Imagine this… It's 9 am on a beautiful Monday morning and the owner of a flourishing company is sitting at his desk enjoying that morning cup of coffee when in walks the Controller. The Controller smiles and says, “I’d like to thank you for 25 great years, but I’ve decided to retire and pursue my passion of ice fishing in Antarctica. You got me for twelve more months!” While this comes as a complete surprise to the owner; this news is already a distant thought. One year is plenty of time to find a new Controller, right?
Well, this scenario may be a bit far-fetched since 40% of baby boomers say they will work until they die (baby boomers are reaching age 65 from 2011-2029)*. Employee turnover in the workplace, even in management positions, is inevitable and at times unpredictable. With this in mind, business owners should start succession planning today instead of formulating an emergency plan tomorrow. Not only should owners create plans around management in financial roles, consideration should be given to key employees in human resources (HR) and information technology (IT) departments as well.Read More