The retirement exodus of about 3.3 million Canadian employees over the next decade will have an impact on business continuity, financial stability, and business growth.
Kathleen Ozmun and Marielle Gauthier, both experienced professional leadership coaches, conducted discovery research focusing on retiring and incoming leader transitions in Saskatoon.
“A change in leadership is a time of flux and change for everyone – the leader and the team,” says Marielle Gauthier, founder of Redworks Communications and Coaching. “These transitions create potential risks at every level of the organization and profitability, productivity and positivity can be negatively affected.”
The report found that the financial costs to the businesses if the transition failed were significant – from tens of thousands to more than $3 million dollars.
“When a transitioning leader struggles, the impact goes beyond individual performance,” says Kathleen Ozmun, CEO of Crossing Point Coaching and Consulting. “The leaders’ struggles and the lack of a transition support plan can affect the business services to the point that whole programs are in jeopardy.”
Based on the findings, there are opportunities for greater attention to better manage the transition for the retiring and the incoming leader and from one leader to another.
It is paramount that businesses look at decreasing and preventing some of the challenges as stated in the findings, to ultimately lower the risks, increase productivity and quality of work, and foster better stakeholder relationships, all of which impact the bottom line.
Ruth Kinzel, PhD, CPHR, Kinzel Cadrin & Associates Consulting says that the research provides rare insight into the lived experience of local leaders in transition. Kinzel also states there is a backlog of unaddressed transition issues in every sector, the costs of which continue to accrue and it is in the best interests of organizations and the people within them to move forward proactively.
“The stakes are high and the wave is upon us and these research findings can inform your way forward. Gauthier and Ozmun identify key issues as well as productive ways to address transition challenges,” says Kinzel.
The study findings included challenges and struggles of the leaders; impacts and potential risks to the organizations; levels and types of supports in place and the financial costs if transitions failed.
Business owners can create successful transitions for both their organization and their new leaders by establishing consistent key practices.
Download the full report at https://crossingpointcoaching.com/leader-transition.
Kathleen Ozmun | Contributing Writer