How Much Should A 45 Year Old Have In Retirement Talent War Fought Best With Succession Plans – Part 1

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Talent War Fought Best With Succession Plans – Part 1

In the bunkers of the meeting room and in the trenches full of cubicles, the first battles of the next war are fought. For the moment, the action is guerrilla warfare – short raids in which the companies under attack, or in danger of disappearing in the current economic misfortune are often ignored that they have been hit. Ultimately, the war will be global and for companies, the bet will be not only success but survival.

According to a year-long study conducted by McKinsey, involving 77 companies and nearly 6,000 managers and executives, the most important corporate resource in the next 20 years will be talent – smart, sophisticated business people who are technologically literate, astute in the world and operationally. agile And even as the demand for talent increases, the supply will decrease, even in the current economic times. The study also concluded the following:

  • corporate officers stated that the company’s growth was limited now because they did not have the right talent;
  • in the next few years, most companies will lose 30-40% of their managerial staff to retirement;
  • failure rates and turnovers among CEOs and executives have reached all-time highs;
  • 2/3 of employees have a low level of trust for the top managers of their companies;
  • only 1% of companies rate their succession management plans as excellent.

Much of this problem has to do with demographics. For example, 34% of the US federal civilian workforce is over 50. Between 1996 and 2006, the number of Americans between the ages of 55 and 64 increased by 54%. Most organizations will lose up to 50% of their executives to retirement in the next 5 to 7 years.. The huge bulge of retiring Baby Boom executives combined with a much smaller population of 35 at 45 means the management offer. talent is declining at least 15% annually.

And there are other factors: the number of women entering the workplace has plummeted, immigration levels are static, and white-collar productivity is declining. In addition, many younger or newer managers and executives are not eager to take on more responsibility and due to reductions and mergers, many young professionals have not had mentors because the layers of management have been diluted.

At the same time, loyalty to his company took on a different meaning for the younger generations. They are loyal to a company only if it provides the kind of corporate culture and meaningful work that aligns with their values.

Many companies do not realize that they are in a talent war. They may experience lower attrition rates at the senior management level, but the real attrition is occurring with 25- to 35-year-old employees who are prime candidates for future leadership. For other companies, the talent war is only seen as a recruiting issue, with some going to the extreme of providing signing bonuses.

In the new economy, competition is global, capital moves to where opportunities exist, ideas are developed quickly and cheaply, and people are willing to change jobs frequently. In this type of environment, all that matters is talent.

In “Built to Last: Success Habits of Visionary Companies,“Authors Jim Collins and Jerry Porrs identified 18 organizations that have led their industries for at least 50 years. They found one of the key reasons that such visionary organizations enjoy long-term success is due to a strong focus on planning of succession These companies develop, promote and carefully select managerial talent from within the company to a much greater degree than comparison companies, ensuring that leadership excellence and continuity takes place.

The war for talent is raging in the corporate world, and the losers of this war either fail to recognize that they are victims of it, or they do not have a strategic succession management plan that is being aggressively executed. The bottom line is that strong leadership today does not guarantee strong leadership in the future. Leading organizations don’t just survive, they thrive.

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