The Brain Drain

Do you know anyone that was planning on retiring in 2008 and put it off because the balance of their retirement fund was basically cut in half due to the massive downturn in the economy? It’s a common response to a reduced retirement fund, especially in the nonprofit community, which as it turns out, may be a blessing in disguise.

Studies indicate that approximately 75% of executive directors planned to move on within the next five years, yet only 44% of organizations reported having a succession plan. Yikes!

Now you’re probably wondering how this can possibly be a blessing? If baby boomer executive directors are sticking around for a few more years, then there is an opportunity to develop and implement a succession plan. Even better news is the amount of research and resources available on the subject. We’ve picked out a few we like for you.

Resources on the leadership situation and succession planning:

• Board Source: Succession Planning
• Foundation Center: Succession Planning
• Stanford Social Innovation Review: The Leadership Deficit
• MetLife Foundation/Civic Ventures New Face of Work Survey
• Shift: Beyond the Nonprofit Leadership Crisis
• Daring to Lead 2006: A National Study of Nonprofit Executive Leadership

So tell us, do you have a succession plan? If not, do you plan on developing one in the next year? If not, why are you putting it off? Inquiring minds want to know.