You’ve spent the last 30, 40 or maybe 50 years trying to be the best you can be. Maybe the best in your space. So how do you give that all up, take a second seat to your successor, and embrace that thing called “retirement”? For many, this transition in leadership can be an incredibly emotional process and perhaps the hardest thing they’ve ever done professionally. When done well though, it could also be the most important and impactful!
As long as you’ve worked in your organization, your colleagues have likely looked up to you for your wisdom and sage advice. They’ve also likely expected you to accept even greater responsibility to lead your business functions or perhaps grow the company through successful business development and customer relationships. There comes a time in everyone’s career though when it’s more appropriate to look to the next generation to step up rather than dig in and push harder to achieve even more.
If you’re starting to consider how much longer you want to work and what you might do next if you retire, you’ve clearly earned the right to step back and prioritize your life differently moving forward. Lord knows you’re not alone as many Baby Boomers are choosing not to work as much after what we’ve all been through this past year. It’s not about making more money or achieving new professional accolades anymore. It’s about prioritizing what matters most in life while also securing your legacy and ensuring the organization continues long after you’re gone.
Think about a social issue or cause that matters to you. I mean really matters to you! Now, think about what organizations out there address that very issue or provide services for those impacted by your concerns. Is it your local church, a no-kill animal shelter, an agency that supports the homeless, an organization fighting cancer or AIDS, or maybe just the professional or trade association that supports your own industry?
Imagine if you were the Executive Director or other senior executive of this wonderful Mission-driven organization. What would you do to recruit top talent to join your organization? How would you keep them engaged and committed to your work when they do? Leaders in the not-for-profit arena often struggle with talent management and employee engagement more than others because they don’t have the same financial means and abilities around compensation as for-profit corporations. If we don’t help these leaders recruit and retain their Superstars though, then how are we going to address those critical issues that matter most to us?
Family businesses are perhaps the most complex organizations combining two different and potentially conflicting value systems – the family and the business. Very few family business leaders successfully implement a “both/and” approach to managing this inherent overlap between their family and their business to effectively prioritize both at the same time. Neither is right nor wrong per se, and both very clearly serve a purpose. The question then for any family business owner is whether or not you prioritize the family or the business. Or do you do both?
I support a lot of family businesses and regularly hear from my clients how they pride themselves on creating positive work environments for their employees where they treat everyone like family. That’s quite admirable, and I’m sure those employees very much appreciate it. The question though is what to do with all the employees who actually are family!
Family businesses by their very nature are complex organizations. It’s not just about managing and operating a sustainable business with a family business. It’s about the leadership and governance practices required to keep any family drama and unproductive relationships away from work. In multi-generation family businesses, we’re talking 20, 40, 60 and even 100 or more years of history running the company. On the personal side, that’s generations of family members living together and growing up together who need to work together to operate that same business. That can create a lot of added stress and anxiety – something that many family business leaders are poorly equipped to handle – on an otherwise viable business.
Succession Planning: Strategies for Leveraging a Multigenerational Workforce
Date: Wednesday, August 30, 2017
Time:2:00pm – 3:30pm EDT
Location: Online webinar
Registration: Click here to register and receive more information.
Your organization likely employs multiple generations of employees, from Boomers to Millennials. With such diversity, how can you identify and coach your next generation of leaders? Which of their widely varying skills and motivations should be developed to have the biggest bottom-line impact on your organization’s future? Plus, there’s your Board: how can you gain their buy-in for a proactive and dynamic approach to succession planning? Join CHIEFEXECcoach CEO Dr. Jeremy Lurey on August 30th when he will share a proven approach for adapting to these rapidly shifting workforce trends in the workplace with you and other executive leaders. In addition to learning the crucial elements of a “NextGen” succession plan, you will also review an actual case study that shares real-world implementation lessons learned from a recent business succession transition. Click here or contact us for more information about this engaging and interactive webinar program.
CHIEFEXECCOACH Founder and CEO Dr. Jeremy Lurey and the firm’s parent company Plus Delta Consulting were recently named the official Talent Management service partner for the Global Cold Chain Alliance. For the past 5 years, Dr. Lurey has actively supported the Association and its Members, leading countless strategic planning, succession planning, and executive coaching efforts for companies across the US. Surely one of if not the greatest challenge for companies across the industry is the recruitment and retention of their employees. Being named the industry’s service partner will allow Dr. Lurey and our team to influence an even greater number of people across the industry as they will now share their leadership insights by speaking at more regional, national, and international events and writing for the Association’s publications. According to Dr. Lurey, “It is an honor that we don’t take lightly! We have always been proud of our project work with the Association and its Members, and we are very excited to be recognized now for our commitment to the success of the industry.” The new service partnership was just announced to the Association’s members at this year’s IARW-WFLO Convention in Dana Point, California.