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There’s an Uptick in Retirements: Is Your Organization Ready?

March 3, 2022 By Sherry Dutra Leave a Comment

The conventional wisdom has held that 10,000 baby boomers (those born between 1946 and 1964) are expected to retire, on average, each day in the United States through 2030. This loss of expertise and knowledge was already having an adverse impact on many organizations. Now, the impact of COVID-19 has accelerated that trend. According to a Pew Research Center report, the pace of retirements amongst baby boomers in 2020 (3.2%) more than doubled the 2019 rate (1.5%).

On the one hand, this is excellent news for those getting ready to enter the next chapter of their lives and an opportunity for younger workers to step into new roles. On the other, how prepared is your organization for a more rapid brain drain?

Based on pre-pandemic research conducted by the authors of Critical Knowledge Transfer, one company reported that in the next anticipated wave of nearly 700 retirements, they would experience a loss of 27,000 years of experience.  If that’s not enough to have you sit up and take notice, I’m not sure what will, especially as the trend ticks upward. That said, not every vacated position is created equal. Some will certainly be easier to fill than others. Perhaps the appropriate level of expertise and skill is readily available on the job market or you have done the work to ensure that someone within your organization is ready to take on the role. Unfortunately, this is the exception rather than the rule.

Taking a Proactive Stance – 5 Key Tips

  1. Knowing the average age of your employee population is not enough. That still keeps the potential problem at hand difficult to define. Take a closer look at the specific roles held by long-term employees and seasoned managers who are within a few years of retirement age. Which positions require critical skills and experience that are not easy to find on the open market?  Long term employees across and at all levels of the organization often hold critical, hands-on experience of how to get things done through their comprehensive knowledge of processes, company historical information, clients and customers.  Without a proactive approach, your organization runs the risk of realizing, too late, that you have a critical skill shortage that is adversely impacting your business performance.
  2. Consider implementing a mentoring program that effectively engages both older and younger workers in accelerating development and bridging the knowledge gap. Providing training for both mentors and mentees can help to ensure that a mutually beneficial mentoring relationship is created and both parties find the experience a valuable one.
  3. Utilize knowledge capture methods to gather critical expertise and make it available across a wide range of people. There are many ways to store and manage institutional knowledge including online forums, podcasts, webinars, and videos, to name a few.
  4. Pay attention to employee engagement. Younger members of the workforce have an average job stay of roughly four years.  Ensure the right managers are in place who truly care about their employees’ success. Robin Reilly, a Senior Consultant at Gallup has written that such managers “seek to understand each person’s strengths and provide employees with every opportunity to use their strengths in their role. Great managers empower their employees, recognize and value their contributions, and actively seek their ideas and opinions.” Increasing employee engagement will assist in keeping younger workers from jumping ship.
  5. Provide professional and leadership skill development to your employees to develop your associates and prepare those great managers. The on-going opportunity to build on strengths and expand one’s comfort zone through training and development programs advances the growth of your internal talent pool and demonstrates your commitment to their success.

It is a critical time to proactively address the seismic shift that is accelerating in terms of talent shortages in the workplace. These are just a few of the tips that can help you to mitigate your risk. Don’t wait another day to identify where your organization is most vulnerable and take the steps now to ensure a smoother transition.

About the Author: Sherry Dutra is a Talent Development, Career and Retirement Coach and Facilitator who works with corporate leaders in small to mid-size businesses, across the span of their careers. She helps them to accelerate business outcomes and team performance, navigate their own career path, and transition to retirement with ease using proven methodologies and strategies that get results. If you would like to uncover and address hidden challenges that may be sabotaging your success, leverage your strengths, and accelerate your progress toward the results you desire, contact Sherry for a complimentary consultation.

Filed Under: employee engagement, engagement, Leadership, management, results, succession planning, talent shortage Tagged With: career development, leadership, retirement, success

3 Keys to Maximizing Business Value

May 4, 2021 By Sherry Dutra Leave a Comment

How ready is your company to be sold?  If yours is like most, there is probably much to be done. A primary reason for the lack of readiness is that the business is often too dependent on the owner. Consequently, millions of business owners will never maximize the value they have worked so hard to create over years and years of effort.

To prepare your business to be sold for top value, consider these three keys:

  1. Develop the right mindset. Your success largely depends on what goes on between your ears. Many business owners stumble into a trap of keeping their businesses dependent on them. Have you ever said or thought, “I can’t trust anyone to do the job the way that I would”; “It’s got to be perfect”; “This is my baby and I can’t give up control”? Business owners who realize the most value for their businesses have a different way of looking at things. They empower others to take on more responsibility and trust their decision-making. They give up full control. They refrain from micromanaging. They recruit people who are smarter than they are and provide the time and resources to prepare and develop them for senior roles.
  2. Create the infrastructure to recruit, retain and develop leaders who can seamlessly keep the company growing on their own. A company that establishes a strong infrastructure sets the stage for success by making it possible to develop a talent pool of leaders who are capable of successfully running the company without you. Key elements of this infrastructure include:
    • clear roles and responsibilities,
    • performance metrics for accountability,
    • a clear organizational chart,
    • a recruiting process that brings in top talent,
    • a talent development process,
    • a culture that engages and retains talent,
    • clear career paths for key roles,
    • systems and processes that allow for efficient company operation,
    • a performance management system that is fair and stretches people to grow and
    • the encouragement of behaviors that create cohesive, team performance.
  3. Implement an ongoing succession planning process that continues to develop and grow new leaders. Once you have the previous pieces in place, the final puzzle piece is an ongoing succession planning process. In some businesses, succession planning is only visited when a need arises, such as the retirement of an executive. Instead, succession planning must be a regular process to identify high potential performers, develop them, and continue to challenge them with the learning, assignments and opportunities that will prepare them to move up.

Companies that have done the hard work to have these three keys in place are in a position to keep growing. Consequently, the business owner is now freed from the weeds of day-to-day operations and can focus on strategy and setting standards of excellence. Also, when leaders within the business are empowered, it offers the owner a better integration between their work and personal life. Finally, the company is made more valuable with these elements in place. This sets the stage for the owner to gain a substantial return on their investment of time and effort over the years and to leave behind a thriving company for their team.

Adapted with permission by Center for Executive Coaching

About the Author: Sherry Dutra is a Talent Development, Career and Retirement Coach and Facilitator who works with corporate leaders in small to mid-size businesses, across the span of their careers. She helps them to accelerate business outcomes and team performance, navigate their own career path, and transition to retirement with ease using proven methodologies and strategies that get results. If you would like to uncover and address hidden challenges that may be sabotaging your success, leverage your strengths, and accelerate your progress toward the results you desire, contact Sherry for a complimentary consultation.

Filed Under: business building, entrepreneurship, Leadership, small business, succession planning Tagged With: entrepreneurship, leadership, management, performance, small business, success, succession planning

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  • There’s an Uptick in Retirements: Is Your Organization Ready?
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  • Losing Employees? – Try This Simple Leadership Approach to Engage and Retain Your Team

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