18469_Authority_June

14 The Authority | June 2025 is because of both internal and external pressures to our industry. We can complain about the external forces that accelerate worker turnover, but many are beyond our control. As for the internal forces, it’s time to get your house in order. The culture you create, the opportunities that you make available, the training and engagement you support, and the messaging you deliver will make knowledge transfer and succession planning a much easier endeavor. You are going to lose more employees faster than you used to, and you are probably going to have to seriously look at your wage rate structures, but there are a lot of relatively inexpensive steps you can take to mitigate these risks. And if you don’t, you are in for some rough waters. We graduate over 500 students each year from Thaddeus from two dozen trade and technical programs. Our graduates are from diverse and challenging environments, they know a good bit about resiliency, and they are the types of workers you often need: operators, electricians, instrumentation technicians, mechanics, etc. Part of succession planning is of course retaining employees long enough to implement parts of that plan. Gen Xers and Baby Boomers tend to believe the younger generations are motivated by money and convenience, but time and time again, studies show that is not the whole story. Each year we survey our graduates, and this is the top three of what new hires want ( Table 1 ). Class of 2021 Class of 2022 Class of 2023 1. Enjoy What Doing 1. Enjoy What Doing 1. Enjoy What Doing 2. Compensation 2. Compensation 2. Compensation 3. Training 3. Company Culture 3. Benefits Table 1 – What New Hires Want Twenty-one percent of Millennials changed their job within the last year, and Millennial turnover due to lack of engagement cost the U.S. economy $30.5 billion annually. They may tell you they are leaving for more money, but I have conversations with one or more of our graduates nearly weekly that are looking for a change. It is quite rare that money is the driving force. Here are some strategies you should consider as you make that new hire and plan for their retirement as your executive director: Assess Organizational Needs and Risks – Early in your succession planning, conduct a comprehensive workforce assessment to identify key positions at risk of vacancy due to retirements or attrition. This includes analyzing workforce demographics, retirement eligibility, and critical roles that require specialized certifications or experience. Risk assessments help prioritize succession planning for positions with the highest operational impact. Linear and Flat are Both Bad – The days of more than half your staff being with your organization over twenty years is probably over, and so too are the days of good staff waiting ten years for a new position. Both flat and overly Continued on page 61. Human Asset Management Continuum