Few employers have backup plans should star performers leave their company.
A Robert Half Management Resources survey finds only 13% of accounting and finance professionals say there was someone internally who could easily step in to fill their role if they quit.
Nearly half (46%) say 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%) 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,” says 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.”
He says 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 adds.