Is It Time to Succession Plan at All Levels?
With a booming economy and tight labor market, it’s no wonder companies are in hiring mode. According to a new survey from global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc., 64 percent of companies say they are hiring right now. The issue will be whether companies can find talent with the appropriate skills for the jobs available, according to one workplace authority.
“The one downside of a booming economy is that the churn that comes with layoffs doesn’t occur, leaving employers with few options to fill available positions. If more workers fail to enter the job market, it could lead to companies halting expansion plans or shutting down completely,” said Andrew Challenger, Vice President of Challenger, Gray & Christmas, Inc.
This means companies need to plan for employees retiring or quitting at all levels of the organization.
“While succession planning was once reserved for the C-Suite, in a time of almost full employment, companies need workers in the pipeline or risk growth,” said Challenger.