Companies that craft a long-term comprehensive strategy will not only survive the wave of boomer retirements, but will have the potential to successfully ride its crest.
Chicago, Illinois (PRWEB) January 28, 2014
As companies gain more confidence in the economy and proceed with hiring plans to move their businesses forward, recruitment of C-suite executives is quickly becoming a top priority. Gearing up for the 2020 workforce, many businesses facing a wave of retiring baby boomer executives are turning their attention to executive recruitment and succession planning. In response to this need, MR Chicago Worldwide, an award-winning affiliate of MRINetwork®, has added an exclusively C-suite and senior executive search practice by joining with WorldBridge Partners to extend the firm's range and delivery of strategic search services. WorldBridge Partners, an international retained search firm with 15 locations in the US, Europe and Costa Rica, serves a broad array of industries to source hard-to-find executives around the globe.
"In order to avert a crisis in leadership, management must seriously consider current mission plans – one year out, five years out, and even ten years out – to determine whether they have the people in place to achieve those goals and objectives," says Gary Bozza, president & CEO of MR Chicago Worldwide. "Companies that craft a long-term comprehensive strategy will not only survive the wave of boomer retirements, but will have the potential to successfully ride its crest."
Bozza advises that the first step is to review and evaluate your current leadership team. He recommends focusing on an analysis of the strengths and weaknesses of your existing talent pool to reveal areas in the organization that require bolstering. He also suggests developing and implementing an action plan for the succession process that includes:
- Identifying the A, B and C players on your organizational chart.
- Ensuring effective training and development for key employees.
- Initiating a mentoring system or executive coach.
- Nurturing the unique culture of the organization, or changing it if required.
- Creating a talent acquisition strategy, which includes internal promotions, recruiting & on-boarding.
- Developing an effective retention strategy.
- Communicating the succession plan from the top down.
"This kind of action plan is not static," says Bozza. "Success and failures must be monitored and assessed, and revisions made where needed. It’s always important to look back at the past twelve months and fine tune the plan, factoring in changes in the organizational structure and executing contingency plans for the unexpected."
The benefits of thoughtful succession planning are many, believes Bozza, and they go beyond finding replacements for departing management. "It reduces the likelihood of crisis if a key employee leaves and keeps the mission of the organization on track. Perhaps just as important, it forces accountability and talent top-grading at least once or twice a year, like Jack Welch did at GE."
About MR Chicago Worldwide:
As a member of WorldBridge Partners and an award winning 17-year affiliate of MRINetwork, MR Chicago Worldwide combines the personal attention of a retained boutique firm with the resources of a global network to conduct integrated multinational searches across a wide range of industries and functions. Founded in 1997, the company today has access to the talent, resources, and infrastructure to deliver strategic search services that are highly targeted, seamlessly coordinated, & result in high-performance leadership teams. Visit MR Chicago Worldwide at http://www.mrchicago.com.
About WorldBridge Partners:
WorldBridge Partners is a global retained search firm with 15 offices in the US, Europe and Costa Rica, dedicated to organizations that strive to attract high performance people. Founded in 2002, the organization has since grown to over 100 worldwide associates serving 16 distinct industry sectors. It excels at delivering that one special, strategic "Game Changing Executive", helping to secure a staff of 1,000 to build out a new division or support a new product launch. Visit WorldBridge Partners at http://www.worldbridgepartners.com.
Management Recruiters International, Inc., branded as MRINetwork®, is one of the largest executive search and recruitment organizations in the world. MRINetwork has approximately 600 offices in 35 countries. Visit MRINetwork at http://www.mrinetwork.com. For franchising opportunities visit http://www.mrifranchise.com.