Committed We Stand

A silent killer in this scenario is that companies are failing to
prepare proper succession plans. The gap between the Boomers
and the GenXers and GenYs is widening every day. Available
candidates to fill top spots within the company are becoming
fewer and fewer. Each time a young professional who was on the
succession plan is rolled out, it takes years to replace them in the
succession plan. Those of us at the older end of that scale may
not have years to complete the plan. A recent report in AARP
Magazine states that 1/3 of companies surveyed told Career
Builder that they now have no formal succession plan. Roughly
one-fourth said they had been adversely affected financially by
poor succession planning or lack of it.