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Strategies for prepping the next generation of employees

This story appears in the December 2003 issue of Entrepreneur. Subscribe »

Your senior staff has been with your company since the beginning, but now some of your leading employees are close to retiring- taking their wisdom and experience with them. Are you training the younger generation to take over?

Ninety-four percent of human resources professionals feel their organization has not prepared younger generations to assume senior leadership positions, according to a recent survey by DBM, an HR solutions provider. It's estimated that 60 million baby boomers will leave the work force in the next 15 years, which could be a serious blow to many companies. Managing consultant Rose Folli, with DBM's Newport Beach, California, office, says this transition could be critical, especially in companies where business is heavily customer-centric. Says Folli, "If customers have a good rapport with only one of my employees, and that employee leaves, my account is at risk."

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