Succession planning is virtually a necessity for almost every work organization that wants to remain relevant and vital in the 21st Century. Succession planning is the last of our Top 7 changes for work organizations now.
Two years ago I consulted with a large association worried about declining print publication sales. They were clueless that only 3 of their 150 staff were Gen Y until one of the Gen Yers pulled out the data for me. Last month I spoke at a huge government agency that didn't even have numbers on their employees' generations, even though they were aware that a whole bunch of employees would "age out" (retire) very soon.
If you are not doing succession planning, what's up? Whether the plan actually gets carried out to the letter is not important. What's important is that every leader and every organization be aware of generational change, and the need to incorporate Gen Y into the influence circle.