The finance chief is arguably a company’s most critical asset. So why do so few firms have a succession plan in place?
In fact, an astounding 83% of of CFOs haven’t identified a succession plan for their position. That’s according to a recent survey of chief financial officers by the staffing company Robert Half.
To be fair, the vast majority of CFOs probably aren’t going anywhere. In fact, of the 83% of CFOs who said they don’t have a succession plan in place, 81% said they weren’t planning to leave their companies.
Of course, people do change their minds. Plus, there’s always the possibility of emergency situation.
Experts suggest that employers identify every position that is critical to business. For example: Should a senior-level manager unexpectedly leave your firm, how many mid-level managers can step in immediately to fill the vacant role?
Succession planning shouldn’t be limited to upper management positions. Cross-training is a great way to ensure your company doesn’t suffer any unnecessary business slowdowns if one or more mid- or lower-level employees suddenly jump ship.
Readers, does your company have a succession plan in place for your CFO? Any other positions? Let us know in the Comments section.
