Leader Transition is Risky Business.
Research shows nearly 50% of leadership transitions fail.
Which 50% do you want to be in? Let’s find out.
Category: Redworks Blog (all posts)
Are you a year or two away from retirement but not sure what your retirement will look like?
People don’t realize that the transition to retirement can be difficult.
There are key elements that need to be considered to plan for a smooth transition and a happy retirement.
You don’t have to do this alone.
I can help you get there.
Find out how with our Power UP Your Retirement Lifestyle Program
Special price to get you going.
NEWS RELEASE
November 18, 2020
Saskatoon – The retirement exodus of about 3.3 million Canadian employees over the next decade will have an impact on business continuity, financial stability, and business growth.
Kathleen Ozmun and Marielle Gauthier, both experienced professional leadership coaches, conducted discovery research focusing on retiring and incoming leader transitions in Saskatoon.
“A change in leadership is a time of flux and change for everyone – the leader and the team,” says Marielle Gauthier, Redworks Communications and Coaching. “These transitions create potential risks at every level of the organization and profitability, productivity and positivity can be negatively affected.”
The report found that the financial costs to the businesses if the transition failed were significant – from tens of thousands to more than $3 million dollars.
“When a transitioning leader struggles, the impact goes beyond individual performance,” says Kathleen Ozmun, Crossing Point Coaching and Consulting. “The leaders’ struggles and the lack of a transition support plan can affect the business services to the point that whole programs are in jeopardy.”
Based on the findings, there are opportunities for greater attention to better manage the transition for the retiring and the incoming leader and from one leader to another.
It is paramount that businesses look at decreasing and preventing some of the challenges as stated in the findings, to ultimately lower the risks, increase productivity and quality of work, and foster better stakeholder relationships, all of which impact the bottom line.
Ruth Kinzel, PhD, CPHR, Kinzel Cadrin & Associates Consulting says that the research provides rare insight into the lived experience of local leaders in transition. Kinzel also states there is a backlog of unaddressed transition issues in every sector, the costs of which continue to accrue and it is in the best interests of organizations and the people within them to move forward proactively.
“The stakes are high and the wave is upon us and these research findings can inform your way forward. Gauthier and Ozmun identify key issues as well as productive ways to address transition challenges,” says Kinzel.
The study findings included challenges and struggles of the leaders; impacts and potential risks to the organizations; levels and types of supports in place and the financial costs if transitions failed.
Business owners can create successful transitions for both their organization and their new leaders by establishing consistent key practices. Starting in January, Gauthier and Ozmun are offering interactive practical learning and implementation sessions. Their goal is to support organizations and individuals to understand their transitions, mitigate risks and design customized strategies.
Download the report at https://www.powerupyourretirement.com/leadership-transition-research or https://crossingpointcoaching.com/leader-transition
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Please contact:
Marielle Gauthier
306.370.6284
Kathleen Ozmun
306.717.4471
Canada is in one of the biggest demographic waves in the country’s history – the baby boomers have begun the transition into retirement.
How will the boomer retirements impact your business? What is at risk for your organization? Is your business ready for the leader transitions that will take place? What are the challenges that retiring and incoming leaders are facing with their transitions as they exit, enter or move into a leadership position?
Joining forces with Kathleen Ozmun, a Team Strategist, we conducted discovery research focusing on retiring and incoming Saskatoon leaders and their transitions as they exit, enter or move into a leadership position.
Join us as we share our findings. Register for this free presentation at
https://www.powerupyourretirement.com/leadership-transition-research
My colleague, Kathleen Ozmun, and I are looking forward to releasing our findings from our Business Leader Transition research.
For more information and to register for the Webinar:
Your retirement years should give you the best opportunities to rekindle old passions and discover new ones. However, research has shown that almost half of the people entering into retirement struggle with transitioning into a post-career life.
Why is this!?
- Retirement is more than just finances
Although many pre-retirees are concerned about their finances, money isn’t the only thing on their minds. The impact of the non-financial issues like emotional, psychological and social factors plays a big role in your successful retirement.
- Retirement is commonly an emotional time
Whether it’s missing the ‘comfort’ of a schedule, losing your identity or a sense of purpose, it’s common for people adjusting to retirement to experience a range of worries and fears.
What’s the solution? Plan ahead and manage your transition well. If you’re not sure where to start, sign up for my Power Up Your Retirement course! You’ll generate insights, gain clarity and create a game plan to discover your best path to a fulfilling retirement. Register now > https://www.powerupyourretirement.com/
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What’s Your Dream?
Remember when you made wishes as a kid?! Imagine one wish could be granted to you for retirement. What would you wish for?
Perhaps you wish to deepen certain friendships, discover a new passion, spend more time with those you love, or travel to places you’ve never seen before. Perhaps you are opening yourself to personal growth at a depth you’ve never had the chance to dive into before.
Whatever your wish, know that you have what it takes and every step you take in the direction of your dreams gets you one step closer to realization.
What’s your dream? Leave it in the comments!
Do you desire joy and a sense of purpose? Then the best thing you can do is prepare for the emotional and psychological impacts of your post-career life! Preparing for a purpose-filled retirement is not all about the money.
Here are 5 tips for making your transition a smooth one:
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- Start thinking about your retirement 1-5 years in advance.
If you’re going to be making big lifestyle changes like moving or travelling, your key to success is thinking it through well in advance. - Think about what you want to do in retirement.
Getting stuck in default mode makes for an unhappy retirement. This is your chance to pursue your dreams! - Create a plan and set goals
If you think preparing financially is the only type of planning and goal setting you need to do, think again! Preparing and planning for the emotional and psychological impacts of retirement and your lifestyle is key. - Share your retirement plans with your partner or family.
If you have a partner, it’s very important to be on the same page when it comes to plans. Share your ideas with your children or trusted friends. Feeling supported is important. - Be aware of the retirement transition process
It takes time to stabilize when you are discovering a new identity and purpose in life. Give yourself time to develop new routines before you feel grounded in your new way of life.
- Start thinking about your retirement 1-5 years in advance.
To be guided and supported in your processes of preparing for retirement, check-out my Power UP Your Retirement Lifestyle Program. It’s an online educational program which includes a high-quality video training series, group coaching, an online community and other educational resources focused on helping you transition into a joy-filled retirement.
Sign up today to generate insights, gain clarity and create a game plan that sets you on your path towards your purpose-filled retirement: www.powerupyourretirement.com
In light of the pandemic, has it given you time to pause and reflect about your career? Do you want to make a change in your career? Do you want to do something else?
The Lifelong Learning Plan (LLP) allows you to withdraw amounts from your registered retirement savings plan (RRSPs) to finance full-time training or education for you or your partner.
Speak to your Certified Financial Planner to find out if this is right for you.
Find out all about it here:
https://tinyurl.com/ydh79xxz
What’s often called a “bridge-job” is a part-time job that bridges the transition between a full-time career and retirement.
Having a bridge-job or being semi-retired can be a great way to ease into the transition of retirement, both emotionally and financially.
Would you consider working part-time as a transition into retirement? What could you imagine yourself doing? Comment below!
#semiretirement #transition #retirement #retirementplan #retirementcoach #powerupyourretirement