Replacing someone with power in a company can be difficult. It is made even more difficult if a company doesn’t plan for when a CEO leaves. This infographic from Davitt Corporate Partners looks at the importance of succession planning in companies from the top to the bottom. Interestingly, 40% of new CEOs fail to meet their performance goals in the first 18 months of their tenure. Clearly, the new CEOs are going into positions completely unprepared for demands that come with the job.
It isn’t only at the top that succession planning is important. 90% of young workers (18-34) say they’re more engaged when there is a clear succession plan in place. If there isn’t you’re just going to be left with disgruntled employees as your best people go to better companies. Learn more now in the infographic.