Business Dictionary defines succession planning as the “identification and development of potential successors for key positions in an organization, through a systematic evaluation process and training.” It is a part of every organization, and a key factor in suitable promotion processes. Here are some statistics about how succession planning affects the workplace.
- 62 percent of employees claim they would be ‘significantly more engaged’ at work if their company has a succession plan.
- 94 percent of employers report that the involvement of a succession plan positively impacts their employees’ engagement levels.
- More than 90 percent of workers aged 18 to 34 agree that they would have a higher level of engagement if they work at a company with a clear succession plan.
- 81 percent of employers confirm that they use some form of software to organize their succession planning process.
- 79 percent of employers claim they even have succession plans in place for mid-level management positions.
It is clear that succession planning has positive effects on both employees and employers. Its growing value gives it a better chance of being recognized and practiced at every level in a majority of organizations.