As more baby boomers near retirement, companies risk losing a wealth of knowledge, experience and leadership skills. This shift is pushing succession planning up the priority list for many organizations.
But planning for the future isn't easy. Our research shows that 42% of managers struggle to find suitable candidates to fill key roles. Other top hurdles include insufficient skill-building programs (39%) and the looming exit of veteran staff (38%).
Companies are getting proactive in tackling these issues. They're beefing up employee skills, hiring and grooming promising performers, and bringing in contract professionals to bridge immediate gaps.