Succession Planning

In a recent survey conducted among 1400 CFOs nationally by Robert Half Management Resources, “most” said they have not identified their successor. The primary reason given was they had no plans to leave their current position. Unfortunately, even the best–laid plans go astray.

Paul McDonald, executive director of Robert Half Management Resources says, "Executives should plan for all contingencies, even if they have every intention of staying in their current role. Change – planned or otherwise – is a fact of life and companies that are prepared are better equipped to maintain productivity during times of transition." 

And I agree. Current statistics indicate that a CFO will leave a position every 18 months to five years, with three years being the average. Planning your next move puts you in the driver’s seat. You can either act, or be acted upon.

Grooming your replacement is good for the company, but it is also a huge feather in your cap. Since 74% of your competition indicates they are not planning to leave and have not made provisions for leaving, succession planning is a huge market differentiator and one that is valuable to your next employer.