Retiring Soon? How to Tell Your Board

RETIREMENT AT LAST

If you are a healthcare professional at the C-Suite level considering retirement soon, you are not alone. Most healthcare industry CEOs, COOs, and CFOs are of similar age, and they are starting to retire. In fact, 26% of CEOs have already reached 65 years of age, and 48% will reach 65 years of age in less than five years. Retirement brings new, exciting possibilities, but it can be hard to leave behind a position you love, and difficult to know how to handle it with your board of directors. 

NEVER TOO SOON

You’ve made the decision. Quality time with grandkids is becoming a priority, and the golf course beckons. When should you let your board know your plans for retirement? The sooner the better. In fact we usually suggest at least twelve months in advance for C-level positions, and even more if you can swing it. It will take time for the board just to set up a search committee and begin the RFP process.

Giving plenty of notice also allows both you and the staff to be engaged in the transition/succession process. If you are reading about the best way to handle your retirement, then we are guessing you are committed to the ongoing success of your organization even after you are gone. Giving plenty of notice and helping put a plan in place for succession will give you and the board a healthy closure, and start your retirement off well.

THE NEW GUY

It will take time and effort to find a replacement. A strategic review of the position must be undertaken and a candidate profile created. Your input here is critical for the organization. Attracting and screening qualified candidates can be done by you and the board, but many organizations find professional recruitment help well worth the investment. Firms like LeaderStat, that offer consulting and recruitment services can help create a succession plan, identify and vet qualified candidates, conduct initial interviews, and ultimately present you and the board with a document that compares the specific attributes with a short list of qualified candidates.   

THE TEMPORARY SOLUTION

Ideally, you will be able to stay on board until a permanent replacement is found. However, the search process may take quite a while, and this just might not be tenable. In such cases, an interim executive can be a valuable asset to you and the organization. The interim executives LeaderStat recruits are seasoned, executive leaders. (You may even want to consider being one if retirement becomes too…retiring.) They come with extensive experience and require minimal training, which means smoother onboarding and almost instant time-to-impact. An effective interim C-level leader can provide strength and focus, and keep the day-to-day operations on track, while allowing time to patiently find the right person to fill the position permanently.

WELCOME

If you are able to stick around to greet your replacement, you can be part of his/her onboarding. We cannot stress enough how important it is to give devoted attention to the new executive’s launch. In fact, we recommend a company devote a hire’s first 90 days to onboarding and competency-building. Help the board create a plan, and stick around to help put it into action if you can.

LeaderStat has relationships with healthcare executives across the country. We are experts at putting the right person in the right job - 95% of professionals we place are still in the position two years later. Let us help you transition yourself and your organization into the next stage of life.