Maximize the impact of succession planning by coupling it with either leadership or retirement life design coaching.
Leaders looking to advance their careers may elect leadership coaching. In contrast, those who are semi-retired or considering retirement, even if years away, may prefer coaching focused on designing their retirement life.
At the heart of succession planning is the organization’s business strategy, values and culture. Additional keys to success include: a repeatable succession planning process, defining and prioritizing development of future mission critical capabilities, making it easy for leaders to identify and place employees in stretch assignments across the organization, and proactive employee coaching.
What is the value of combining succession planning with leadership coaching?
Leadership coaching for leaders tasked with succession planning, helps prepare them for their own career advancement. It also gives them valuable experiences to draw on when coaching others.
What is the value of providing employees retirement life design coaching?
First, let’s understand a few interesting facts about retirement:
- Each day about 11,200 Americans reach the typical retirement age of 65
- Nearly 60% of people in or nearing retirement are open to flexible work
- 57% of workers in all generations want to work in retirement: FT (21%), PT (36%)
- 19% of adults ages 65 and older are employed; up from 11% in 1987
Source: Pew Research, Glassdoor, Transamerica Center for Retirement Studies, AARP
As an organization, why not benefit from cultivating a pool of seasoned, semi-retired flexible workers? The real value is solidifying a strong talent pipeline, pairing seasoned with emerging talent to preserve institutional knowledge and capabilities, and inspiring employees who are considering retirement or semi-retired to fully explore new opportunities in their next chapters. It’s a win / win.
