You’ve assessed the skills of your sons and daughters and identified the best candidate to lead your family business to continued growth and prosperity. It’s a major challenge resolved, but a bigger one lies ahead: preparing your new leader to successfully take over your role and responsibilities.
For several years, we’ve been hearing about a looming war for talent. Baby boomers are starting to retire and fewer young workers are available to replace them, which means demand will soon outstrip supply in the labour market. Already we’re seeing the impacts of that significant demographic shift in certain industries, disciplines and geographies.
In the late 1990s, IT professionals were in short supply. Organizations, driven by uncertainty over the impending Y2K rollover, went on a hiring spree, beefing up their IT teams to stave off the threat of costly errors or interruptions in their operations. The demand for IT expertise was so great that, having drained the pool of available talent, companies resorted to poaching staff from one another to protect themselves.
She has your common sense and drive for achieving results, and her mother’s sound judgment about people. But is she the right candidate to lead your business to future prosperity? He has worked with you for years, sticking with you through tough times and contributing to your successes. But does he have the right experience to take over the reins?
They are the newest generation to enter the labour market, yet they already have clear ideas about what they expect from you as an employer. They are in high demand, so if you can’t meet their needs, they’ll find someone who can. And, with boomers beginning to retire, they will play a pivotal role in the continued success of your organization.
Last spring at our national executive search conference in Calgary, I heard senior HR professionals saying, ‘In this town, if you hesitate in hiring talent, you’re dead.’ As an employer, you may think, ‘That’s red-hot Calgary’s problem. Things are different in Atlantic Canada.’ But this is a warning you should heed.