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Succession plans lacking at all levels, accounting/finance survey suggests

August 27, 2015

Although people continue to quit their jobs in high numbers, few employers have backup plans should star performers leave their company, according to a survey released today by Robert Half Management Resources. The survey found only 10% of accounting and finance professionals reported someone internally could easily step in to fill their role if they quit, and half of respondents said the company would need to hire an outside candidate to fill the position. That number rose among executive ranks, where 64% said their companies would have to hire someone new to replace them.

“Succession planning may feel like a long-term initiative, but the pain felt watching a star employee walk out the door with no backup in place is immediate and costly,” said Paul McDonald, senior executive director for Robert Half. “Having no ‘Plan B’ puts the business at risk, particularly at the executive level, where it can take a significant amount of time to replace someone.”

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:

“Executives and business owners can start by asking managers for succession plans specific to their teams, and use this input to form a broader organizational strategy,” McDonald said. “Cross-training staff also can prepare employees to take on new roles.”

The online survey includes responses from more than 1,100 accounting and finance professionals in the US.