The Importance of Succession Planning

More than 17.9 million people are in full-time employment in Canada. Approximately 48% are Baby boomers who will retire in the next eight years, creating a talent shortage that is unparalleled in our history and in other developed nations around the world. At the current rate, by 2050 the global population of those 60 years and older will exceed the number of young (less than 15-years-old) people for the first time in history.

As the Boomer generation exits the workforce, organizations will experience an unprecedented loss of employee skills, talents and knowledge, causing a profound effect on productivity, profitability and the capacity to innovate.

A few organizations have heeded the call to act with systematic succession planning. Unfortunately many organizations are now scrambling to find solutions that can be implemented quickly, taxing already scarce resources that will provide them with intelligent and user-friendly data upon which to make informed decisions.

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