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Three ways companies can deal with 2017’s mass retirement

By Elsbeth McSorley 

How to prepare for the loss of your most seasoned employees

This year and next will prove to be challenging ones for employers — above and beyond the everyday tests they already face. Not only are 3.2 million company CEOs across a plethora of industries slated for retirement in 2016, but 600,000 federal employees — about 31 percent of that workforce — are eligible for retirement in 2017. This leaves a void of seasoned and experienced talent that might have businesses wondering where to turn to next and how they should prepare now for the inevitable. 

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Be proactive rather than reactive

With the constant responsibilities that businesses have that involve successfully navigating their daily duties, it can be easy to just simply not deal with the practicalities the above figures highlight. Even if the senior staff in your organization don’t tender their resignation en masse, it’s likely that at least a few people are considering it near future. You’ll probably start seeing at least a trickle of people bowing out of the corporate world. To buffer your company from its effects as much as possible, you’ll want to start preparing now. 

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Target current talent

Annual reviews are apparently going the way of the dinosaur. Ongoing reviews are what Millennials crave as they seek to forge new ground and obtain feedback on their efforts. The next generation of leaders are eager to embrace the technological advances that are in constant development and use those transformative results to propel businesses to the next level of success. Tapping into those sectors within your existing talent provides you with an ideal place to start looking for your new leaders. 

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Cultivate the right talent

Chances are you won’t be able to find all the leaders for your business within your current pool of employees. Scouring the industry the right way doesn’t have to mean blindly hoping for the best as you search out suitable options. Instead, use assessments, such as The Predictive Index Behavioral Assessment, to help ensure that potential employees’ behaviors and values align with your current company culture and future goals. Doing so will allow your business to reach its full potential while reducing onboarding time and effort.

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Elsbeth is the content and community manager at PI.

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