Retirement Legacy: Passing Along Culture and History, Not Just Knowledge
A few weeks ago, I published a podcast I had the pleasure of recording with a colleague, Alan Cohen, - “Making Your Dent on the Universe.” Among the many topics covered with my fellow professional coach was the importance of why we should be conscious of the mark we leave behind when we retire from companies (and how early we should begin planning for that.)
As more and more baby boomers retire from the workforce, it's important to acknowledge the legacy they leave behind for the younger generations such as Gen X, Millennials, and even Gen Z. This current wave of retirement provides an opportunity to recognize the contributions made by founders, owners, and CEOs as they exit the workforce.
Many baby boomers have been loyal employees of their companies for 20, 30, or even 40 years in comparison to their younger colleagues. However, the new generation tends to work for a shorter tenure in the company. They stay with an organization for a couple of years and then move on to the next one. This trend of shorter job tenures is not necessarily good or bad, but it is different from how earlier generations used to stay with their companies for longer periods.
The older generation leaves behind valuable legacies that encompass not only knowledge but also culture and history. The culture that a leader establishes, intentionally or unintentionally, determines how things operate during their tenure. This includes the attitudes and behaviors that represent the standard operating norms within an organization. Further, there is a history that details how the organization was built, which shouldn't be lost when leaders retire.
Here are specific recommended steps to take to ensure the proper transference of a company’s culture when leaders retire, as suggested by CultureWise*in October 2022: *An operating system devoted to offering a systematic way to create and sustain a high-performing company culture.
Define The Culture - If an owner, founder, or CEO intentionally developed their company’s culture, (which I always suggest they do as it is great when a company’s culture starts with intention from the top,) they should document it so that it will be carried forward as leaders retire and won’t be misinterpreted.
Plan for Succession - Slater Success advises leaders to consider who can ultimately fill their shoes long before they plan to step down. Documenting the culture is even more critical if/when there is no obvious successor. Doing so gives any new leader(s) a clear picture of the culture, how it should be preserved, and why. This truly trickles down to the team and will have a positive long-term impact.
The Long Haul - When someone launches a company or leads one for an extended period, the organization tends to be associated with that particular individual. By forging a resilient and supportive culture, they ensure the longevity of the organization to which they devoted so much time and energy.
When leaders or C-Suite executives depart from their companies, leaving behind a strong culture is a direct reflection of their legacy and ensures the organization's ongoing success. Merely passing on company knowledge is not sufficient. The culture they established will continue to uphold the reputation of the company that they worked hard to establish.
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