Succession Planning
- 30% of the workforce will retire over the next 5-10 years: This cohort controls the body of knowledge we need to capture in order to avoid having to re-establish core knowledge at great expense
- 40% of successors at the executive level fail in the first 18 months of their new role due to lack of proper on-boarding preparation and support
- 41% of companies estimate that a bad hire costs more than $25,000, and one in four say it costs more than $50,000
Many organizations are aware that the Canadian labour force is approaching an inverse relationship between the number of working and retired Canadians. Even with a large generation entering the labour market, organizations will continue to confront risk due to attrition – whether it is through retirement or poaching from other organizations. In either instance, the loss of organizational knowledge and related processes will continuously challenge productivity and effectiveness.
Sartor and Associates develops customized Succession Planning programs that align with our clients’ unique corporate organizational strategies. We are experienced in recognizing and understanding leadership potential; our assessment techniques and proven insights ensure that your key employees understand their strengths as well as areas for development, while supporting their career aspirations.
By investing in your team, employee engagement and retention are assured, and your company can begin to align top performers with the strategic direction of your business.
Succession Planning Objectives
- Engage and retain key talent by defining career growth path opportunities
- Prepare the organization for demographic changes and future company evolution
- Transition highly specialized core competencies to key roles
- Preserve institutional knowledge
- Develop customized employee development plans based on skill gaps and talent development needs