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When my son introduces me to his friends, he refers to me as an app developer. As a 67-year-old this is generally met with...
Two-time MotoGP World Champion Casey Stoner recently announced his early retirement. Interestingly, the reason cited was not lost love of riding motorcycles, but his disillusion regarding how the sport is run and managed.
Redundancy is rarely a word you want to hear. However, for business owners, it should be considered a word of great positivity. Being redundant in your business means you are free from dependency; in fact, plain free. Think of all the inane tasks we do because we think we are the only one that can do them “properly”. Yet, most tasks can be delegated; it’s just our ego that often gets in the way of being free of them.
Succession Planning for your business is an easy topic to grasp: it’s about putting a plan in place for your business so ultimately, when you sell – be it to family, staff or the market – you will not only maximise your price, but ensure an easy transition process that will increase the marketability to a prospective buyer. Well, that seems like a pretty important document to me, so why do so many of us put off what is akin to an ‘insurance plan’ for our future?
RMIT economist Alberto Posso looks at the rapid increase in over-65-year-olds, which is three times more than the increase in younger people. He says this will put pressure on dependency ratios and economic growth. He says cuts to immigration are bad for the economy because they will put further pressure on dependency ratios.
Like the royal successions that have taken place for centuries, succession planning is all about being ready for the future. However, unlike the monarchy, today’s succession planning in business not only focuses on replacing talent, but also on developing the talent that will fulfil the organisation’s long-term goals. Is your organisation prepared for a changing of the guard?
Global research group TNS has released research indicating that 44 percent of Baby Boomers plan to postpone their retirement in light of the global economic crisis.