We exist in an era in which the leaders of high-performing family businesses have become highly purposeful with the onboarding and integration plans for people that are joining their company. Their focus stems from the intent and desire to engage and connect people with the culture of the company and decrease the chances of someone becoming disengaged or choosing a job-hopping departure.

Uniquely, these same leaders seem to have forgotten about the other end of the equation and that has resulted in large numbers of people, most of them over the age of 60, choosing to keep quiet about any and all plans to announce that their career focus is changing or coming to an end.

According to Bersin by Deloitte, the average cost per hire is almost $4,000. Statistics on offboarding are far more difficult to identify. Experience has shown me that if it’s not being measured, it’s likely not getting done.

The Void

The leaders of privately-held and family-owned businesses must plan for, and deal with, the end of career process (offboarding) as seriously as they do the beginning (onboarding) otherwise, they will face a potentially catastrophic outcome that I refer to as The Void.

The Void  is the empty space created by leaders of companies who fail to establish a process for transferring the large amount of internal knowledge possessed by key people to the next generation of leadership.

Left undefined, this void creates a massive disruption to the business of the business.

Conversely, when clearly thought through, offboarding should be viewed as the catalyst for performance, knowledge and generational continuity within the high-performing environment.

A Key Step

Offboarding should be viewed as a key transition in the life-cycle of individuals who have contributed significant knowledge and value to the company.

Within family businesses, closing the gap on The Void begins by looking at the situation through a different lens. Instead of focusing on this career phase as a conclusion with limited conversation, it should be seen as a phase of definition with expanding dialogue and knowledge share between generations.

#Thoughtstarters

  1. How are you consciously expanding the conversation and knowledge share between the generations?
  2. How are you defining and practically capturing internal knowledge from key people while they’re still a part of your company?
  3. Define knowledge sets that are held primarily with one person in your company. Begin purposefully expanding the circle of people who have awareness, understanding and knowledge on those topics.

How are you avoiding The Void? Let me know in the comments.

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