Plenty of studies have identified that numerous companies are skipping out on the process of estate planning and only learning the dangers of doing so after the fact when a business is forced to scramble very quickly.
The talent gap is real across businesses in the United States and plenty of companies are feeling the pressure from the top of their talent pool all the way down to the bottom.
Many businesses have legitimate fear that as employees leave for other opportunities or retire, the ability to grow a strong and talented pool of employees is uncertain. Succession planning is a crucial part of overcoming this skills gap and making sure that businesses are prepared to grow.
Succession planning can also have powerful benefits on retention, making it clear that there is room to be promoted in advance throughout the company and can be an excellent tool in attracting top employees and helping them to stay the course.
Even entry level employees today want to know where they have an opportunity to go and grow within the business and presenting these opportunities to key performers can be critical for businesses who wish to maintain a strong management pipeline. The baby boomer generation is also presenting unique challenges for business succession planning since they are aging and choosing to leave the workforce for retirement.
However, succession planning doesn’t need to account for their absence entirely since many are allowing these older baby boomers to provide mentoring to their younger counterparts. If you are ready to discuss business succession planning options, set aside time to speak to an attorney today.