In the next 3 to 5 years, the first surge of Baby Boomers is expected to exit the workforce. The volume of turnover could be unprecedented and its impact on all organizations will be dramatic. Beyond the loss of people, there will be significant loss of experience, knowledge, perspective and wisdom. This prospect of losing so much talent and knowledge in a short period of time has forced even the most reluctant to take notice and begin focusing on succession planning.

So what is succession planning? It is a process of identifying and developing talent to ensure that key organizational positions can be filled with qualified internal candidates in advance of their actual need. It is a dynamic process focused on creating pools of talent available to meet the immediate and long term needs of the company.

The key elements of an effective succession plan include:

In August, Dacri & Associates surveyed a cross section of business owners, executives and HR professionals on whether their organizations had a Succession Plan in place. We surveyed firms in for- profit and not-for-profit industries in the Northeast. The results of the survey showed:

1. Does your organizations have a succession plan in place?

• Yes--36.6%
• No--50.6%
• Other--12.8%

2. Who is responsible for managing the succession plan?

• CEO--44.9%
• HR--43.6%
• A Senior Manager other than HR--11.5%
• Other--14.1%

3. Describe your CEO's involvement with the succession plan.

• Actively involved--60.5%
• Involved--36.8%
• No involvement--2.6%

4. Is the succession plan integrated with the organization's business plan?

• Yes--68.5%
• No--19.2%
• We don't have a business plan--12.3%

5. What positions are included in the succession plan? (Check all that apply)

• CEO only--36.8%
• Senior Managers--68.4%
• Middle Managers--44.7%
• Front Line Supervisors--21.1%
• Technical/Professional Staff--18.4%
• All employees--17.1%

6. Is your succession plan integrated with your performance management program?

• Yes--45.9%
• No--36.5%
• We don't have a performance management plan-- 17.6%

7. Does your succession plan identify skill gaps in succession?

• Yes--64.4%
• No--17.8%
• Not sure--17.8%

8. Does your succession plan have a knowledge retention component to capture critical employee knowledge?

• Yes--40.5%
• No--41.9%
• Not sure--17.6%

9. If you don't have a succession plan, why not?

• Too small--27.4%
• Not important--4.2%
• No time--12.6%
• Don't know how to develop one--18.9%
• Other--45.3%

10. If you don't have a succession plan, do you plan to develop one?

• Yes--37.8%
• No--21.4%
• Not sure--40.8%

I will be speaking at the Maine Municipal Association's Annual Conference on October 9. The topic will be "Preserving Your Volunteer Fire and Rescue Department." I will be speaking with the Town Manager and Fire Chief from Falmouth, Maine.

I will be speaking before the Southern Midcoast Maine Chamber on October 16. My topic will be "Customer Service, Cheers Style."