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Executive Retirement

Adapting to Executives Facing Retirement

By | Career Guidance, Corporate Culture, Leadership | No Comments

Retirement is something that impacts small, mid-size, and big businesses alike. It can be difficult for some leaders to give up control over something they’ve worked so hard to build. Approximately 12 million Baby Boomers also happen to be executives and business owners, and most of them will be eligible for retirement in the foreseeable future. Yet, close to half of CEOs still don’t have transition plans for when they leave. Below are some potential exit strategies that can help businesses maintain value and adapt to executives facing retirement.

Develop a Plan

Perhaps this is the best advice that executive recruiters can offer to owners and leaders considering retirement. Rather than continue working in the business, start working on it by focusing on other responsibilities that can help grow it, like marketing. The decision to either sell the business or transfer ownership to current employees gets more accessible when the right employees are hired and appropriately trained. Then, organizations should model a plan similar to this for managing the wave of retiring workers.

  1. Decide organizational goals. Surveys and focus groups are effective ways to discover what the needs of employees and the company are.
  2. Determine what you want from employees. Do you want to promote internally for C-suite positions or recruit external candidates? Even though external candidates tend to have more experience, employment data suggests that they are more likely to be fired than those hired from within.
  3. Aggressively promote the succession plan. Ensure that employees understand eligibility by holding educational meetings.

 Recruit Successors Earlier

It’s easier for organizations to prepare for retirements than other forms of turnover because they can usually predict the who and when. Multilevel succession plans can help small businesses develop talent to hedge against executives retiring. Alternatively, companies can partner with C-level recruiters to hire a successor as soon as possible to shadow the outgoing executive and gain knowledge transfer.

To Retire or Not to Retire

For those executives unsure if now is the right time to exit the workforce, some red flags can help. For instance, retirement might be the best option if you’re not passionate about what you’re doing or don’t feel challenged anymore. Other people opt for retirement for personal reasons such as health, family obligations, etc. Some industries are evolving so rapidly that businesses could benefit from fresh leadership.

A strong succession plan is the best way for businesses to overcome the wave of retiring executives. It should combine transparent retirement policies and internal successor development programs. Otherwise, recruiters are yet another valuable resource that can help you adapt.

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Management

Why Managers Should Never Eat Alone

By | Career Guidance, Corporate Culture, Leadership | No Comments

As a leader, you want your employees to know that you value their opinions and see them as people. One of the easiest ways to demonstrate this is to have lunch with them regularly. Managers who eat with their team members receive various potential benefits, such as higher employee retention and improved performance. Lunchtime is also one of the best times to build your network. This is especially true in the C-suite, where relationship-building is extremely important.

 

Improve Retention

Not liking their manager is one of the most common reasons people quit jobs. Taking the time to talk with your employees and demonstrate you empathize with them and care about their success will instantly make you a likable leader. This is why you should never eat alone. Eating lunch with your team members is an excellent opportunity to socialize with them and get to know them on a more personal level. Build a connection with your team so they will want to work for you. 

 

Improve Team Performance 

 Employees who feel a connection to their team and to their managers are more driven to succeed. When team members eat alongside their managers, they feel seen. By connecting with your team on their level and in an informal setting, you will build trust and loyalty. Eating lunch as a group makes sure everyone feels included, which makes people want to do better and contribute to the group’s success. 

 

Build Your Network

 Eating lunch with others is also a great way to grow your professional network. Networking is most successful when it is based on authentic relationship building and isn’t just networking for the sake of networking. Most networking nowadays has moved online, yet nothing is as powerful as face-to-face conversations. When you eat together, you form relationships built on genuine camaraderie and respect. The relationships you create at the lunch table are much more meaningful than ones limited to online communication. 

 

Enhance Your Mood

 Another reason you should never eat alone is that it is simply more enjoyable to eat in the company of others. Eating in a large group enhances mood and makes people feel happier. If you always eat alone, you may eventually start to feel lonely and excluded. Even managers need to take a break from constantly thinking about work. Lunch breaks are a chance to give your brain a rest from work stress and to let loose. This can be a lifesaver when it comes to mental health.

 

While many managers are in the habit of eating lunch alone, a lot of good can come from making a point never to eat alone. On the one hand, this habit will help you build a connection with your team, improving employee retention and team performance. On the other hand, it can help you grow your network while enhancing your mood and reducing stress. 

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