You are the HR Director of a large manufacturing company that is approximately 50 years old. The company has reaped the benefits of a mostly tenured workforce, and many of the key workers are now approaching retirement age. It is anticipated that approximately 20% of the company's workforce will retire in the next three to five years. You are also planning to retire within that period of time. To assist the company with the retirement transition process, you want to present a business case to the President for a succession plan for several key positions, including the Chief Financial Officer and Director of Operations.
1. Which outside company advisors should be included in the succession planning process?
2. The successful employees for the replacement of the Chief Financial Officer and Director of Operations positions should have an advanced level of work experience in what key essential functions?
3. How can the company help candidates get these experiences?