The Retirement Tsunami is Here…No really it is!

It's finally here, the long talked about retirement tsunami. "IF you look at federal employment statistics there is not just a large percentage of folks who are eligible to retire but an increasing number of folks that are actually taking up the government on that offer," said Tom Fox. 

Fox is the Vice President for Leadership and Innovation at the Partnership for Public Service. He Told Chris Dorobek on the DorobekINSIDER program that in the past 10-12 months the retirement tsunami has become a reality.

"We had seen retirements delayed for years now, but with the economy picking up a little and with the great scrutiny the government is under, people are ready to retire," said Fox. "This is a significant challenge for those who are left because of the gap in recruiting and hiring that occurred in the 90s. We are seeing a lot of people thrust into leadership positions and it's not clear if they are ready or not."

Succession Planning 101

  • Leaders need to look across their workforce and determine which positions are the most critical and which are most at risk of becoming vacant sometime soon.
  • Leaders need to project 5-10 years down the road too.
  • Leaders must reconsider those roles too, you don't have to make a carbon copy replacement.

 

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