A recent Robert Half International survey of 1,100 CFOs found that 48 percent had not identified a successor for their position. CFOs say they don’t have a plan because they’re not expecting to leave, there are no qualified candidates and they’re too busy. But succession plans ensure a seamless business transition when CFOs leave, whether planned or unexpected.
Without a plan, the business risks skill gaps, lower team performance and morale, and loss of legacy knowledge. A CFO search can take up to six months, and significant damage can occur during that time.
Experts recommend professional development options for staff training and defining career paths to accelerate career growth. Succession planning should be in place from the C-suite down to entry-level positions.