The Future is Brighter with Succession Planning
32% of employees quit their jobs because their organization lacks career advancements or promotional opportunities, making this the number one reason why employees will quit their job.
Succession planning helps employees overcome obstacles to eventually advance and prepare them for promotional opportunities. Succession planning is vital to keep employees invested in your company.
Which Organization Will You Be?
Organizations with Succession Plans
Organizations that implement a succession plan for employees find that engagement and motivation increases when a career path is paved. Employees who are provided with career growth opportunities become invested in the company and its success.
- 78% of employees said they would remain with their employer for a longer period of time if they saw a career path with their current organization.
- When asked whether professional development was the employee’s or manager’s responsibility, 81% of employees and managers surveyed said the responsibility was shared.
Organizations without Succession Plans
Organizations that lack a succession plan have lost up to $11 billion annually due to employee turnover. Many employees want to advance their careers. If they cannot develop within your company, they will find a company where they can.
- Each year the average company loses 20-50% of its employee base.
- 92% of employees felt that it was risky not to have a succession plan within their organization, yet less than 12% of company respondents have a formal process for developing such candidates.
- 40% of companies are reporting loss of personnel as a top concern.
As organizations without a succession plan falter, organizations that have implemented a succession plan increase retention and engagement, while developing skills of current employees. Deliver an easy to use cloud-based solution that allows you to review employee performance and readiness with BirdDogHR Succession.