“We are on the precipice of the greatest retirement crisis in the world.” This famous rallying cry from Forbes in 2013 has come to define many aspects of retirement for Baby Boomers. This could also be the mantra for what the banking industry is beginning to experience.
The next 10 years will see the largest number of retiring executives in recent memory. Many banks are realizing that, as their leadership team look towards retirement, the talent needed in order to replace them is not currently secured.
So, who is in line to pick up where you leave off? Looking at your team, is there anyone that you feel comfortable leaving in charge of the business you’ve built? If the answer is yes, congratulations! If the answer is no, it may be time to start thinking about where you can find the right talent to take your place.
Succession planning is important. It may take days or months to find the right people, but there is no better time than the present to start planning for your team’s future.