next 10 to 15 years. From skilled factory jobs to banking and insurance, this exodus will affect almost every industry.
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