By 2012, approximately 43% of the American workforce will be eligible to retire (or will have done so), according to the US Bureau of Labor Statistics.  However, many companies are at risk of serious financial and productivity issues because they have not developed their young talent and created the bench strength to handle this important transition, according to an Ernst & Young survey reported in the Chicago Tribune (November 11, 2007).  The skills, industry knowledge, and institutional acumen lost will be huge.

Many organizations struggle with mentoring and talent development programs because Boomers as a generation have defined themselves through hard work that created their winning lifestyles and achievements.  They are hesitant to hand over control, thus forcing young talented individuals to sit on the sidelines.

To position your organization for this transition, it is essential to understand the "depth chart by position" within your company--a listing of backup takent similar to the ones all sports teams use.  Next, understand what skills exist, and which skills and management experiences are missing from this group.  Now determine if there are special assignments and mentoring matchups you can institute now to get back into the game.

At all times you should know within your organization who are the two to four people who could step into your key leadership positions.  If you have no one listed, your organization may face crippling retirement turnover.