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Six succession planning myths debunked.
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Business Credit
- Article date:
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July 1, 2006
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Copyright informationCOPYRIGHT 2006 National Association of Credit Management. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Of late, the topic of succession planning has sparked much concern. However, it seems few organizations have heeded the warning. According to a Human Resource Planning Society and Hewitt Associates study, fewer than 60 percent of companies have a succession plan in place.
Below are some of the most common myths about succession planning.
Myth #1: If there are no imminent retirements, succession planning needn't be a top priority.
According to a survey conducted by Capital H, nearly 22 percent of respondents expect to lose between 10 percent and 25 percent of their top performers to retirement within the next five years. These top performers play a significant role ...
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