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Survey Suggests Succession Plans Lacking at All Levels

TORONTO, Aug. 27, 2015 /CNW/ - Research suggests few employers have backup plans should star performers leave their company. In a Robert Half Management Resources survey, only 13 per cent of accounting and finance professionals reported there was someone internally who could easily step in to fill their role if they quit. Nearly half (46 per cent) said the company would need to hire an outside candidate to fill the position. That number goes up among the executive ranks, where more than half (58 per cent) say their companies would have to hire someone new to replace them.

"In the event of an unexpected departure, neglecting to have preemptively instated a succession plan can prove disruptive," said David King, Canadian president of Robert Half Management Resources. "Getting caught off-guard when an essential employee moves on, especially at the executive level, may mean an extended period of time searching for someone to replace them, leaving the company scrambling to effectively manage their responsibilities in the meantime."

King encourages executives and business owners to be proactive about ensuring that each department has a plan in place. "Knowing that no team or project will be left unmanned means stability and peace of mind, and opens the company up to establishing a comprehensive organizational strategy based on a more concrete understanding of individual functions."

King added, "Bringing on a professional consultant to fill a sudden employee gap is a great option for businesses, affording them the time to search for or prepare an employee, without sacrificing company performance."

Accounting and finance professionals were asked, "Is there someone at your current company who could easily step in and do your job if you were to quit?" Their responses:

* Responses do not total 100 per cent due to rounding.

Robert Half Management Resources offers five additional tips to help businesses enhance their succession planning:

1. Start during the hiring process. In addition to the open position, think about the types of advanced roles job candidates could grow into over time. Also, gauge applicants' interest in building a career with your firm and their leadership skills.
2. Take a wide view. Only looking at the top of the company for succession planning is a mistake. Instead, develop plans for all levels. In the process, you'll identify up-and-comers aspiring to join the management ranks.
3. Check with employees. Talk to staff members about their goals, and identify specific steps they can take to reach their objectives. This is also motivational and can help with retention.
4. Bolster professional development. Building out succession plans will help you more easily identify skills gaps and the training needed to address them.
5. Communicate openly. Let staff know about your goal of preparing them for roles of increasing responsibility, making this a reward for their contributions. Explain the succession process -- including what is expected of them and what they can expect from you -- and provide prompt updates if there are changes along the way.

About the Survey

The online survey was developed and conducted by Robert Half Management Resources. It includes responses from more than 300 accounting and finance professionals in Canada.

About Robert Half Management Resources
Robert Half Management Resources is the premier provider of senior-level finance, accounting and business systems professionals to supplement companies' project and interim staffing needs. The company has 150 locations worldwide and offers assistance to business leaders and consultants at roberthalfmr.ca and on its blog at blog.roberthalfmr.com. Follow @RobertHalf_CAN on Twitter for additional workplace advice and hiring trends.

SOURCE Robert Half Management Resources

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