Succession Planning and Knowledge Management

Understanding the Problem The data is painfully clear: the industry is facing a succession planning and labor force crisis. It has already started for some organizations and is expected to reach a fevered pitch in the next 5-7 years. As many seasoned professionals begin retiring, there will be a palatable lack of the institutional knowledge that these individuals possess. Despite the importance of succession planning, there are a lack of tools and resources available to assist owners and contractors in this process. Construction Demographics – Age Distribution
Recommendations

  • Capture the sum & substance of the predecessor
  • Instill an effective mentorship period after transition to new leadership
  • Effective succession requires a plan, and it will take a substantial amount of time
  • Be prepared – the data show oftentimes a transition will need to take place with little notice
  • Focus on leadership & organizational issues – the financial issues can be dealt with later
  • Only 40% of organizations have a succession plan in place…