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succession planning

Why Does Succession Planning Go Off the Rails?

This article originally appeared in the March Issue of HR.com’s HR Strategy and Planning Essentials ePublication. 

According to the 13th annual Private Company Governance Survey, administered by the National Association of Corporate Directors (NACD), 90 percent of respondents, which included 841 private companies in the US, believe that a formal succession planning program enhances the effectiveness of a business. However, fewer than 25 percent of those companies actually have a formal plan in place. Moreover, a quarter of survey respondents admit to having no plan what-so-ever and fifty-two percent claim to have an informal succession plan in place.

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MIKE CANNING
VP, Client Services

RICK CALANNI
VP of Business Development Northeast Region

 

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