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.

While the 2008/2009 financial crisis and recession may delay retirement for some, eventually these workers will leave the workforce. The Baby Boomer generation includes those born between 1946 and 1964 and is the largest demographic group in the U.S. population. The oldest members of this generation are now 63; the youngest are 45. There is no question that the workforce 10 years from now will be much different than the one today.

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