Strategies for Effective (and Legal!) Succession Planning

Succession management is an important part of strategic business planning. This entails identifying and developing internal employees who have the potential to assume leadership roles in the future and often necessitates talking to current key employees about their retirement plans. Giving some thought to how you approach these conversations can help you avoid claims that age bias—rather than strategic planning—is motivating the discussions.

Many employees are working longer than they might have expected to at the beginning of their career. There has been a steady increase in retirement age; in 2014, a Gallup poll found that the average retirement age in the United States had risen to 62. The same poll found that the age at which Americans expect to retire increased to 66. And, employees born after 1959 are not eligible for full social security retirement benefits until age 67.

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