Herald Sun
May 13, 2006

According to recruitment firm 1st Executive, many Australian businesses will be unable to fill all of their key executive positions within the next 10 years.

"The implications of an ageing population mean many companies may not be able to fill key executive positions,'' 1st Executive director Andrew Thoseby says. "Lack of, or inadequate, succession planning is a costly oversight that leads to a loss of talented employees as well as customers.

"As senior positions become vacant and an ageing population exits the employment market, it is becoming more difficult to replace key employees in those executive-level positions,'' Thoseby says.

Without adequate succession planning in place, many companies will find themselves desperately short of talent to fill a position and these senior roles inevitably affect an organisation's reputation, morale, strategic goals, overall performance and even share price. The Herald

Sun, 13 May 2006