Succession planning is the critical process of identifying key positions within organizations and developing action plans for high potential individuals to assume those positions. “Peak 65” is a term used to describe the point in time when more Americans will turn age 65 than at any point in history, which will occur in 2024. The result of this will be an unprecedented number of worker retirements after which succession planning will be even more crucial to fill essential roles that are vacated.
Awareness of Peak 65 is low and many organizations are not ready for its impact. Over one-quarter (29%) of organizations are not currently making plans or having meaningful discussions about how to address it. Only 4% have either completed plans or implemented them, despite the impact being felt in less than one year.
This study, sponsored by Corporate Relocation International, examines awareness of the Peak 65 phenomenon that will impact succession planning and retention starting in 2024.