Has the Dreaded Grey Wave Arrived? What does that mean for the industry?

How can your organization survive and thrive the gray wave?

Is it just me or are you finding this as well?  We have been hearing about this for years, but have not really seen it, perhaps because the financial setbacks of the recession forestalled this a bit. However, it seems to have arrived.   Recently, in client meetings, two of the three clients were retiring within the next six months.  Another recent client conversation said they had eight people retiring this year in their department.

What will this mean for those organizations?

Education and Training is Key.

It depends on their planning, and I believe education is key. Is the training of that next generation something that helps younger employees move up in the company? Is it more about systems and dropdown boxes or is there real training and knowledge transfer so they understand the big picture and the technicalities as well?  All of this so important in order to keep your organization on track to meeting the needs of your customers and at the same time to ensure compliance with all the rules and regulations that apply to the insurance and risk management business.

At the risk of being self-serving I think professional designation programs can help senior management have some keys indicators as to which employees have prepared themselves for the next step.  What are you experiencing and how are you handling it?

Photo courtesy of stockimages. At www.freedigitalphotos.net.

This post is by Patty Carlson, VP of Sales at Insurance Educational Association.