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By Barbara M. Low, SPHR, RODC
Nonprofits are struggling to find talent in today’s competitive market. One of the reasons for this is the historically low number of people in this country who are older than age 18. This trend will continue for many more years.
Another for the challenge reason is COVID-19-related. People are re-examining their lives as a result of their experiences throughout the pandemic and, in many cases, making drastic changes — including dropping out of the market altogether.
The U.S. Department of Labor released data indicating that in the second half of 2021, approximately 20 million people quit their jobs. Further, a recent study by ResumeBuilder.com shows that one in four workers plan on quitting during 2022. The nation is facing a talent crisis that will continue for several more years, at minimum.
Employers must implement practices to retain talent. One highly effective practice is succession planning. When employees feel valued and are provided with a future vision of their opportunities, they are more inclined to stay with their current employer.
What does effective succession planning look like? Generally, a robust succession planning process includes the following steps:
Once you have followed these steps, you’re ready to create the full succession plan.
Tying these elements together with career paths, career blueprints and individual coaching and mentoring can go a long way toward maintaining intellectual strength and thus reduce turnover.
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Barbara M Low, SPHR, RODC is manager of Talent Management Consulting at national finance and consulting firm Wipfli LLP. Her email is Barbara.low@wipfli.com
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