Now let's think about how that impacts our workforce in Canada. from retirement than there are people entering the workforce. We aren't able to replace the retiring workforce at the same rate they are exiting, wnicn results in a skills shortage. If you think about those numbers above, that means for every four people who retire, we have only one who is going to start working.

In a company, that means that as your most senior, experienced workers leave, we won't have enough employees to fill their vacancies. The most senior experienced employees usually tend to be in leadership roles. To fill those vacancies, we need to have employees who are ready to be promoted into these senior roles. That is where succession planning comes in$.$

What is succession planning? Why is succession planning especially important in a country that has an aging population and a declining birthrate?