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50%

By Dennis McCafferty

Succession Planning: A Corporate Time Bomb

31%31% of respondents say their company doesn't have a succession planning program.

50%

50% of respondents who are senior managers (CEO, CFO, senior VPs) say their companies don't currently have a successor designated for their role.

52%

52% of respondents in VP roles don't currently have a successor designated for their role.

27%

27% of respondents say their companies have been adversely impacted financially because of poor succession planning or a lack of it.

28%

28% of respondents say the recession has served as an obstacle to effective succession planning.

Top 3 shortcomings of succession planning today (percent respondents)

1. Not enough opportunity for employees to learn beyond their current roles (39%)2. Process isn't formalized (38%)3. Not enough investment in training/development (33%)

49%

49% of respondents say their workers fail to set career paths with managers specifying timelines/milestones—hurting their own chances to take role in the succession/advancement process.

This article was originally published on 06-06-2011