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This is the one crucial thing all leaders should do, and nearly half don’t

By | Tim Hird |

Whether you’re at the height of your career, nearing retirement or ready to take on an advanced role, a succession plan is vital to your professional and company’s well-being. For managers and
executives, the considerations are twofold: You need to think about not only who will step in when you move on or up, but also those who report to you. As an added benefit, you can make it easier for your employer to promote you if you’ve prepared a colleague to take the reins.

Research suggests a large percentage of senior managers don’t make succession planning a priority. In a Robert Half Management Resources survey, 48% of CFOs reported they have not identified a successor for their position. Even more concerning is that 63% of those at small companies (20 to 49 employees) don’t have someone ready to step into their role should they leave.

Succession-less CFOs’ rationale for not having a plan? Primarily, they don’t plan to leave their position soon. This is short-sighted.

Benefits of succession planning

Part of being a leader is planning for the unknown. Even if you don’t anticipate a change happening soon, you can’t assume other issues won’t arise. Whether it’s the lure of a dream job, an organizational change or a health problem, managers and executives need to be ready for the unexpected.

Preparing for future job vacancies isn’t the only reason to have a succession plan in place. Here are five others:

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