Few Local Employers Have Succession Plans

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Only 15% of Northeast Ohio employers have a formal succession plan in place for supervisors, managers, and professional-level staff, according to the results of the 2011-2012 ERC Policies & Benefits Survey. The survey reports policy, benefit, and practices information from 173 Northeast Ohio employers.

This figure is down from 20% in 2007. The drop may be related to several factors.

“Many employers were likely not focused on strategic workforce planning initiatives such as succession planning during the recession,” says an ERC Survey Manager, “Some were focused on just staying in business and keeping as many people employed as possible.”

Stock market conditions may have indirectly impacted the drop in succession plans as well, they add. “After seeing their retirement savings shrink, many employees decided to postpone retirements and other career movements. The sense of urgency to find replacements for these employees may have dropped, giving employers less reason to put a priority on initiatives like developing successors.”

To access more ERC Surveys, click here.

Additional Resources

ERC can support your succession planning initiative by helping with the design and execution of your plan or simply providing expert guidance and best practices on an as needed basis. Contact ERC at 440/947-1283 or consulting@yourerc.com for more info.