If unfortunate circumstances arose tomorrow, who would step-in to replace the CEO? How about the Chief Financial Officer? Or, what about a Regional Manager? As few as 29% of organizations have a succession plan in place (Cappeilli, 2011), which makes it very difficult to adapt quickly and effectively in urgent situations. Even regarding planned workforce transitions, companies should anticipate between 30-50% of their employees retiring in the next couple years (The Conference Board Inc., 2012). Succession management is risky when there is a plan in place, but when organizations fail to have any kind of plan or neglect managing pipelines of talent, they open themselves to even greater risk.

 

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