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Blog Advanced Insights

Trends: Succession Planning

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How can succession planning impact your employee retention and engagement? We explored this important topic on November 8 at an exclusive Advanced Resources' Thought Leadership Event. Today we're sharing the key takeaways from this engaging session.

This Thought Leadership Event was facilitated by Brian Brooke, Managing Director of Advanced Resources’ Office Support & Operations and Accounting & Finance divisions. We asked Brian to tell us about it …

Tell us about the topic & why you thought it was important for your audience?

Our Thought Leadership Event this past May focused “Retaining Top Talent.”  During our Q&A event for that session, almost every question from the audience related to Succession Planning. While moderating that Q&A, I knew then what our next Thought Leadership event would be.

What do you think are the two most important takeaways on this topic?

First, we have all seen too often how the departure of a key employee can negatively impact morale and operations much more than necessary. We highlighted two stats during the event:
  • 62% of employees surveyed say they would be “significantly more engaged” at work if their company had a succession plan
  • 94% of employees surveyed report that having a succession plan positively impacts their employees’ engagement levels
Second, the average company (especially in this candidate driven market) is farther ahead regarding Succession Planning than I thought they would be; however, there are many companies that have a lot to do to catch up.

What was the buzz among the audience and what were their most pressing questions?

As always, there were many questions about the value of succession planning to millennials. Additionally, many attendees had interest in succession planning beyond the C-suite. In this market, employers and employees need to be on the same page with employee satisfaction and engagement. Small disconnects can create larger issues, resulting in higher turnover.

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You’re Managing Director of Advanced Resources' office support/operations and accounting/finance divisions. Tell us, what do you see as the outlook for hiring and talent in 2019 in your space? What advice do you have for companies who need hard-to-find office/ops or accounting/finance talent?

At some point, we will hit a recession. Many experts target that for 2020; when the recession hits the job market and unemployment rate will also be affected. With that said, 2019 should continue to be a very candidate-driven market with a continuation of the fierce battle for top talent. My suggestion to companies in this talent war is to build a relationship with an experienced recruiter! Recruiters nurture relationships with passive candidates that you won’t find available on job boards.

If a recruiter is not feasible, constantly monitor your brand, culture, and the value proposition you offer to candidates in comparison to what other companies offer. The top talent in the marketplace needs to know that they are valued and that they are joining a company that is - and will continue to be - a leader in employee engagement.

On the flip side, what advice do you have for office/ops and accounting/finance professionals who are seeking new opportunities in 2019?

First, remember that the “grass isn’t always greener.” Over the last couple of years, we have seen many candidates who were enticed to a new job for the wrong reasons. Shortly after starting their new job, they realized they had made a mistake. Also, every job seeker should do research on potential companies, cultures, current employee’s, etc. Perhaps above all else, be planned and organized on exactly the type of new opportunity you are looking for.

Will you be having more thought leadership events in 2019 and where could readers find more info on future events?

Yes! Our next event is scheduled for May 2019 and you can find more info here: https://www.advancedresources.com/for-talent/events/.

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Contact Advanced Resources today to discuss your talent needs and learn about our staffing and consulting solutions.

Seeking your next career move? Visit our careers page to view our jobs, upload your resume, apply, and to join our talent network.

Topics: Talent Shortage, Hiring, Managing People, Talent Strategy, Thought Leadership, Employee Engagement

Posted by Lana Johnson on November 16, 2018
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